Stunning Gains in September - Number of Maine Homes Sold Was Up 22.78%, Home Values Up 19.56%! (Portland: ski resort, sale)

[CARas2020]

Originally Posted by yaeger07

No, median isn't average. It means half the sales prices were above that and half were below.

Thanks for correcting me. Now I know.

Old dogs can still learn things :-)

[WhoFanMe]

Update for November - Number of Maine Homes Sold Was Up 31.17% from November 2019, Median Home Values Up 20%.

[nm9stheham]

I've been trying to reconcile this large % increase in median home prices to the S&P (and other) prices indices, which show a substantially lower increase over the same time periods..... like a price index increase of only 6% year-over-year in Maine.

I suspect the difference has to do with:
- A lot of the present year's sales are on the higher end home price range, like vacation homes near the coast and up around the lakes regions. This will drive the median price up... even if the lower end houses prices are not changing much at all. Notice that the counties with the 2 largest increases are Franklin and Piscataquis.... both are heavily lake-vacation property oriented.

- Some of the price index numbers are based upon appraisals, which will lag actual market prices
- Some of the price indeces are focused on repeat sale of the same properties over a long period of time. So will not reflect a local market.

Bottom line: None of these measures are a perfect reflection of what you can expect to pay in a local market, and for a given size/price range of a particular property.

And as noted, the average price is a different number.

[WhoFanMe]

The numbers in Maine are similar to the Northeast and the nation, from yesterday's press release:

Nationally, sales of single-family existing homes rose 25.6 percent in November 2020 compared to November 2019. According to The National Association of Realtors, values also increased 15.1 percent to a national MSP of $315,500. The regional Northeast witnessed a sales jump of 25.7 percent, and the regional MSP of $354,100 represents a 17.4 percent increase comparing November 2020 to November 2019.

[mainebrokerman]

I travel all over Maine and I’m hearing out of state
Interest is at an all time high
I suspect many want to get out of the cities
And
More and more can work remotely by computer

The cold and snow that deterred many
From living in Maine
Means less when you see riots in the cities
And this whole viral apocalypse has exposed
Living in the cities is a delicate existence
Most rely on others to feed them .. and
No place to run and hide if the shyt hits the fan

My son is a pharmacist... could make much more
In the cities but he grew up ... enjoying the fresh air
Going camping hunting and fishing

Maine has it’s faults... but we also have much to enjoy!

[jdhpa]

If work from home sticks it will probably cause more people to migrate out of cities. I still think we're going to see a bit of back migration when 1) people experience a significantly colder winter for the first time, and 2) people miss having family and friends a few minutes away instead of a few hours away. But we'll see next summer.

[nm9stheham]

I agree. Part of this will be when companies and some working people find that remote working has its drawbacks, IMHO. I have been working remotely, or been self employed, working from home, for almost 25 years. Good communications is more time consuming and you can get out of touch with new things going on the business. Plus work culture is hard to transmit through just emails.... person to person contact has a high value, especially in some sales pursuits. Plus when layoffs occur, there will be more limited job opportunities for those far out and who can only work remotely; it can become a liability.



And the fear factor of corona is high from some, and the fear will dissipate when that is under better control. I have to wonder how many of the purchases are for a 'safe haven' that will no longer be perceived as needed in the future. A liking of city amenities and conveniences for many people will not change IMHO.

[Spanky25]

New York, LI here. Been visiting Maine for over 20 years. As I plan to retire to Maine. However, the homes in Maine increased so much. Almost on par with Long Island prices, with less in property taxes.

I’m sure Maine is also seeing an influx of people coming from NY too. Especially those who sold their multi million dollar condos in NYC & have cash. Many are now working from home too.

[HaikuHeritageFarm]

Well this is bad news for someone like me trying to get my foot in the door.

[WhoFanMe]

Unit Sales up 9.82 Percent, Median Sales Price up 13.78%

The Median Sales Price statewide was $256,000, with nearly 20,000 existing single family homes changing hands. The counties with the biggest gains in sales prices were:

Lincoln - up 32%
Franklin - up 31%
Waldo - up 23%
Hancock - up 20%
Androscoggin - up 17%

Not surprisingly, the two highest median sales prices were in Cumberland and York Counties ($365,000 and $337,000) and the lowest median sales price was in Aroostook County ($105,000).