AUGUSTA (June 21, 2019)— The single-family existing home market in Maine remains healthy as the summer sales season is in full-swing. According to Maine Listings, Realtors reported selling 6.32 percent more homes in May 2019 compared to May 2018. The Median Sales Price (MSP) for the state also jumped 4.59 percent to $230,000. The MSP indicates that half of the homes were sold for more and half sold for less.
“May was a strong month for residential real estate sales in Maine and, after a slow start to 2019, we’re pulling even to 2018 levels,” says Peter Harrington, 2019 President of the Maine Association of REALTORS and Broker/Partner with Malone Commercial Brokers in Portland. “Sustained job security and low unemployment rates, healthy consumer finances, and lower mortgage interest rates have fueled real estate markets across Maine.”
The National Association of Realtors says nationwide sales dipped 0.8 percent, while the national MSP increased 4.6 percent to $280,200 in May. Sales in the Northeast rose 4.7 percent while the regional MSP jumped 6.6 percent to $304,100.
“For-sale inventory continues to be at historically low levels with pent-up buyer demand in the marketplace. Sellers are listing when they have their next move in place, and buyers are reacting quickly. Statewide, the ‘days on market’ for the first five months of 2019 is 47 days (down 8 percent) from the same time period during 2018. Activity has certainly bumped up over the past quarter.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of May 2019 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of March, April and May of 2018 and 2019.
