Maine home sales fell by more than 21% in May - Press Herald

thekflow.blogspot.com

Sales of single-family existing homes in Maine fell by a staggering 21.3 percent in May from a year earlier, nearly matching the most recent sharp one-year decline of 21.4 percent following the Great Recession, in June 2011.

The number of home sales in the state dropped from 1,598 in May 2019 to 1,257 last month, according to Maine Listings, which is owned by the Maine Association of Realtors.

Over the same period, the median sales price rose by 3.4 percent to $237,900. The median price indicates that half of homes sold for more money and half sold for less.

May’s sales figures come on the heels of an April report that saw a 15.4 percent drop in sales from the same month a year earlier.

“It’s a very difficult time for buyers,” said Marie Flaherty, past president of the Maine Association of Realtors and owner of the Flaherty Group. “I’m seeing high numbers of multiple offers in the first-time homebuyer market because inventory is extraordinarily tight.”

Maine Listings said the inventory of homes for sale on the market in May was down 28 percent compared with a year earlier. Since COVID-19 took hold in the state in March, houses have sold 30 percent more quickly, according to Maine Listings, with 17 being the average number of days on the market in May.

“We’re experiencing more demand than supply,” said Tom Cole, a Brunswick-based realtor and president of the Maine Association of Realtors. “Buyers are plentiful and multiple offers are prevalent for move-in ready homes, creating upward pressure on values in Maine’s more highly-populated regions.”

This story will be updated.

Invalid username/password.

Please check your email to confirm and complete your registration.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.

« Previous

As movie theaters reopen, they’re tackling a role they never expected to play: psychologist

filed under: