February 17, 2020
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Median home price in Maine tops $225k

Nick Sambides Jr. | BDN
Nick Sambides Jr. | BDN
A for-sale sign sits in a Bangor yard in this 2017 file photo.

Single-family homes in Maine sold for more this November than last year, reflecting a national trend for higher home prices, according to state and national data released Thursday.

The median sales price of existing single-family homes in Maine rose 2.74 percent to $225,000 from November 2018 to November 2019, according to Maine Listings.

During the same period the national median sales price rose 5.4 percent to $274,000, according to the National Association of Realtors. The median sales price indicates that half of the homes sold for more and half for less.

However, the number of homes sold in Maine declined 7.59 percent over a year ago because of low inventory for sale. That’s 123 fewer homes sold over the year. It bucks the national trend of a 3.5 percent rise in the number of homes sold.

“Statistics from November continue to reflect the up-and-down pattern for 2019,” said Peter Harrington, president of the Maine Association of Realtors. “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.”

Harrington said the number of Maine homes for sale was 13 percent lower than a year ago, which affected sales volume.

He said he expects a strong winter real estate market.

Both Cumberland and Penobscot counties saw healthy rises in home values when comparing sales from Sept. 1 through Nov. 30 of both years. Cumberland values rose 9.55 percent to $330,000 and those in Penobscot were up almost 4 percent to $150,700.

The highest jump in value was in Piscataquis County, up 19.72 percent to $129,900. The largest drop in value was in Washington County, where prices were down 12.73 percent to $120,000.

By the number of units sold during the September to November months in 2018 and 2019, Penobscot County bucked the trend of lower unit sales in the state. Sales in that county rose 10.60 percent to 532 units.

Cumberland County saw unit sales slide almost 4 percent to 1,092 over the three-month period in 2018 to 2019.

Franklin County saw the highest increase in units sold, up more than 23 percent to 162. And while values were up dramatically in Piscataquis County, unit sales were down almost 16 percent to 101.

 


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