Maine Home Values Increase 12.5 Percent In February

AUGUSTA (March 22, 2017)—Maine’s real estate continues to increase in value, despite a decline in sales last month. Maine Listings reported an impressive 12.50 percent jump in home prices, bringing the statewide median sales price (MSP) to $180,000 during the month of February. The MSP indicates that half of the homes were sold for more and half sold for less.

Weather certainly affected buyers last month, and sales eased 12.91 percent. “The February 2017 data was impacted by a 10-day period of record-breaking snow and a comparison to a Leap Year in 2016, adding an extra day of sales back then,” explains Greg Gosselin, Broker Owner of Gosselin Realty Group and President of the Maine Association of REALTORS. “However, the rolling quarter statistics indicate continuing strong real estate sales and value trends throughout Maine.

“Homes are entering the spring for-sale inventory on a daily basis. REALTORS are reporting that pre-qualified, credit-worthy buyers are actively searching now to take advantage of the long-term affordability and tax benefits that home ownership provides.”

According to the National Association of Realtors, sales of single-family homes nationwide rose 5.8 percent over the past year. The national MSP of $229,900 represents a 7.6 percent jump. Regionally, single-family existing home sales in the Northeastern US increased 1.5 percent while values were up 4.1 percent to $250,200.

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