The headlines tell the dramatic story: “Maine’s Housing Market Broke Records in 2020, with Sales and Prices Through the Roof” the Portland Press Herald just reported. And in its most recent issue, Mainebiz asserts that the decision to sell your house has become a virtual no-brainer, with “surging demand” fueling people to be “snapping up houses in Maine.” Let’s take a closer look at powerful reasons to sell your house in Maine this winter.
A Crazy-Strong Seller’s Market
Powerful, historic factors have turned the winter of 2021 seller’s market in Maine into a once-in-a-lifetime colossus. But it has taken some wannabe sellers surprisingly long to realize this. As the pandemic upended our world over the last 12 months, too many sellers decided to play a “waiting game,” which rapidly led to severely diminished housing inventory in Maine, with demand quickly exceeding supply. In turn, it meant the market became chock-full of highly motivated buyers. That’s still the situation, but remember: this will not last forever.
Homes Prices “Through the Roof”
The Portland Press Herald wasn’t being hyperbolic when it said house prices in Maine have gone “through the roof.” In its recent “Homeward Bound” cover story on the Maine real estate boom, Mainebiz—citing statistics from Maine Listings, a subsidiary of the Maine Association of Realtors™ —reported that the median sales price for a house in Maine has rocketed 20 percent “to $270,000, from $225,000 a year ago.” Homes are also selling FASTER now, because they are being bought up by highly motivated folks from “away” who, during the pandemic, are fulfilling long-cherished dreams of living in Maine. According to a recent report by NewsCenterMaine (Channel 6 TV News, Portland) “about 25 percent of monthly home purchases in Maine are now by out-of-state buyers.”
The Maine Association of Realtors™ Weighs In
In their January press release, the Maine Association of Realtors™ provided a final reflection on 2020 - the conclusion being that the real estate market is red-hot for sellers in Maine. MAR declared, “Statistics released today by the Maine Association of Realtors™ and Maine Listings show a sales increase of 9.82 percent for all single-family existing homes sold during 2020. Values rose by double digits during the sales year; the statewide median sales price (MSP) reached $256,000—an increase of 13.78 percent.”
Coldwell Banker Rizzo Mattson Realtors’ broker/owner Brian Rizzo confirmed 2020 was a phenomenal year for sellers, and the agency’s best year under his leadership. “Our agents made things happen! The Rizzo Mattson Team closed 455 transactions, up from 374 in 2019 for an 18% increase. This translated to $88,421,275 in dollar volume representing a 31% increase over 2019’s sales total of $61,117,747.” Brian went on to say “Based on how busy all our agents are and the pent up demand of their buyer clients still wanting to purchase, 2021 shows no sign of slowing down.”
No question Central Maine’s Real Estate Market is Red Hot. So whether you’re looking to list your house, or need solid, professional advice and guidance buying one - now is the time, and we invite you to contact us today.