Maine Home Sales Rise 7.14 Percent In October

Augusta (November 23, 2015)—The price of a single-family existing home in Maine increased last month by 7.14 percent. According to Maine Listings, the MSP (median sales price) for the 1,561 homes sold reached $187,500 compared to October 2014’s figure of $175,000. The MSP indicates that half of the homes were sold for more and half sold for less. Sales eased a slight 0.76 percent across Maine’s 16-counties.

Nationally, sales of single-family existing homes rose 4.6 percent. The National Association of Realtors today reported a national MSP of $221,200 in October, a jump of 6.3 percent in 12 months. The regional Northeast experienced a sales increase of 8.6 percent, while the regional MSP of $248,900 represents a 1.3 percent rise.

Marie Flaherty, President of the Maine Association of Realtors, said, “Although we typically see a slight adjustment as the weather gets cooler, the October statistics are more indicative of an inventory problem. The minor dip in units sold during a 30-day period doesn’t indicate a trend.”

Flaherty added, “Today’s buyers are well-informed and have high expectations, so they will often overlook a home that’s presented poorly or priced above the market. Sellers must understand the importance of this to appropriately capture a buyer’s attention.”

Maine Realtors have been training on the Consumer Financial Protection Bureau’s (CFPB) “Know Before You Owe” changes, which became effective for financing as of October 3. Realtors continue to offer valuable resources and trusted counsel during changes in the home buying process.

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of October only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the “rolling quarter” the months of August 1 to October 31 of both 2014 and 2015.