Demand continues to drive up the values of Maine’s single family existing homes. Statewide the June median sales price (MSP) was $310,000, representing a 24.5% increase over June 2020. The MSP indicates that half of the homes were sold for more and half sold for less. Unit sales have also increased 14.7% in June compared to June a year ago. These high sales volumes continues the trend of strong pent up buyer demand in most areas of the state.
Statewide, beginning in June of 2020, single-family for-sale inventory declined monthly for nine consecutive months through March of 2021, where it reached its low point. For the third straight month, we’ve seen improving for-sale supply metrics. Active single-family listings were up 18.5% during June 2021 compared to May 2021, and up 55% from the March 2021 low. An increase in for-sale inventory should bring a better balance to Maine’s real estate market over time – and we expect the market to continue strong through the fall and into the winter, limiting the year-end slowdown which is typical in Maine.
Statewide, the Days on Market for June 2021 was six days, compared to 14 days a year ago, and 13 days in 2019, pre-COVID.
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 26% below that of prior year.
Nationally & Regionally
According to the National Association of Realtors, sales across the country rose 19.3% and prices increased 24.4% reaching a national MSP of $370,600 in June 2021 compared to June 2020. Regionally, June 2021 sales in the Northeast jumped 45.1% and the regional MSP hit $412,800—up 23.6% compared to June 2020.
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.