Maine home values continue to rise as inventory stays tight – Real Estate – seacoastonline.com

AUGUSTA Maine single-family existing home values increased in November, while limited inventory led to a decrease in sales, according to the Maine Association of Realtors.

According to Maine Listings, 123 fewer homes were sold in November 2019 – a 7.6% decline from November 2018. The statewide median sales price hit $225,000, up 2.7% compared to November 2018. The MSP indicates half of the homes were sold for more and half sold for less.

“Statistics from November continue to reflect the up-and-down pattern for 2019,” said Peter Harrington, 2019 President of the Maine Association of Realtors and Broker/Partner with Malone Commercial Brokers in Portland. “The reality is, even with November’s sales decline and the very tight supply of for-sale inventory, the number of homes sold during 2019 is at a statistical dead heat with 2018 – Maine’s best year ever for residential real estate sales. The number of Maine homes for sale is 13% lower than a year ago, which impacts sales volume.”

York County saw 852 home sales in the recently completed rolling quarter of September through October. The total was down 1.8% from the corresponding quarter in 2018. The median sales price for the 2019 quarter was $300,000, up 6.4% from last year’s median of $282,000.

York County’s median sales price for this year’s August to October rolling quarter was $305,000, up from the $281,000 in the corresponding quarter in 2018.

Cumberland, the state’s largest county, saw 1,092 sales in this year’s September to October rolling quarter. That was down 4.8% from the corresponding quarter in 2018. The median sales price for the 2019 quarter was $330,000, up 8.6% from last year’s median of $304,000.

The National Association of Realtors reported a sales jump of 3.5% comparing November to November 2018; the national MSP rose 5.4% to $274,000 over that same time period. Sales in the Northeast decreased 1.4% while the regional MSP increased 3.9% to $301,700 comparing November to November 2018.

“We’re expecting a strong winter market,” Harrington said. “Serious buyers are searching and life transitions prompt the need to sell and buy homes year-round.”