November Results Maine single-family home values increased in November, while limited inventory led to a decrease in sales. In the month of November, 123 fewer homes were sold in 2019 vs 2018, representing a 7.6% decline from prior year. The statewide median sales price (MSP) hit $225,000, up 2.7% compared to November 2018. The MSP indicates that half of the homes were sold for more and half sold for less.
On a year-to-date basis, unit sales are essentially flat through November, at 0.1% ahead of last year. In Cumberland County, sales are trailing the first eleven months of 2018 by 1.6%. As a point of reference, 2018 was a record sales year.
Current inventory of homes available for sales is 12% lower than 2018 in Cumberland County, resulting in a tight supply and demand situation, especially in lower priced segments. The MSP in in southern Maine, as reflected in the graphs below, are running considerably ahead of last year.
While the number of properties currently under contract is slightly less than a year ago, a strong winter market is anticipated. Serious buyers are searching for properties and life transitions prompt the need to sell and buy homes year-round.
National & Regional
Nationwide, home sales jumped 3.5% comparing November 2019 to November
2018; the national MSP rose 5.4% to $274,000 over that same time period.
Sales in the Northeast decreased 1.4% while the regional MSP increased
3.9%t to $301,700 comparing November 2019 to November 2018.
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