Mirroring national statistics, sales of Maine’s existing-single-family homes dipped in March. According to the Maine Association of Realtors, Realtors reported a 3.11 percent decline in sales last month with 1,120 homes changing hands—36 fewer homes than March of 2018. The median sales price for homes sold in March 2019 eased 0.94 percent to $210,000, down slightly from $212,000 in March of 2018. The MSP indicates that half of the homes were sold for more and half sold for less.
“For the fourth consecutive month, residential sales volume has shown decreases compared to figures from a year ago, but are the third highest March sales volume during the 17 years we’ve been collecting data,” says Peter Harrington, 2019 President of the Maine Association of REALTORS® and Broker/Partner with Malone Commercial Brokers in Portland.
“Typically, with a decline in the number of sales, we’d see an increase in the for sale inventory, but that’s not the case this month with sales down three percent and for-sale inventory down five-and-a-half percent. Buyers are in the marketplace, but may not be finding the home that meets their needs due to the tight supply,” Harrington reports.
The National Association of Realtors released statistics showing a 4.7 percent decrease in sales nationwide for single-family existing homes, and an increase of 3.8 percent in the national MSP to $261,100 comparing March 2019 to March 2018. Home sales in the Northeast were down 1.5 percent and the regional MSP rose 2.5 percent to $277,500 over that same time period.
“Economic conditions remain favorable with attractive mortgage rates, plus high consumer confidence and job security,” adds Harrington. “As we come into Maine’s busy season for home selling and buying, consult a REALTOR® to assist with navigating the market dynamics where you want to live.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of March 2019 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of January, February and March of 2018 and 2019.
