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Janet Duffy-Anderson named chief scientific officer at Gulf of Maine Research Institute
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Out-of-staters are moving to the region in greater numbers, driving up demand for homes, according to The Masiello Group
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Real estate sales soar amid pandemic
ELLSWORTH When real estate agents reflect upon the 2020 market, the phrase barnburner is an apt expression.
Thanks in large part to the COVID-19 pandemic that took hold in March, home buyers, mainly in the United States’ Northeast region, began snapping up houses in Maine. Sometimes, sight unseen, The Pine Tree State was perceived as a safe haven from the virus, especially in comparison with areas harder hit like New York.
Rona Gandy, senior partner with The Christopher Group, says “a lot of people are coming up here because they’ve realized they can work remotely. And in some instances, their companies have gone totally remote.”
Elisabeth Altshuler, Maine Listings Thu, 12/24/2020 - 7:00am
Low for-sale inventory and high demand for Maine’s lifestyle has driven real estate sales and values into double-digit gains. Today, Maine Listings reported that 1,965 single-family existing homes changed hands in November a rise of 31.17 percent compared to November 2019. Values also increased 20 percent to a median sales price (MSP) of $270,000, comparing November 2020 to November 2019. The MSP indicates that half of the homes were sold for more and half sold for less.
“Residential real estate activity in Maine is vigorous,” says Tom Cole, 2020 President of the Maine Association of Realtors and Broker with Better Homes and Gardens Real Estate The Masiello Group in Brunswick. “In most markets across Maine, Realtors are reporting multiple offer situations on move-in ready listings. The increased competition for historically low for-sale inventory availability is resulting in price appreciation.”
Maine home sales continue to break records despite pandemic
Prices continue to rise in Maine s housing market, making it difficult for young families to get their foot in the door.
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Andrew McDonnell and Devon Van Demark outside their rental home in South Portland. The couple are hoping to buy a house by the time they get married in September. They ve been searching since August and are getting a bit frustrated, having made eight above-asking-price offers without success. Ben McCanna/Staff Photographer
Maine’s housing market continued to defy the state’s economic downturn in November, showing the biggest year-over-year rise in residential property sales of any month in what has been a tumultuous year.
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