July 2020 Sales Recap
The numbers are in for July 2020 from our Maine Association of Realtors. July sales across the state were up 12.43 % over July 2019. Single family home sales in Maine are only down 1.1% from 2019 our best year ever. The median house prices across Maine are up 10.83%, $254,900 for 2020 vs. $230,000 for 2019.
Nationally, July sales were also higher than a year ago according to the National Association of Realtors. Home prices are also up 8.5 %, and the housing inventories are at an exceptionally low three-month supply.
What is driving the numbers in Maine in one word, inventory. Maine has 40% lower inventory for sale than a year ago. We just do not have enough homes for sale. New construction cannot keep up with the demand, and a lot of people are still not comfortable selling their homes.
Other factors, even with record high unemployment there are plenty of qualified buyers with the ability to buy and are taking advantage of the record low interest rates. People are feeling more confident that the housing market will continue to be strong. In Maine, our association reports a 5.5 % increase in sales to out of state buyers in 2020 vs. 2019. This collates to one out of four buyers from out of state.
It looks like inventories will continue to be low over the coming months. Also, no big jumps in interest rates coming into the new year.
Linda and I are always here to answer your questions about buying and selling in this ever-changing market.
Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings). Note: Maine Listings, a subsidiary of the Maine Association of REALTORS®, is a statewide Multiple Listing Service with over 5,400 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the system within the time periods indicated.