February 22, 2018

Spring beckons, but Maine home sales show wintertime jump

The year is off to a strong for Maine's housing market, as the median price for home sales in January was 5.26% above a year earlier.

According to Maine Listings, the median sales price statewide for homes sold last month was $200,000, up from $190,000 in January 2017.

"Buyers are anxiously awaiting the increased for-sale inventory that spring traditionally brings," Kim Gleason, broker/owner of McAllister Real Estate in Hallowell and 2018 president of the Maine Association of Realtors, said in a statement.

She attributed the 17% drop in for-sale inventory compared to last year to a strong winter selling season.

"Now is a great time to list your property," she said, "because buyers are searching for homes in anticipation of spring. Realtors are reporting that multiple offer situations are common in areas that are at full employment. In Maine's rural areas, buyers are more cautious, but they are finding great values."

National sales lag

Nationwide sales dipped 4.8% last month from a year earlier. The National Association of Realtors on Wednesday said the national median sales price in January was $241,700, a 5.7% increase over a year earlier.

Regionally, sales in the Northeast fell 7.6% while the regional median sales price of $269,100 is 6.8% above a year earlier.


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