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November Results
Maine home sales were strong in November, up 31% for the month versus prior year. As the Infographic below highlights single family and condo sales in Cumberland County, where were not quite as robust. Inventory continues at historic lows while pricing YTD is up 10%.
The Selected Towns report includes sales results in the greater Portland area. Year-to-date sales in Maine are nearly 8% ahead of prior year, while York and Cumberland counties trail 2019 by .8% and (.1%) respectively. Nearly every town in 2020 has sales lower than 2019. Prices are up by double digits in most communities, ranging from just under 2% to almost 40%.
One-third of November’s sales involved out of-state buyers, compared to one-fourth during November of 2019.n
Regionally and Nationally
Nationally, sales of single-family existing homes rose 25.6% in November 2020 compared to November 2019. According to The National Association of Realtors (NAR), values also increased 15.1% to a national MSP of $315,500. The regional Northeast experienced a sales increase of 25.7% and the regional MSP of $354,100 represents a 17.4% increase comparing November 2020 to November 2019.
The Absorption Rate tracks how long it takes to sell a home given current inventory levels.
Interactive Market Report by Town
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