January Results Maine home sales and prices spiked dramatically in January, propelling the month to a record sales level.
Statewide sales rose 28% comparing January 2019 to January 2020. The median selling price (MSP) of $220,900 represented at 10.5% increase over the prior years.
While the number of sales marked a record for the month of January and was at the highest level in over a decade, sales during January 2019, and to some degree the first quarter, were unusually soft - thus artificially inflating the percentage increase in 2020.
Nonetheless, there’s little indication that the market will cool from its current surge. Interest rates look like they will stay low and a tight inventory of homes for sale will build a strong floor under prices.
The median number of days on the market in Cumberland County declined over 30% for the month to 26, suggesting that buyers know they need to act quickly if they find a home they like. Based on an increase in visits to the company website (MHC.com) over the fourth quarter of 2019 and into the new year, it is clear that buyers are in the market and looking for properties that meet their needs. Regional & National Results Maine sales results exceeded growth in the market nationally in percentage terms. Sales nationally rose 9.7% in January compared to the same month a year earlier and the median sales price increased 6.9% $268,600. Regionally, sales in the Northeast increased 7.4% and the median sales price rose 11.5% to $312,100 in January 2020 compared to a year ago..
Cumberland County Prices and Sales
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