Pandemic Sales Data
Sales data released from our association for May 2020 showed as expected, declining inventories as Maine adjusted to the COVID-19 pandemic. Maine Listing reported we had statewide 21.34% fewer homes to sell in 2020 vs 2019.
What we do not have is a shortage of buyers. Some of the reasons are lower interest rates, people relocating from larger cities, and younger buyers jumping into the market.
Low inventory and plenty of buyers have pushed the median sale price in Cumberland County from $319,900 in March of 2019 to $340,000 in May 2020, a 6.28% increase.
It has been a very frustrating market for buyers. When Linda and I were working with clients in prior years we might have seen two to three offers on a popular property. In this current market it is not unusual seeing eight or more.
Being a seller in this market is also incredibly stressful dealing with COVID-19 realtor guidelines. Gone are the open houses where you could pack buyers in on a Saturday and Sunday. So, marketing has become paramount. Pictures, virtual tours, and zoom meetings are the new normal.
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.