Strong positive sales of single-family existing homes continue for Maine. According to the Maine Real Estate Information System, Inc., 1,255 homes
changed hands in August 2012, a 15.14 percent increase over August of last year. The median sales price (MSP) for those homes rose 3.03 percent to $170,000. The MSP indicates that half of the homes were sold for more and half sold for less.
According to the National Association of Realtors, nationwide sales jumped 10 percent since last August, and the national MSP increased 10.2 percent to $188,700. Sales in the regional Northeast were up 8.6 percent and the regional MSP of $245,200 reflects a rise of 0.6 percent. Tina Lucas, 2012 President of the Maine Association of Realtors, said, “The consistent increases
in the number of homes sold along with the recent boost in median values leads to this conclusion: it seems buyers are comparing the value of owning vs. renting. Low interest rates and attractive pricing keep monthly payments down. Add the value of a mortgage interest deduction, property tax deduction and the opportunity to build equity over time and the decision to own comes out on top for those renters who are ready and financially able to purchase a home of their own.
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of August only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of June, July and August of 2011 and 2012.
Source: Maine Real Estate Information System, Inc. Note: MREIS, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 4,100 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the System within the time periods indicated.
