Prices rise 15.57 percent Mon, 02/22/2021 - 8:30am
Buyer demand for Maine’s real estate is strong and for-sale home inventory is historically low. According to Maine Listings, the median sales price (MSP) for a single-family existing home in Maine rose 15.57 percent to $255,300 and sales volume jumped 18.38 percent comparing January 2021 to January 2020. The MSP indicates that half of the homes were sold for more and half sold for less.
“Residential real estate in 2021 is kicking off in continued positive territory with sales volume and median sold values significantly out-pacing those of a year ago,” says Aaron Bolster, broker/owner of Allied Realty in Skowhegan and 2021 president of the Maine Association of Realtors.
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Homes for sale have dwindled
Supplies of existing dwellings have dwindled far below the six-month level considered normal. Realtors are receiving multiple offers. Builders can t keep up with demand and flipping is back.
Talk of a housing bubble is now common among analysts – including those at Swiss banking giant UBS, who back up their claims with charts showing how home prices are outstripping both wages and rents. While home prices have appreciated more than 60% since November 2012, incomes have only appreciated by 20% and rents by 30% over the same time period. The upshot: Homes are out of reach for more and more buyers every year, the analysts argue.
Homes for sale have dwindled
Supplies of existing dwellings have dwindled far below the six-month level considered normal. Realtors are receiving multiple offers. Builders can t keep up with demand and flipping is back.
Talk of a housing bubble is now common among analysts – including those at Swiss banking giant UBS, who back up their claims with charts showing how home prices are outstripping both wages and rents. While home prices have appreciated more than 60% since November 2012, incomes have only appreciated by 20% and rents by 30% over the same time period. The upshot: Homes are out of reach for more and more buyers every year, the analysts argue.
Maine Real Estate 2020 Sales, Prices Tuesday, January 26, 2021 3:04 PM
Aaron Bolster, president of the Maine Association of Realtors, said in a recent news release that “2020 was a year like no other for residential real estate in Maine. The sales year ended with historic highs for the number of reported transactions, 19,921, and median sales price, $256,000, since we began compiling data more than 20 years ago.”
During the month of December only, sales across the state were up 31.53% compared to December 2019, and the statewide MSP of $270,00 represents an increase of 15.38% from the previous year.
Nationally, December 2020 sales of single-family existing homes jumped 22.8% over December 2019. According to the National Association of Realtors, the national MSP increased by 13.5%, to $314,300. Sales in the Northeast climbed 27.4%; the regional MSP of $362,100 reflects a jump of 19% comparing December 2020 to December 2019.