MAINE REAL ESTATE SALES UP 6.42 PERCENT; PRICES INCREASE 4.84 PERCENT
SOUTH PORTLAND (July 23, 2013) — Motivated buyers and sellers, coupled with historically low interest rates, led to a 6.42 percent rise in sales of Maine’s single-family, existing homes in June. According to Maine Listings, 1,327 homes changed hands last month across the 16 counties of Maine. The median sales price (MSP) for the homes sold reached $184,000, up 4.84 percent from June 2012’s MSP of $175,500. The MSP indicates that half of the homes were sold for more and half sold for less.
The National Association of Realtors reported a national single-family existing home sales increase of 14.5 percent last month, compared to stats from last June. The national MSP rose 13.2 percent to $214,700. Regionally, sales in the Northeast were up 16.7 percent and the regional MSP of $270,400 reflects a 6.8 percent increase.
Bart Stevens, President of the Maine Association of Realtors, said, “Buyers who have been sitting on the sidelines are starting to get more motivated. Although interest rates remain near historical lows, the economy continues to improve and indications seem to clearly point toward continued rising rates. Many areas of the country are experiencing very strong real estate sales and Maine is just slightly below the curve, but picking up speed.”
Stevens, owner/broker with Century 21 Nason Realty in Winslow, said the second home market (seasonal or other) is surging as a result of strong sales to the south of Maine.“Inventory in this category remains quite strong with a good variety for all price points.” Recently, Stevens represented clients who, for years, had been dreaming of a owning a second home in Maine. “This summer, my clients finally achieved that dream because of the strong
home inventory, the great rates and the fact that the value of their existing home in Massachusetts had risen dramatically,” he said.
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of June only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of April, May and June of 2012 and 2013.
Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings). Note: Maine Listings, 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.
