MAINE REAL ESTATE SALES INCREASE 8.34 PERCENT

MAINE REAL ESTATE SALES INCREASE 8.34 PERCENT
PRICES RISE 6.25 PERCENT IN MARCH

SOUTH PORTLAND (April 25, 2013) – Real estate sales in Maine were back on track last month, after weather in February caused a temporary slow down. According to statistics released by Maine Listings, sales of single-family existing homes jumped 8.34 percent in March 2013, compared with sales from the same month, one year ago. The median sales price (MSP) for the 792 homes sold rose 6.25 percent to $170,000. The MSP indicates that half of the homes were sold for more and half sold for less.

The National Association of Realtors reported a 9.1 percent increase in sales nationwide during the month of March. Prices across the United States jumped 12.1 percent to a national MSP of $185,100. Regionally, sales in the Northeast were up 6.8 percent and the regional MSP of $237,000 represents a 3.0 percent increase in sales prices.

Bart Stevens, 2013 President of the Maine Association of Realtors, said, “After one slow month in February, the real estate market continues to pick up steam. Buyers are out in full force. In most areas of the state, inventory is still acceptable-but the market is clearly shifting. The lack of inventory for buyers is not severe yet, but it is approaching that stage. Properties going under contract are selling for much closer to asking price than we have seen in quite some time.”

Stevens, owner/brokerwith Century 21 Nason Realty in Winslow, noted that interested sellers must understand that “although buyers are anxious to purchase, they are still paying close attention to pricing. Sellers considering a move should consult with a local Realtor now to ensure correct pricing, while interest rates remain incredibly reasonable. ”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of March only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of January, February and March of 2012 and 2013.

Maine Real Estate

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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