SOUTH PORTLAND (July 22, 2014)—Increased inventory and low interest rates fueled Maine’s home sales in June. According to Maine Listings, REALTORS report 1,513 single-family existing home sales last month—a rise of 14.02 percent compared to one year ago. The June median sales price (MSP) increased 0.54 percent to $185,000. The MSP indicates that half of the homes were sold for more and half sold for less.
The National Association of REALTORS reports that, nationally, the number of single-family existing home sales decreased 2.9 percent and the national median sales price increased 4.5% to $224,300 compared to June 2013. Sales in the northeast dipped 3.0 percent, and the northeast regional MSP eased 0.1 percent to $269,800 compared to June 2013.
Angelia Levesque, President of the Maine Association of REALTORS, says, “Maine is the second most popular state in the country for ownership of second homes and recreational properties. With our great weather lately, this is the perfect time to explore that market. Waterfront, winter recreation and family camp properties are especially popular requests, currently.”
Levesque, a REALTOR with Better Homes and Gardens Real Estate/The Masiello Group in Bangor, adds that the increased inventory in a majority of the state has led to a buyer’s market. “Rent prices are rising and interest rates remain low, making this the perfect time to buy a home. Sellers with homes that have not sold at a regular pace should consult their REALTOR about making a price adjustment.”
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 “rolling quarter” months of April, May and June of 2013 and 2014.