SOUTH PORTLAND, Maine (AP) — Sales of single-family homes are down because of the pandemic, but the value of the homes that sold actually grew last month.
All told, 194 fewer homes were sold in April compared to the previous year for a decrease of about 15%, but the median sales price grew 12% to $235,800 compared to the previous year, according to Maine Listings.
Most real estate transactions take 30 to 45 days to close, so contracts written before the pandemic have now been completed, said Tom Cole, president of the Maine Association of Realtors.
Buyers remain plentiful even though the current inventory of homes is down 19% compared to a year ago,