A slight drop in interest rates and a larger number of available homes has helped Maine homebuyers and sellers alike. According to Maine Listings, sales of single-family existing homes increased 8.32 percent in April. The statewide median sales price (MSP) eased 3.37 percent to $169,000. The MSP indicates that half of the homes were sold for more and half sold for less.

Nationwide sales statistics released today by the National Association of Realtors show a sales dip of 7.7 percent, while the national MSP rose 4.7 percent to $201,100 in April. Sales in the regional Northeast were down 6.3 percent and the regional MSP decreased a slight 0.4 percent to $244,000. 

Angelia Levesque, president of the Maine Association of Realtors, said many buyers ask her, “is our area currently a buyer’s market or a seller’s market?”

Typically, when inventory is low, it indicates a seller’s market, Levesque said. “When inventory is plentiful, that’s a buyer’s market. But then you can have a town that is really a buyer’s market, yet certain neighborhoods can be a seller’s market.”

A higher number of listings have entered the market in Maine, and as Levesque advises, “A well-priced home will always have a better chance at selling, no matter the market conditions.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of April only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the “rolling quarter” months of February through April of 2013 and 2014.