Maine has seen a stunning real estate boom as buyers from New York City, Boston and Washington DC flee for quieter pastures amid the pandemic, causing home values to surge 17 percent, supply to hit a historic low and properties to fly off the market in a matter of 11 days.
In the spring Maine saw a startling decline in sales at the start of the pandemic, but by summer time a wave of buyers came in from out of state looking to ride out the COVID-19 crisis.
The value of single-family existing homes jumped 17.39 percent in August this year compared to 2019 and homes reached a median sales price of 270,000, as per Maine Listings.
Maine Association of Realtors President Tom Cole said June saw business pick up and July was 'gangbusters' with nearly six percent more out-of-state buyers than last year.
In August, out-of-state sales went up nearly 10 percent.
In August 2020 707 single family homes were purchased by out-of-state buyers - a big jump from the 482 homes purchased in August 2019.
'The August statistics show strong demand for residential real estate in Maine,' Cole said.
'We are experiencing a historically low supply of homes for sale, 40 percent below a year ago,' he added.