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After record sales last year that continued into early this year, Maine home sales are feeling the effects of the coronavirus pandemic, declining 15.41 percent in April compared to the previous April, according to figures released Thursday by Maine Listings.
Realtors sold 1,065 homes, 194 fewer than last April. However, the median sales price rose 12.29 percent to $235,800 comparing April this year to last year. The median sales price indicates that half of the homes sold for more and half for less.
The percentage drop in home sales was on par with the national decline of 15.5 percent, according to National Association of Realtors data released Thursday. The national group also cited a rise in home prices of 7.3 percent to $288,700.
“The April 2020 statistics show the beginning impact of the pandemic pause on Maine’s real estate sales,” said Tom Cole, president of the Maine Association of Realtors. “Because real estate transactions take 30-45 days to close, contracts written before the pandemic have likely now been completed.”
The for-sale home inventory in Maine is down 19 percent compared to a year ago. Still, he said Maine realtors are finding plenty of buyers and multiple offers because of historic low mortgage interest rates and the constrained inventory levels.
Cumberland County saw home sales drop 9.68 percent to 653 units, but the sales price was up 9.84 percent to $334,900. Penobscot County also saw sales fall 8.58 percent to 309, but prices were up 6.49 percent to $148,500.