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Business and Economy

Maine Association Of Realtors Reports Highest Real Estate Sales In 20 Years

Real estate sales for January 2020 are the highest they have been in 20 years, according to the Maine Association of Realtors.

Sales of existing single family homes increased in January by almost 27 percent over the same month last year, which turned out to be a record-setting year for home sales.

More than one-thousand single family homes were sold last month, with the median sales price rising by more than 10 percent to just under $221,000.

Some of the state's more rural counties experienced the most significant spike in sales over the last quarter, including Piscataquis, Washington, Oxford and Penobscot. The biggest growth spike was observed in Somerset county with 36 percent more homes sold than a year ago. More modest growth occurred in Southern counties such as York and Cumberland.

Lincoln, Knox, and Waldo county all experienced declines in home sales, but the largest decline was seen in Aroostook County with almost 19 percent fewer homes sold compared to January 2019.

Nationally, home sales increased by almost 10 percent over the same period, with an 7 percent increase in price to an average of $268,600.

Throughout the northeast region, sales increased by more than 7 percent, with prices increasing 12 percent to more than $312,000.