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November 22, 2017

‘Historically low’ inventory drives 6.5% gain in home sales prices

Sales of single-family homes in Maine rose by 8.05% this October compared to October 2016, according to the latest monthly gauge released by Maine Listings on Tuesday.

Prices also jumped 6.49% over last year to a median sales price of $205,000.

"We've been hearing for many months that a shortage of for-sale inventory had hindered the potential for 2017 real estate markets," said Greg Gosselin, broker/owner of Gosselin Realty Group in York and 2017 president of the Augusta-based Maine Association of Realtors, in a statement.

"While the for-sale inventory levels continue to be historically low, they are increasing, and buyers are now finding options and purchasing the right home for their needs," he added.

He said that the past four months, including the strong October numbers, have brought Maine on par with the record-setting 2016. So far in 2017, the number of home sales statewide is just 0.4% below last year.

"Buyers hoping to be settled before winter should provide a strong ending to the year," Gosselin said.

Nationwide, the sale of single-family homes eased 1.0% in October 2017 versus October 2016, while the median sales price was 5.4% higher at $248,300, according to the Chicago-based National Association of Realtors.

Regional sales in the Northeast rose 4.2% and the regional median sales price jumped 6.6% to $272,800 in October.

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