Maine Real Estate
The Maine Association of Realtors released its monthly statistical report for the period ending September 30, 2011. The report is below:
FOR IMMEDIATE RELEASE
CONTACTS: LISTED BELOW
MAINE HOME SALES UP 7.56 PERCENT IN SEPTEMBER
SOUTH PORTLAND (October 20, 2011) — Maine real estate sales continue to climb: Single-family existing
home sales increased 7.56 percent comparing September 2011 to September 2010. According to the Maine
Real Estate Information System, Inc. (MREIS), Realtors report 967 sales across Maine’s 16 counties. The
statewide median sales price (MSP) decreased 6.42 percent to $159,000 in that same time period. The MSP
indicates that half of the homes were sold for more and half sold for less.
Nationally, single-family existing home sales rose 12.2 percent over the past 12 months. The National
Association of Realtors (NAR) reported a national median sales price of $165,600 – a decrease of 3.9 percent.
In the regional Northeast sales were up 6.8 percent, while the regional MSP decreased 3.3 percent to
$229,400.
Mike LePage of RE/MAX Heritage in Yarmouth relays, “Despite continued downward pressure from short sales
and foreclosures, the Maine real estate market has weathered the storm in the third quarter this year. The
numbers are up significantly from last year and, although a bit premature for a major celebration, we are
pleased with a 14.87 increase in unit sales over the last year. The statewide median sales price continues to
show signs of stabilization.”
LePage continues, “First time home buyers have been taking advantage of the lowest prices in years
combined with the best interest rate environment anyone can remember. The high end has also seen
improvement. Cash buyers have found value in the more expensive properties and the results reflect that. The
tougher market in the near term has been the middle market, due in part to buyers needing to sell their homes
in order to purchase a new one. I think that one fact has put a damper on the very real demand that exists in
the middle market.”
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 2010 and 2011.
More Details and the numbers behind the report can be found on the Maine Association of Realtors website
or by clicking the link:http://www.mainerealtors.com/Statistics/2011PressReleases/MaineHousingReport-September2011.pdf
For more information regarding Maine Real Estate contact:
Christopher Lynch
President
Legacy Properties Sotheby's International Realty
2 City Center
Portland, ME 04101
clynch@legacysir.com
