The shortage in available homes for sale continues to set the real estate trend in Maine.
Latest figures reveal a drop in home sales statewide last month of nearly 8% compared to November of 2020 whilst the average sale price rose by 11% year-on-year.
The lack of inventory is the driving force behind this year’s recurring trend which saw the median sale price (MSP) rise to $300,000 in November. The MSP for the same month last year stood at $270,000 statewide.
The data is contained in Maine Listings latest monthly report, and the MSP indicates half of homes sold for more and half for less.
Industry watchers have frequently pointed to the imbalance in the market as a root cause of rising prices. A balanced market between sellers and buyers is considered to be when there is 6 months supply of housing inventory on the market, currently there is less than two months.
The number of homes for sale last month was 33% below the number on the market a year ago, and is 59% down on what was available in November 2019.
Maine county-by-county data + full press release
