Chart compares the March 1-May 31 rolling quarter median sales prices for 2017, compared to the same period in 2016.
June 26, 2017
Maine home sales decline in May, but prices go up
Chart compares the March 1-May 31 rolling quarter sales for 2017 against sales for the same period in 2016.
By Staff
Lower-than-normal inventory of existing single-family homes in Maine led to an 8.85% decline in May sales.
Maine Listings, a subsidiary of the Maine Association of Realtors, reported however that the median sales price for the 1,524 homes sold last month rose 5.12% to $200,000. That price indicates that half of the homes were sold for more and half sold for less.
For the rolling quarter statistics comparing the March 1-May 31 period for 2017 and 2016, Maine Listings reported 3,819 units had been sold statewide in 2017, a 5.61% decline compared to 4,046 for the same period in 2016. Median sales price for the same periods was reported statewide at $193,000, a 4.32% increase over the $185,000 median price reported for the same period in 2016.
“2016 was a record year for real estate in Maine,” said Greg Gosselin, 2017 president of the Maine Association of Realtors. “And while these current numbers show a decline from last year’s highs, the 2017 May and rolling quarter statistics are the second highest numbers during this time period, since we began keeping records in 2003.”
Gosselin said for-sale inventory is 20% lower than this time last year, adding that “multiple offer situations are becoming more prevalent for properties that are move-in ready and properly priced.”
Nationally, single-family home sales increased 2.7%. The National Association of Realtors reported a nationwide median sales price of $254,600 — a 6% jump from one year ago. The Northeast experienced a sales increase of 2.6% and the regional median sales price rose 4.7% to $281,300.
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