AUGUSTA (January 22, 2016)—Maine’s real estate market closed out 2015 with a very healthy report. According to Maine Listings data, sales of single-family existing homes increased 10.97 percent when compared to statistics from 2014. The median sales price (MSP) for the 15,672 homes sold last year was $180,500—a 3.14 percent increase from last year. The MSP indicates that half of the homes were sold for more and half sold for less.
Nationally, sales across the country were 7.1 percent higher in December, compared to the same month last year. The National Association of Realtors reported today that last month’s national MSP of $226,000 reflects an 8.0 percent increase. In the regional Northeast, sales were up 11.9 percent and the regional MSP rose 5.3 percent to $255,700.
According to Ed Gardner, 2016 President of the Maine Association of Realtors, “The annual numbers are very positive for the real estate market in Maine, likely due to continued low interest rates, and confidence in the economy. For the most part, prices were stable and increasing for the year. Some markets are experiencing tight inventory at certain price points and ‘days on market’ has decreased over data from a year ago. Only Maine’s most rural counties experienced slight sold price declines.”
Gardner, Broker/Owner of Ocean Gate Realty LLC, added, “Overall the data shows a confidence in the stability of the market and buyers are making sound investments in residential real estate.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of December only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the full year of 2014 and 2015.