Latest industry figures reveal a flattening of the COVID influenced real estate sales spike although the trend over the longer term is still upwards.
The monthly report on Maine home sales from Maine Listings shows a 9.74% decrease in September when compared to the same month last year. The comparative number of sales has also been downward in recent months. Conversely median sales prices (MSP) have continued to increase and last month was no exception with a rise of 16.92% for a statewide average sales price of $320,000.
The MSP indicates that half of homes sold for more and half for less.
Sales volume for September of this year was 10.7% above the activity pre-COVID in September 2019. Industry watchers point to this as a better market barometer as the third quarter of 2020 saw the beginnings of a steep recovery curve from the pandemic shutdowns.
Demand for housing remains high with a 2.1 month supply of homes on the market in Maine currently. Six months supply is considered to be the point of a balanced market.
