SOUTH PORTLAND (Dec. 19, 2013) — The winter snow has not dampened Maine’s end-of-year real estate market. Maine Listings reported an increase of 2.65 percent in the sales of singlefamily existing homes during the month of November. The median sales price (MSP) for the 1,086 homes sold rose 1.6 percent to $175,000. The MSP indicates that half of the homes were sold for more and half sold for less.
According to the National Association of Realtors®, sales nationwide dipped a slight 0.9 percent, while the national MSP reached $196,200—a jump of 9.4 percent. The Northeast region witnessed a 6.6 percent rise in sales over the past 12 months, and the regional MSP increased 5.7 percent to $242,900.
Bart Stevens, President of the Maine Association of Realtors®, said Maine experienced a very strong real estate year in 2013. Stevens added, “Unit sales continue to show an increase, although certainly not as strong as some other months this year; this is not unusual as we enter a traditionally slower time of year when people begin to focus on the holidays. The median sales price continues to grow, reflecting a more stabilized market and a continued tightening in inventory.”
Stevens, owner/broker with Century 21 Nason Realty in Winslow, said winter is a “great time to purchase for many, as there are traditionally fewer buyers looking during this period. Sellers are often more motivated to negotiate during the winter months. Inventory remains strong throughout much of the state; 2014 should continue to be favorable for buyers and sellers alike. Interest rates are expected to rise in 2014, but should remain favorable for most. Work with a Realtor® to determine your buying power.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of November only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of September, October and November 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.