Maine home prices up 5.12 percent in May

Posted:  Friday, July 7, 2017 - 8:30am

Lower-than-normal inventory of existing single-family homes in Maine led to an 8.85 percent decline in May 2017 sales. However, according to Maine Listings, the median sales price (MSP) for the 1,524 homes sold last month rose 5.12 percent to $200,000. The MSP indicates that half of the homes were sold for more and half sold for less.

“2016 was a record year for real estate in Maine,” states Greg Gosselin, 2017 president of the Maine Association of REALTORS®, “and while these current numbers show a decline from last year’s highs, the 2017 May and Rolling Quarter Statistics are the second highest numbers during this time period, since we began keeping records in 2003.

“For sale inventory is 20 percent lower than this time last year, and multiple offer situations are becoming more prevalent for properties that are move-in ready and properly priced.”

Nationally, single-family home sales increased 2.7 percent. The National Association of Realtors reported a nationwide MSP of $254,600—a 6.0 percent jump from one year ago. The Northeastern U.S. experienced a sales increase of 2.6 percent and the regional MSP rose 4.7 percent to $281,300.