A surge in out-of-state buyers contributed to a big jump in Maine home sales last month.
Latest figures from Maine Listings reveal a 22.78% increase in the number of units sold in September over a year ago, with average home prices up by 19.56%. The state median sales price (MSP) now stands at $273,500. The MSP indicates half of homes were sold for more and half sold for less.
Twelve months ago out-of-state buyers accounted for about a quarter of all homes sold in Maine – that number is now tracking at a one third.
Industry watchers observe quality of life, low rates of COVID-19 and the new freedom for some to work from home as contributing factors. This coupled with historically low interest rates and limited inventory have increased competition amongst purchasers which in turn has spiked prices.
If you are wondering how much your home is worth in today’s market give us a call about our guaranteed 5 Star Realty Home Sales System.
If your buying, contact us about our VIP Buyer Program to understand more about how you can succeed in the current market.