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April Results
Highly motivated buyers of single-family existing homes continue to pursue Maine real estate options in the month of April. Sales of homes increased 35.7% for the month compared to April 2020. This increase, however, should be tempered by the fact that April of 2020 was during the market collapse related to Covid-19, when many restrictions were in place. Nonetheless, April’s sales were above pre-pandemic levels, indicating strength in the overall market.
The statewide median sales price (MSP) reached $276,000—an increase of 17.5% comparing April 2021 to April 2020. The MSP indicates that half of the homes were sold for more and half sold for less.
Currently, as homes come onto the market, buyers are waiting and ready, resulting ins a statewide Days on Market statistic of 8 days, compared to 25 days one year ago.
The first chart below reflects year-to-date sales for many communities in the greater Portland area, while the infographic highlights both YTD and current month for Cumberland County. Inventory levels in southern Maine are approximately 50% below that of prior year.
Nationally & Regionally
Nationally, NAR reported strong yea-over-year sales of single-family homes in April, which were up 28.9%. The national MSP rose 20.3% to reach $347,400. Regionally, the Northeast experienced a significant sales boost - 30.4% volume increase - while the regional MSP increased 22.0% to $381,100 over that same time period.
It is expected that improving COVID metrics and back-to-the-office vs telework decisions may help stabilize the market urgency and upward pricing pressures that we’re experiencing.
Interactive Market Report by Town
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