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September 23, 2016

Maine single-family home sales jump 11% in August

Courtesy / Cape Arundel Cottages
Courtesy / Cape Arundel Cottages
Cape Arundel Cottages at 1976 Portland Road/Route 1, in Arundel where residents are currently moving into the new development. According to Ed Gardner, 2016 president of the Maine Association of Realtors, sales of seasonal properties like the Cape Arundel Cottages continue to see movement in the state.

Confident buyers pushed up sales of existing single-family homes 10.78% across the state during August, while the median sales price rose 5.35%, according to numbers released Thursday by the Maine Association of Realtors.

The association said 1,840 homes changed hands across Maine's 16 counties with a median sales price of $197,000. That's up from 1,661 homes with a median price of $187,000 in August 2015.

The National Association of Realtors the same day reported that nationwide, existing single-family homes sales rose 0.6%, with a median sales price of $242,200, up 5.3%, over the past 12 months.

"Maine's real estate market, overall, is healthy due to continued buyer confidence and very low interest rates," Ed Gardner, 2016 president of the Maine Association of Realtors, said in a statement.

"We are experiencing movement in all segments of the market, including seasonal properties and land parcels," Gardner added. "We expect markets to remain steady as households and investors take advantage of the tax incentives for real estate ownership through the end of the year."

Franklin County saw the biggest increase in sales, more than 43%, to 129 homes, up from 90 last August.

Cumberland County topped the median price with $280,000, up 9.8% from last year.

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