June 2020 Sales Recap
Our association released June 2020 sales numbers for Maine. Realtors sold 1720 single family homes across the State. This is only 78 fewer sales from the prior year. Cumberland County sold 846 homes in 2020 down from the 1068 in 2019. Although fewer homes sold in Cumberland County the Median price rose from $337,000 to $347,000.
The National Association of Realtors says national first-time home buyers comprised 35% of the sales, and the median existing-home price was $295,300 in June, up 3.5% from a year ago. Prices rose in every major area of the U.S. in June.
So, what is driving the Maine market. There are several reasons, lower interest rates are definitely a big factor, some new buyers are seeing the value of owning their own homes, and some buyers just need more space, maybe to set up home offices. And the secret is out, Maine is a great place to live!
Linda and I are always here to answer any of your questions about buying and selling in this market. In some areas of Maine with the shortage of homes it is causing buyers some serious competition. It is no longer just about the price getting a home under contract. Getting to the closing, everything is on the table from days to closing, cash versus financing, appraisals, and inspections.
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.