MAINE SINGLE-FAMILY HOME PRICES AND SALES UP MORE THAN 9 PERCENT IN JULY
AUGUSTA (August 22, 2018)—Maine experienced solid gains in both sales prices and sales volume for single-family home sales during the month of July. Maine Listings reported that 1,864 home changed hands last month—an increase of 9.65 percent from the same period last year—and the median sales price jumped 9.22 percent to $225,000. The MSP indicates that half of the homes were sold for more and half sold for less.
“For-sale inventory is coming onto the market, but statewide we’re seeing 12 percent fewer homes for sale than a year ago.” says Kim Gleason, 2018 President of theMaine Association of REALTORS® and Broker/Owner of McAllister Real Estate inHallowell. “Pricing is related to these market forces; home prices continue to rise, which is an advantage for current homeowners looking to build equity, but rising prices can become an obstacle for first-time buyers. In some Maine markets, price gains are outpacing income growth because of consistently low for-sale inventory levels.”
Nationally, sales dipped 1.2 percent in the past year. According to data released today by The National Association of Realtors, the national MSP increased 4.6 percent to $272,300 in July. The regional Northeast experienced a 1.5 sales decrease in July, while the regional MSP jumped 6.8 percent to $309, 700.
“There are still more than 10,000 active for-sale listings statewide, and autumn is a great time of year to search for your perfect home; sellers are motivated to move before the holidays and Maine winter. Contact your local REALTOR® to counsel you on thedynamics of the real estate market where you want to live.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of July only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of May, June and July of 2017 and 2018.
(Maine Association of Realtors)