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.