Maine home sales up 28% in May; price up 28%
Sales of single-family existing homes in Maine continue a double-digit increase trend. Statistics released June 22 by the Maine Association of Realtors show 1,1613 homes changed hands across the state in May 2021 — a 28.32 percent increase over May 2020. High buyer demand continues to impact home values. The statewide median sales price (MSP) increased 28.21 percent to $305,000 in May 2021 compared to May 2020. The MSP indicates that half of the homes were sold for more and half sold for less.
“May 2020 was the low point for Maine’s residential real estate market due to the COVID shutdown,” says Aaron Bolster, Broker/Owner of Allied Realty in Skowhegan and 2021 President of the Maine Association of Realtors. “Since then, the numbers have rebounded and continue to show strength. These reported numbers reflect a comparison to the May 2020 COVID shutdown statistics. May 2021 sales volume was comparable to pre-pandemic sales volume levels, about one percent above the May 2019 figures.”
According to the National Association of Realtors, single-family existing home sales across the country rose 39.2 percent in May 2021 compared to May 2020. The national MSP of $356,600 represents a 24.4 percent increase from May of 2020. Regionally, sales across the Northeast increased 46.9 percent and the regional MSP increased 17.1 percent to $384,300, compared to May 2020.
“We continue to see swift market conditions with most transactions navigating multiple offers,” added Bolster. “Statewide, the Days on Market for May 2021 was six days, compared to 17 days a year ago, and 20 days in 2019. The month of May brought additional for-sales homes onto the market, with active single-family listings up 21 percent at month’s end. Additional for-sale supply will help meet this pent-up demand.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of May 2020 and 2021 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of March, April and May (2020/2021).
MAY ONLY CHART May 1-31, 2020 – May 1-31, 2021
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| NUMBER OF UNITS | MEDIAN SALES PRICE | ||||
| 2020 | 2021 | %Change | 2020 | 2021 | %Change |
STATEWIDE | 1257 | 1613 | 28.32% | $237,900 | $305,000 | 28.21% |
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ROLLING QUARTER CHART From March 1, 2020 – May 31, 2020 and March 1, 2021 – May 31, 2021
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| NUMBER OF UNITS | MEDIAN SALES PRICE | ||||
| 2020 | 2021 | %Change | 2020 | 2021 | %Change |
STATEWIDE | 3446 | 4371 | 26.84% | $234,000 | $285,000 | 21.79% |
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Androscoggin | 218 | 255 | 16.97% | $190,000 | $235,000 | 23.68% |
Aroostook | 137 | 230 | 67.88% | $88,500 | $108,000 | 22.03% |
Cumberland | 733 | 828 | 12.96% | $340,000 | $433,750 | 27.57% |
Franklin | 95 | 142 | 49.47% | $176,000 | $194,250 | 10.37% |
Hancock | 151 | 242 | 60.26% | $259,000 | $300,000 | 15.83% |
Kennebec | 315 | 360 | 14.29% | $179,000 | $250,000 | 39.66% |
Knox | 113 | 150 | 32.74% | $260,000 | $317,000 | 21.92% |
Lincoln | 89 | 132 | 48.31% | $265,000 | $328,000 | 23.77% |
Oxford | 177 | 203 | 14.69% | $180,000 | $230,000 | 27.78% |
Penobscot | 348 | 473 | 35.92% | $155,000 | $198,000 | 27.74% |
Piscataquis | 68 | 99 | 45.59% | $125,950 | $147,500 | 17.11% |
Sagadahoc | 96 | 99 | 3.13% | $251,000 | $360,000 | 43.43% |
Somerset | 122 | 164 | 34.43% | $129,000 | $166,000 | 28.68% |
Waldo | 96 | 158 | 64.58% | $191,000 | $262,500 | 37.43% |
Washington | 90 | 155 | 72.22% | $123,500 | $160,000 | 29.55% |
York | 598 | 681 | 13.88% | $309,900 | $375,000 | 21.01% |
Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings). Note: Maine Listings, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 5,600 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the system within the time periods indicated. Contacts: Maine Association of REALTORS® President Aaron Bolster (Allied Realty, Skowhegan) – (207) 399-9005 abolster@alliedrealty.net Maine Association of REALTORS® President Elect Madeleine Hill (Roxanne York Real Estate, Bailey Island) – 207-807-6578 mhill.realestate@gmail.com For additional names: suzanne@mainerealtors.com
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