MAINE HOME SALES UP

MAINE HOME SALES UP 8.48 PERCENT IN SEPTEMBER;
MEDIAN PRICES JUMP 6.92 PERCENT

Real estate statistics continue a positive climb across the state of Maine. According to the Maine Real Estate Information System, Inc. (MREIS), sales of single-family existing homes increased 8.48 percent in September 2012, compared to the same month one year ago. The median sales price (MSP) for those homes rose 6.92 percent to $170,000 in that same time period. The MSP indicates that half of the homes were sold for more and half sold for less.

The National Association of Realtors reports a nationwide sales increase of 10.8 percent while the national MSP rose 11.4 percent to $184,300. Regionally, sales are up 7.3 percent in the Northeast; the regional MSP increased 4.1 percent to $238,700.

Tina Lucas, 2012 President of the Maine Association of Realtors, relays, “Currently, my market area mirrors the new statistics, as activity has certainly increased. In fact, we are beginning to experience, on occasion, multiple offer situations on well-priced, move-in ready homes in the right location. Sellers feel more confident about entering the market; they have a better sense of what level of value to expect now that the market has more stability.”
Lucas, broker/owner of Lucas Real Estate in Portland, adds, “On the other side, buyers are taking action, as they realize an increase in activity may result in higher prices. All in all, a more stable real estate market is a better market for buyers and sellers. Both have an increased confidence level regarding sales prices and buying power.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of September only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of July, August and September of 2011 and 2012.

Maine Real Estate Sales

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.

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