SOUTH PORTLAND (Nov. 20, 2013) — Maine’s existing home sales and prices continue to move in a positive direction, even during fall’s cooler temperatures. According to Maine Listings, Realtors across Maine’s 16 counties sold 1,246 homes in October—an increase of 5.86 percent from one year ago. The median sales price (MSP) rose 3.37 percent to $176,250. The MSP indicates that half of the homes were sold for more and half sold for less.
Nationwide, sales were up 5.2 percent last month, according to the National Association of Realtors. The national MSP reached $199,500, an increase of 12.7 percent. The regional Northeast experienced a sales uptick of 11.7 percent and the regional MSP jumped 7.4 percent to $247,300.
“Inventory continues to climb, and prices are appreciating; many sellers are now more comfortable entering the market,” said Bart Stevens, President of the Maine Association of Realtors. “A majority of the distressed properties have left the market, and things appear to be moving back toward a more normal real estate environment.”
Stevens, owner/broker with Century 21 Nason Realty in Winslow, said lenders have capital available for borrowers, and those with steady jobs and good credit scores should take advantage of “historically low interest rates and favorable affordability. Now continues to be a good time to purchase real estate for personal use or investment purposes. For many, owning is more affordable than renting due to the tax benefits over time and the accumulation of equity.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of October only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of August, September and October 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.