Maine home sales set a new record in 2016 as 17,632 single family homes were sold, representing an increase of 11.1% over 2015. Sales in both Cumberland and York counties established new records as well, up 2.5% and 11.2% respectively. All of Maine’s 16 counties experienced increases in 2016 vs 2015. Across the state, total sales volume has improved each year from 2011 to 2016.
This sustained level of growth, however, was tempered in some communities in the greater Portland area. While Portland sales exceed 600 units sold for the first time in history, other towns fell back from 2015, as the attached graph illustrates. This was a direct reflection of low inventory levels and record setting sales performances in the prior year.
Focusing on Cumberland County, where growth was the lowest in the state, monthly sales exceeded those of 2015 in only six months. Comparatively, in 2015 monthly sales exceeded those of the prior year in ten months.
In York County, where sales growth was much stronger in 2016, sales were higher in 22 of the last 24 months, compared to the previous years.
The median single family price of $189,000 represented a 5.0% increase over 2015 and was at its highest year-end level since 2007, when $194,000 was achieved. Overall, pricing was up in 12 of Maine’s 16 counties. The highest single month was June at $199,000. Between 2007 and 2011 median prices declined each year, reaching their lowest level in 2011 at $165,000. Since 2012, pricing has increased each year, with the exception of 2014.
Cumberland and York counties experienced healthy price gains in 2016. The median price of $265,000 for Cumberland County is far and away the highest in the state, followed by York County at $239,000. Monthly prices ranged from a high of $281,400 in June to a low of $230,000 in January. Versus 2015 pricing in 2016 was higher each month except one (February). The price variances between different parts of the state are significant, as Aroostook, Piscataquis and Washington counties recorded median prices of less than $100,000.