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Sales are way up at Home Depot this year, showcasing how people across Maine are renovating their homes and further heating up the housing market.
The home improvement giant saw $38.9 billion in sales for the first quarter of this year, the highest first quarter sales in the company’s history and a 4 percent increase over the same period in 2021.
The sales reflect a rush of renovations in Maine and the rest of the country since the beginning of the COVID-19 pandemic. The Joint Center for Housing Studies at Harvard University predicts that spurt may even peak this year, though the center expects it to temper by the end of 2022.
Many who make home improvements are likely eyeing an increased sales price if they put their house on the market or alter a newly bought home.
Home improvements, from remodeling kitchens to deck additions or even expanding a home, can add substantial value to a home in a market that is already red hot. More improvements would continue to raise median housing values in Maine, estimated at around $355,000 by Zillow. That’s $100,000 over April of last year.
Median sales prices continue to skyrocket in Maine amid a small supply and significant demand, according to the Maine Association of Realtors. The median time on the market for a single-family home in Maine was just six days in April, according to the association.
As the largest home improvement retailer in the U.S., Home Depot’s sales are a strong predictor of nationwide trends. A company representative said they were not able to release the earnings for the state of Maine, yet there are some indications they could be even higher than the national average.
Home Depot has 11 stores in Maine stretching from Biddeford to Bangor and employs over 8,300 people directly and indirectly in the state, according to the company’s fiscal year 2019 data. It estimated the impact on Maine at $539 million a year, the second highest per capita in New England behind Vermont.