Home sales

Maine home sales continue downward trend in November as prices continue to rise

Home sales in Maine fell for the fifth straight month in November, following a downward trend that was driven by a continued rise in costs across the state.

The 1,808 homes sold posted a 7.99% decline last month compared to November 2020, while the median sale price of an existing single-family home hit $300,000 last month, an increase of 11 .11% over the same period last year, according to the Maine Association of Realtors.

Despite declining sales over the past month, real estate transactions from January 2021 to November 2021 are up 4.1% from the same period in 2020, according to Aaron Bolster, president of the Maine Association of Realtors. Sales were hampered by the fact that the number of homes available on the market did not match buyer demand.

“There were 33% fewer homes for sale in November 2021 than in November 2020 and 59% fewer than in November 2019,” Bolster said. “With a six-month supply of inventory for sale as a benchmark for a balanced real estate market, our current numbers point to a 1.7-month supply.”

Hancock County saw the largest decline in home sales, with the 300 homes sold representing a 29.91% drop from September to November 2021 compared to the same months in 2020.

Kennebec County saw the biggest increase, with 568 homes sold, marking a 10.5% increase since the three-month period in 2020.

In terms of median selling price across the state, prices rose in all 16 counties of Maine.

The biggest increase was in Piscataquis County, with the median sale price jumping to $180,000, a 42.97% increase over the three-month comparison period.

The county with the least increase over the same period last year was Washington County, where the median price was $168,500, a slight increase of 0.3%.

Nationally, sales of existing single-family homes fell slightly by 2.2% from November 2020, but prices rose about 14.9% to a national median sale price of $362,600. .