November 5, 2020
Maine real estate stats stay strong
According to the Maine Association of REALTORS, stats for housing sales continue to trend upwards. This continues the strong standing that real estate business experienced in the spring and summer. In fact, in September 2020, the percentage of units sold was 22.78% higher than in September 2019 (an additional 425 units sold!). Additionally, the median sale price increased by 19.56% compared in September 2019 (an additional $44,750!).
So what is driving these incredible figures? First of all, mortgage interest rates continue to be historically low. The low interest rates are playing a huge role as to why folks are looking to buy a home and make a solid investment into their future. Also, this is an incredible market for sellers, as there are also more buyers out there than listed homes available. So, competition is high and therefore, driving up the price. Many out-of-staters are also buying in Maine. Typically, about 24% of sales go to out-of-state buyers. This year, that amount is at 33%
Another incredible stat for business is the fact that, according to the Maine Association of REALTORS, January through September 2020 sakes are 2.6% aheads compared to the same time period in 2019. As we have written about before, there are many reasons why Maine has such a hot market and is attracting a lot of out-of-staters. As more and more folks feel the strain of COVID-19, the idea to make a sound future investment is incredibly enticing. Plus, the allure of everything Maine has to offer is appealing to many folks from out of state.
Winter is quickly approaching and it is a great time to list your house! If you are considering listing your home, it may be a great opportunity to do so in the winter to take advantage of this incredibly hot market. If you have any questions or want to talk things over, we are here for you and happy to help you! Please don't hesitate to reach out!