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Home sales skyrocketed in Knox County during 2020

By Stephen Betts | Jan 23, 2021
Photo by: Maine Association of Realtors

Home sales skyrocketed in Knox County during 2020, both in terms of the number of transactions and prices.

The Maine Association of Realtors issued a news release Jan. 22 that showed the number of homes sold in 2020 throughout Knox County jumped 23% from the previous year. There were 694 homes sold in 2020, up from 562 in 2019.

The median price of the homes sold in 2020 was $268,500. This is up 14% from 2019, when the median price was $236,125.

The number of sales statewide in 2020 rose 10% while the median price rose from $225,000 to $256,000.

“Last year began with the positive momentum from 2019, and then was jolted in the second quarter by the arrival of COVID-19,” said Aaron Bolster, broker and owner of Allied Realty in Skowhegan and 2021 President of the Maine Association of Realtors.

“Since July, sales demand and volume has been exceptionally strong.  Coupled with tight for-sale inventory constraints, most markets have experienced double-digit appreciation for median sold prices.”

“Sustained low mortgage interest rates, Maine’s rural geography and controlled COVID experience relative to the rest of the U.S., plus the emergence of teleworking, and the allure of our beautiful four-season recreational state has created unprecedented demand for residential real estate in Maine. We expect 2021 to remain strong with buyers searching for their new home as a long-term financial investment and a quality-of-life investment," Bolster said in the news release.

The Maine State Housing Authority issued a report that showed in 2019, the most recent year available, 62% of Knox County households would be unable to afford the median price of homes. A report for 2020 has yet to be compiled.

Many of the sales during 2020 were people from out-of-state purchasing homes locally.

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Comments (1)
Posted by: Richard McKusic, Sr. | Jan 23, 2021 08:48

They say as life long Mainers get driven from their homes because of increased taxes:  “Sustained low mortgage

interest rates, Maine’s rural geography and controlled COVID experience relative to the rest of

the U.S., plus the emergence of teleworking, and the allure of our beautiful four-season

recreational state has created unprecedented demand for residential real estate in Maine. We

expect 2021 to remain strong with buyers searching for their new home as a long-term financial

investment and a quality-of-life investment," Bolster said in the news release.



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