Maine home prices up 10.20 percent

Posted:  Thursday, October 26, 2017 - 8:00am

Maine home prices have been rising steadily over the past five years, and September statistics showed double-digit gains. According to the Maine Association of Realtors, the median sales price (MSP) for existing, single-family homes has jumped 10.20 percent compared to September 2016. The MSP indicates that half of the homes were sold for more and half sold for less. Sales were also up 2.31 percent compared to September 2016.

“Maine has been riding the wave of the real estate recovery for the past five years, and 2017 is shaping up to be one of the best years of the recovery,” says Greg Gosselin, broker/owner of Gosselin Realty Group in York and 2017 president of the Maine Association of REALTORS. “Sales during the third quarter of 2017 exceeded the comparable 2016 third quarter and year-to-date statistics are on a close pace to catch the all-time high of 2016; running just 1.5 percent behind.

“While the for-sale inventory levels are well below the 2016 levels, inventory levels are improving. Our statistics indicate that additional for-sale homes are coming on the market, which is addressing some of the pent-up demand and fueled this strong third quarter. Properties that are well-staged and priced appropriately based on their location and condition are selling quickly,” added Gosselin.

The National Association of Realtors reported that national sales dipped 1.2 percent compared to one a year ago. The national MSP rose 4.2 percent to $246,800 in September. Regionally, home sales in the Northeast declined 1.4 percent and the regional MSP of $274,100 represents a 4.8 percent increase.