Maine Home Prices Rise 5.12 Percent In May
PORTLAND, ME (June 27, 2017) – Legacy Properties Sotheby’s International Realty, with offices in Damariscotta, Portland, Kennebunk, Brunswick, and Camden, has announced that Lower-than-normal inventory of existing single-family homes in Maine led to an 8.85 percent decline in May 2017 sales. However, according to Maine Listings, the median sales price (MSP) for the 1,524 homes sold last month rose 5.12 percent to $200,000. The MSP indicates that half of the homes were sold for more and half sold for less.
“2016 was a record year for real estate in Maine,” states Greg Gosselin, 2017 President of the Maine Association of REALTORS®, “and while these current numbers show a decline from last year’s highs, the 2017 May and Rolling Quarter Statistics are the second highest numbers during this time period, since we began keeping records in 2003.
“For sale inventory is 20 percent lower than this time last year, and multiple offer situations are becoming more prevalent for properties that are move-in ready and properly priced.”
Nationally, single-family home sales increased 2.7 percent. The National Association of Realtors reported a nationwide MSP of $254,600—a 6.0 percent jump from one year ago. The Northeastern US experienced a sales increase of 2.6 percent and the regional MSP rose 4.7 percent to $281,300.
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of May only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of March, April and May of 2016 and 2017.
Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900, by email at info@legacysir.com, and via our website LegacySIR.com. Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Damariscotta, Brunswick, and Camden, is Maine’s leading luxury and lifestyle property company with more than 70 agents and 5 offices serving Maine coastal communities from York County to Hancock County as well as the New Hampshire Seacoast.
Offices Located at:
2 City Center, Portland, ME 04101 – 207-780-8900 (Greater Portland Real Estate)
141 Maine Street, Brunswick, ME 04011 – 207- (Mid-Coast Maine Real Estate)
150 Port Road, Lower Village, Kennebunk, ME 04043 – 207-967-0934 (York, Ogunquit, Kittery, the Kennebunks, Biddeford and Seacoast New Hampshire)
170 Main Street, Damariscotta, ME 04543 – 207-563-2775 (Bristol, Christmas Cove, Boothbay Harbor)
46 Bay View Street, Camden, ME 04843 – 207-230-1003 (Camden, Rockport, Mount Desert, Mid-Coast)