AUGUSTA (Oct. 22, 2020)— With historically-low interest rates, and more buyers than sellers, sales of single-family existing homes increased 22.78 percent comparing September 2020 to September 2019. According to statistics released by Maine Listings, the median sales price (MSP) for homes sold in September 2020 rose 19.56 percent to $273,500, compared to September 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

“September’s impressive sales volume capped a solid third-quarter recovery for Maine residential real estate,” says Tom Cole, 2020 President of the Maine Association of REALTORS and Managing Broker of Better Homes and Gardens Real Estate The Masiello Group in Brunswick. “January through September 2020 sales are 2.6 percent ahead of the comparable time period for 2019—Maine’s best year ever. “Demand is being powered by historically-low mortgage interest rates combined with the allure of Maine’s quality of life and response to COVID-19 from across the country, while the supply of for-sale properties also remains historically low. With more buyers than sellers in most markets, we are seeing strong competition, faster sales, and increasing pricing,” says Cole. “Typically, about 25 percent of home purchases in Maine are made by out-of-state buyers, and we’re seeing that percentage increase to around 33 percent. In September of 2019, Maine had 445 single family homes purchased by out-of-state buyers. In September 2020, that number was 735.”

Across the country, sales also increased by double-digits. The National Association of Realtors reports that sales nationwide are up 21.8 percent comparing September 2020 to September 2019, and the national MSP reached $316,200 in September 2020—a rise of 15.2 percent over September 2019. In the regional Northeast, sales of single-family existing homes jumped 22.9 percent, and the regional MSP of $354,600 reflects a 17.8 percent increase.

“Buyers are anxiously ready and waiting for homes to come on the market. If your plans include selling or buying real estate, working with a REALTOR can provide unparalleled knowledge of local market conditions and guide you through the process during this high-demand environment,” adds Cole.