Maine single-family home prices rise 2.85 percent

Posted:  Saturday, March 23, 2019 - 8:30am
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AUGUSTA (March 22, 2019)—Sales of single-family existing homes in Maine eased slightly, while prices rose 2.85 percent comparing February 2019 to February 2018. The Maine Association of REALTORS® released statistics indicating a 0.49 percent decline in sales during the month of February 2019 compared to February 2018. The median sales price for the 818 homes sold statewide reached $200,000. The MSP indicates that half of the homes were sold for more and half sold for less.

“Conversations with REALTORS® across Maine and a review of the statistics indicate that we may be shifting to a more balanced real estate market. Since 2011, Maine’s real estate economy has been bullish with year-over-year increases in units sold and median sold prices,” says Peter Harrington, 2019 President of the Maine Association of REALTORS® and Broker/Partner with Malone Commercial Brokers in Portland.

“Sales volume over the past few months has shown decreases compared to figures from a year ago. However, for-sale inventory continues to be tight—four percent lower than February of 2018.  While slightly decreasing, the February 2019 data shows a comfortable pace—the third highest February sales volume since 2011.”

According to The National Association of Realtors, sales across the country were down 1.4 percent while the national MSP of $251,400 represents a 3.6 percent increase. Regionally, sales in the Northeast increased 1.5 percent and the MSP rose 3.8 percent to $272,900.

“Traditionally, now is the time when we see a boost in the listing inventory numbers and a steady uptick in sales statewide for the second and third quarters. Mortgage interest rates are drifting lower, which will also be helpful for home sales,” adds Harrington.

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of February 2019 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of December, January and February.  

 

FEBRUARY ONLY CHART

February 1-28, 2018 – February 1-28, 2019

 

 

NUMBER OF UNITS

MEDIAN SALES PRICE

 

2018

2019

%Change

2018

2019

%Change

STATEWIDE

822

818

-0.49%

$194,450

$200,000

2.85%

 

ROLLING QUARTER CHART

From December 1, 2017 – February 28, 2018 and

December 1, 2018 – February 28, 2019

 

NUMBER OF UNITS

MEDIAN SALES PRICE

 

2017-18

2018-19

%Change

2017-18

2018-19

%Change

STATEWIDE

3197

2870

-10.23%

$200,000

$210,000

5.00%

 

 

 

 

 

 

 

  Androscoggin

201

193

-3.98%

$149,000

$160,000

7.38%

  Aroostook

121

94

-22.31%

$90,000

$81,550

-9.39%

  Cumberland

746

640

-14.21%

$289,000

$290,750

0.61%

  Franklin

85

71

-16.47%

$147,000

$129,000

-12.24%

  Hancock

150

136

-9.33%

$205,000

$225,500

10.00%

  Kennebec

245

228

-6.94%

$137,000

$155,000

13.14%

  Knox

113

99

-12.39%

$217,000

$235,000

8.29%

  Lincoln

92

88

-4.35%

$224,950

$217,000

-3.53%

  Oxford

163

148

-9.20%

$140,000

$145,500

3.93%

  Penobscot

304

290

-4.61%

$135,500

$135,000

-0.37%

  Piscataquis

49

46

-6.12%

$105,000

  $107,250

          2.14%

  Sagadahoc

88

90

2.27%

$198,950

$229,000

15.10%

  Somerset

83

101

21.69%

$102,500

$95,000

-7.32%

  Waldo

86

77

   -10.47%

$161,250

$180,000

11.63%

  Washington

73

63

-13.70%

$126,000

$110,000

-12.70%

  York

598

506

-15.38%

$252,250

$269,900

7.00%

 

Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings).  Note: Maine Listings, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 4,700 licensees inputting active and sold property listing data.  Statistics reflect properties reported as sold in the system within the time periods indicated. Contacts: Maine Association of REALTORS President Peter Harrington (Malone Commercial Brokers)–  (207) 772-2422     peter@malonecb.com   Maine Association of REALTORS President-Elect Tom Cole (Better Homes and Gardens Real Estate The Masiello Group) –(207) 721-1000 tomcolerealtor@gmail.com    For more names:  suzanne@mainerealtors.com