Aroostook County; One of Three Counties That Didn’t See a Decline in Home Sales
PRESQUE ISLE, Maine (WAGM) -
It’s no secret that real estate is a hot topic nationwide, but how does The County compare? NewsSource8′s Brian Bouchard takes a look at the Aroostook County Real Estate Market.
A recent Housing Report released by the Maine Association of REALTORS compares how the Maine Real Estate market performed during the beginning of 2021 to the beginning of 2022. The overall theme of this report is that home sales in Maine are slowing down due to a lack of inventory. During the first quarter last year, 4287 homes were sold across the state. Compared to this year, where 3764 homes were sold, 523 less than before, however the median sales price for homes raised by nearly 40,000 dollars, from 260,000 dollars, to 300,000 dollars. But how is Aroostook County holding up?
“So it’s more or less supply and demand with a lower population per inventory in a nationwide hot market.”
Stephanie Beaulieu, Owner of Fields Realty says based on the data, Aroostook County is one of only 3 counties that did not see a drop in sales. During both the First Quarter of 2021 and The first Quarter of 2022, 182 homes were sold. Meaning Aroostook County saw a 0 percent change while other counties saw a drop in sales up to 25 percent.
“So even though we’re in an active and vigorous market right now we still have more homes for sale per capita. We have tight inventory and even though houses may be on the market for less than 24 hours, we still have more homes here for sale per persons compared to other parts of the state.”
And while the supply is there, and the demand is staying steady, how are sales prices looking?
“The average median price for Aroostook county is 129,950 dollars that is for a single family residential in Aroostook county. So you back up to two years ago, 73,500 dollars, two years later, today the average median is 129 thousand, that’s nearly double on an average sale for a single family dwelling”
While Aroostook County may not be seeing the crazy high median sales prices of Cumberland or York counties, the lower median sales prices, combined with available inventory can make buying a home in Aroostook County attractive to buyers Beaulieu says it really boils down to what type of lifestyle the family is after.
“It’s family dynamics, it’s work, people have to take into consideration a lot of things. Where they end up is a lot of times dependent on the location. In real estate we always say “Location, Location, Location” it’s what are they looking for. Are they looking for health, are the looking for school, are they looking for peace and tranquility? I hear a lot about the air up here too. People can breath up here.”
And while location may be everything in Real estate, the distance between towns or even the nearest store may be unusual to some folks moving to the county.
“It’s nothing for us, for people that have lived in Aroostook county to have to drive 20 minutes to a grocery store, and for some people that live in the city 20 minutes will get you a few miles, 20 minutes will get us 20 miles. But when you have more homes for sale per persons compared to state wide, then yeah Aroostook County is desirable”
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