SOUTH PORTLAND (March 23, 2015)—Months of steady sales reports indicate stabilization in Maine’s single-family existing homes market. According to Maine Listings, Realtors sold 13.31 percent more homes in February 2015 than February 2014. The median sales price (MSP) for those homes increased 4.62 percent to $167,400 for that same time period. The MSP indicates that half of the homes were sold for more and half sold for less.
Nationally, single-family existing home sales rose 5.9 percent in February. The National Association of Realtors reported a nationwide price increase of 8.2 percent to a MSP of $204,200. The regional Northeast experienced a 3.6 percent rise in sales, while prices jumped 3.3 percent to $241,800.
Marie Flaherty, 2015 President of the Maine Association of Realtors, said, “The slight increase in pricing (less than two percent in the rolling quarter chart), is a reflection of market stability. It is important to note that this is an indication of how cautious buyers have been, compared to past recovering markets.”
Flaherty, a Realtor with Berkshire Hathaway HomeServices Northeast Real Estate in Westbrook, added, “With warmer temperatures ahead, we should continue to see healthy market conditions. Additional inventory will reach the market, but buyers will increase as well. With pent-up demand, along with favorable-to-near-historic low interest rates, I’m confident that we’ll experience a strong spring market.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of February only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the “rolling quarter” the months of December 1, 2013 to February 28, 2014 and December 1, 2014 to February 28, 2015.
