SOUTH PORTLAND (June 20, 2013) —Single-family existing homes in Maine continue to be a focus of real estate buyers; leading to impressive double-digit sales figures in May. According to Maine Listings, Realtors reported 1,214 home sales last month—a jump of 17.29 percent compared to May 2012. The statewide median sales price (MSP) rose 0.28 percent to $178,500. The MSP indicates that half of the homes were sold for more and half sold for less.
Nationally, sales increased 12.7 percent in the past year. According to the National Association of Realtors, the national MSP of $208,700 reflects a 15.8 percent rise. Single-family existing home sales in the Northeast region were up 8.3 percent and prices jumped 12.3 percent to a regional MSP of $269,600.
Bart Stevens, President of the Maine Association of Realtors, said the continued, healthy real estate sales numbers are a direct result of several factors. “First-time homebuyers continue to be a driving force in most areas of the state, due to continued low interest rates and relativelystable inventory. This allows existing homeowners to move forward with their real estate
changes, which had been placed on hold for several years. The strong market in other areas of New England is now allowing those buyers the opportunity to pursue their dream property here in Maine.”
Stevens, owner/broker with Century 21 Nason Realty in Winslow, reported that inventory “continues to tighten in many areas of the state, particularly at many first-time buyer price points. Buyers, now more than ever, recognize the importance of working with a Realtor. Given today’s market dynamics, hesitating even 24 hours often results in the loss of that perfect home. A Realtor familiar with the area can easily prepare buyers and sellers for the
rapidly changing market if they know their client’s wants and needs in advance.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of May only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of March, April and May 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.
