JANUARY SALES SET SECOND-HIGHEST NUMBERS ON RECORD

A lobsterman’s family home – one of the last standing in Rockland, Maine. Gentrification has taken hold and many residents have taken advantage of the real estate values to sell. Photo by Ramona du Houx

February 18, 2022

Maine realtors experienced the second-best January sales month on record for single-family existing homes last month. According to Maine Listings, while the statistics technically indicate a decline of 7.2 percent in sales compared to January 2021, overall numbers are still affected by the COVID-19 pandemic years. Madeline Hill, 2022 President of the Maine Association of REALTORS® and Designated Broker at Roxanne York Real Estate on Bailey Island, explains.

“Buyer demand remains strong for residential real estate in Maine. Home sales in January 2022 are above the pre-pandemic January 2020 sales volume by nearly 10 percent but are 7.2 percent lower than January a year ago. Markets remain strong statewide but are constrained due to the low availability of for-sale inventory,” said Madeline Hill, President of the Maine Association of REALTORS®. “Over the past two years, the pandemic has altered the way that households live and work. Remote employment arrangements and increasing sales prices have expanded home search areas, and we’re seeing Maine’s more rural counties rejuvenated by this demand.”

The Maine median sales price (MSP) for single-family existing homes rose 14.47 percent to $292, 250 comparing January 2022 to January 2021. The MSP indicates that half of the homes were sold for more and half sold for less.

According to the National Association of REALTORS®, sales of single-family existing homes across the country decreased 2.4 percent in the past year, while the national MSP jumped 15.9 percent to $357,100 comparing January 2022 to January 2021. Regionally, sales in the Northeast eased 8.2 percent, and the regional MSP of $382,800 represents a 6.0 percent rise in prices over that same time period. 

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of January 2021 and 2022 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of November (2020/2021), December (2020/2021) and January (2021 and 2022).

Maine Real Estate Statistics – January Housing Report—2/18/22—

January 1-31, 2021 – January 1-31, 2022 
                               Number of Units SoldMedian Sales Price
20212022%Change20212022%Change
Statewide12561166-7.17%$ 255,300$ 292,25014.47%
 ROLLING QUARTER CHARTFrom November 1, 2020 – January 31, 2021 andNovember 1, 2021 – January 31, 2022 
                               Number of Units SoldMedian Sales Price
County2020-212021-22%Change2020-212021-22%Change
Statewide51904694-9.56%$ 269,000$ 300,00011.52%
Androscoggin3133387.99%$ 206,000$ 250,00021.36%
Aroostook229221-3.49%$ 103,000$ 135,00031.07%
Cumberland1016841-17.22%$ 373,250$ 425,00013.86%
Franklin164113-31.10%$ 191,500$ 249,90030.50%
Hancock322243-24.53%$ 317,000$ 315,000-0.63%
Kennebec4004256.25%$ 215,500$ 237,50010.21%
Knox183153-16.39%$ 270,000$ 350,00029.63%
Lincoln184148-19.57%$ 334,500$ 350,0004.63%
Oxford290270-6.90%$ 213,228$ 275,00028.97%
Penobscot4614804.12%$ 172,450$ 208,50020.90%
Piscataquis12296-21.31%$ 122,500$ 170,00038.78%
Sagadahoc131118-9.92%$ 310,000$ 327,0005.48%
Somerset190186-2.11%$ 149,450$ 172,00015.09%
Waldo170135-20.59%$ 235,500$ 284,34520.74%
Washington161147-8.70%$ 155,000$ 180,00016.13%
York854780-8.67%$ 360,000$ 410,00013.89%

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