AUGUSTA (December 19, 2019)—Maine single-family existing home values increased in November, while limited inventory led to a decrease in sales. According to Maine Listings, 123 fewer homes were sold in November 2019—a 7.59 percent decline from November of 2018. The statewide median sales price (MSP) hit $225,000, up 2.74 percent compared to November 2018. The MSP indicates that 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,” says 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 percent lower than a year ago, which impacts sales volume.”

The National Association of Realtors reported a sales jump of 3.5 percent comparing November 2019 to November 2018; the national MSP rose 5.4 percent to $274,000 over that same time period. Sales in the Northeast decreased 1.4 percent while the regional MSP increased 3.9 percent to $301,700 comparing November 2019 to November 2018.

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

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of November 2019 only, statewide. The second chart compares the number of existing, singlefamily homes sold (units) and volume (MSP) during the rolling quarter of September, October and November of 2018 and 2019.