Severe winter weather in Maine may have hindered the sales of single-family existing homes last month, but home values continued to rise. According to Maine Listings, the statewide median sales price (MSP) increased 1.07 percent to $151,500. The MSP indicates that half of the homes were sold for more and half sold for less. Realtors sold 593 homes in February, a sales dip of 4.97 percent.

Nationally, sales in February were 8.7 percent higher than the same period 12 months ago. The National Association of Realtors reported an 11.3 percent jump in the national MSP to $173,800. Prices in the Northeast continued to rise; statistics indicate the regional Northeast MSP is up 7.6 percent to $238,800. Single-family existing home sales in the Northeast increased 8.6 percent. 

“After an extended period of relatively mild weather, winter came roaring back to Maine in February,” said Bart Stevens, 2013 President of the Maine Association of Realtors. “The snowed-in environment just wasn't conducive to home sales in most areas of the state.”

Stevens, owner/broker with Century 21 Nason Realty in Winslow, reported that buyers expressed frustration with “the weather … and the unusually low levels of inventory within certain price points. However, this month we’ve seen buyers back in force. Sellers who want to list their homes this spring should begin the process with a qualified Realtor now, while inventory is low and values are rising."