Source: Boothbay Register —
According to Maine Listings, the sale of single-family homes in Maine decreased slightly by 4.76 percent last month. Data shows that 2,063 homes were sold in August of 2021 compared to 2,166 during August of last year. Prices continue to grow with an increase of 14.81 percent to a statewide median sales price (MSP) of $310,000 comparing August 2021 to August 2020. The MSP indicates that half of the homes were sold for more and half sold for less.
Residential real estate has been resilient as we navigate through the pandemic but with sustained demand coupled with rapid turnover of for-sale inventory, prices continue to be pushed upward. It appears some potential buyers are choosing to take a break from the market while others who had been on the margins are no longer financially qualified without additional savings. With this decrease in buyer demand, the upward pricing pressure may slow.
The National Association of Realtors reported a nationwide sales decline of 2.8 percent for single-family existing homes in August 2021 compared to August 2020. Prices, however, increased 15.6 percent between this August and last to reach a national MSP of $363,800. Regionally, the Northeast experienced a 2.7 percent dip in sales while the regional MSP jumped 16.8 percent to $407,800.