November 2020 Sales Recap
The numbers are out for November, and single-family homes sales in Maine continue to be extraordinarily strong. For November 2020, a total of 1965 homes sold as compared to 1498 in November 2019, an increase of 31.17%. The median house price increased 20% comparing values in November 2020 to November 2019, that relates to a $45,000 increase.
In November one third of buyers were from out of state. The pandemic has shifted where people can work, as they move away from densely populated areas. There are plenty of qualified buyers armed with low interest rates and cash.
Nationally the existing November home sales in all major regions fell off slightly or held their own. Looking at year over year, sales are still up 25.8% according the National Association of Realtors. NAR Chief Economist, Lawrence Yun says a few factors contributing to this are stalled job recoveries, surges in coronavirus, additional lock downs, andconsumer confidence.
Looking at NAR numbers closer to home. The Northeast November sales of existing homes were off 2.5%, but a 25.7 % increase for year over year. The Median price of homes are up to $354,100, 17.4% over November 2019.
With the vaccines rolling out it looks like the momentum will continue into the spring market. So much of being a realtor is counselling our clients on how to cope with the low inventories, multiple bids, and the gut wrenching feeling that you are about to lose out if you cannot buy or sell that house.
• It is the best time to sell, lock in your profits
• It is the best time to buy, lock down the lower interest rates.
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.