Single-family home in Portland that listed at one of the least expensive houses in Maine. Credit: Troy R. Bennett / BDN

A competitive home-buying market continues to bring high demand across the state, however the short supply of single-family homes has driven prices higher and prevented sales growth.

In February, home sales declined 17.33 percent from the same period in 2021, while the median sales price increased by more than 21 percent, reaching $297,500, according to Maine Listings.

“The demand for Maine homes sales remains strong and home sales totals are being held back by the low supply of for-sale inventory,” says Madeleine Hill, 2022 President of the Maine Association of Realtors. “Even after two years of the pandemic, most homes for sale in Maine are receiving multiple purchase offers and are under contract within days.”

Franklin County saw the largest drop in home sales, with a 25 percent drop from December of 2021 through February of 2022 compared with those same months in 2021.

Androscoggin County saw the largest increase, with a 9.3 percent increase to 282 units over the three-month period. In terms of median sales price across the state, prices increased in all 16 of Maine’s counties.

The largest increase was in Androscoggin County, with median sales price jumping to $250,000, or a 23.76 percent increase during the comparison period.

The county with the least amount of increase was Aroostook County, where the median price was $129,950, a 23.76 percent increase from the same period last year.

Nationwide, there was a 2.2 percent dip in sales during the month of February 2022 compared with 2021, the National Association of Realtors reported.