The pace of single-family home sales in Maine slowed in November, negating gains that had put the state on track to set a record in 2019.
Sales of existing single-family homes in Maine declined by nearly 8 percent in November compared with a year earlier, putting total home sales for 2019 on track to roughly tie the previous year’s total, according to a report issued Thursday by the Maine Association of Realtors.
Meanwhile, the statewide median home sales price in November increased by nearly 3 percent from a year earlier to $225,000, it said. The median indicates that half of homes sold for more money and half sold for less.
“Statistics from November continue to reflect the up-and-down pattern for 2019,” said Peter Harrington, president of the association and broker/partner with Malone Commercial Brokers in Portland. “The reality is, even with November’s sales decline and the very tight supply of for-sale inventory, the number of homes sold during 2019 is at a statistical dead heat with 2018 – Maine’s best year ever for residential real estate sales.”
Harrington said there were 13 percent fewer Maine homes for sale in November than a year earlier, which negatively impacted sales volume.
Maine home sales for the three-month period ending Nov. 30 increased by 1.5 percent from the same period a year earlier to 5,209 sales, while the median sales price for the three-month period increased by 4.7 percent to $225,000, the report said.
The biggest sales increase for the three-month period occurred in Franklin County, where home sales rose by 23.7 percent from a year earlier to 162 sales. The biggest decrease was in Piscataquis County, where home sales fell by 15.8 percent to 101 sales.
The biggest median sales price increase for the three-month period occurred in Piscataquis County, where the median rose by 19.7 percent from a year earlier to $129,900. The biggest decrease occurred in Washington County, where the median price fell by 12.7 percent to $120,000.
Nationally, sales of existing single-family homes increased by 3.5 percent in November from a year earlier, while the median home sales price rose by 5.4 percent to $274,000, according to the National Association of Realtors. Sales in the Northeast were down by 1.4 percent, and the regional median price increased by 3.9 percent to $301,700, it said.