Maine Home Prices Increase 10% In October While Inventory Remains Tight

PORTLAND, ME (November 23, 2021) – Legacy Properties Sotheby’s International Realty, Maine’s leading luxury property company, with offices in Portland, Kennebunk, Brunswick, Damariscotta, Camden, and Northeast Harbor, announces that lower-than-normal inventory combined with high demand for single-family existing Maine homes led to a 10.94 percent decline in sales across the state in October 2021 compared to October 2020. Maine Listings today released statistics indicating a 10 percent price increase over that same time period. The median sales price (MSP) for existing single-family homes reached $308,000 in October compared to $280,000 one year ago. The MSP indicates that half of the homes were sold for more and half sold for less.

“Despite the lower sales volume numbers compared to 2020 for each month from July through October, demand remains extraordinary for Maine’s residential real estate,” says Aaron Bolster, Broker/Owner of Allied Realty in Skowhegan and 2021 President of the Maine Association of REALTORS.

“Available for-sale inventory is significantly low—56 percent below the pre-COVID levels of October 2019. In October of 2019, the market had a 4.5-month supply of for-sale inventory. In October 2021, we experienced a 1.8-month supply. Buyers are quickly purchasing homes that are new to the market.”

Nationally, sales of single-family existing homes dipped 5.8 percent in October 2021 compared to October 2020. According to the National Association of Realtors, last month’s national MSP of $360,800 reflects an increase of 13.5 percent. October sales in the regional Northeast declined 13.8 percent compared to October 2020, while the regional MSP rose 6.4 percent to $379,100.

“Overall, 2021 continues to be strong for single-family existing home sales,” says Bolster. “For January – October 2021, sales are 5.54 percent higher than January – October 2020, and 11.41 percent higher than January – October 2019. The sales years of 2019 and 2020 were record-breakers for Maine. With a strong finish this year, 2021 will be another.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of October 2020 and 2021 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of August, September and October (2020/2021).

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and info@legacysir.com. Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, Camden, and Northeast Harbor, is Maine’s leading luxury and lifestyle property company with more than 80 agents and six offices serving Maine coastal communities from York County to Hancock County as well as Seacoast New Hampshire.

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