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April 25, 2018

Tight market, prices up in latest report on Maine home sales

Tight inventory statewide led to a decrease in sales of Maine's single-family existing homes last month, according to the Maine Association of Realtors, but the median sales price for those homes increased almost 11% compared to last March.

Realtors reported that 1,156 homes changed hands in March, a decrease of almost 2.8% from March 2017, while the median sales price for those homes increased 10.99% to $212,000, up from $191,000 reported in March 2017. The median sales price indicates that half of the homes were sold for more and half sold for less.

"We're seeing upward movement on median sales prices as a result of tight markets in many areas of Maine," says Kim Gleason, 2018 president of the Maine Association of Realtors and broker/owner of McAllister Real Estate in Hallowell. "For-sale inventory is down 16% compared to March 2017 and 39% below the for-sale inventory of March 2016."

Gleason added that Realtors from across the state report that buyers are "anxiously ready and waiting for homes to be listed, and sellers are pleased with the pace and pricing in the market."

March sales price average higher than nation, region

Maine's strong average median sales price for March is almost double the percentage increase reported by The National Association of Realtors for national statistics comparing March 2018 to March 2017.

The national report showed national MSP rise of 5.9% to $252,100 and a 1.0% decrease in sales. Regionally, sales in the Northeast were down 9.3% and the regional median sales price increased 3.3% to $270,600 over that same time period.

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