Maine Home Prices Rise 8 Percent In October
PORTLAND, ME (Nov. 21, 2017)
Legacy Properties Sotheby’s International Realty, with offices in Damariscotta, Portland, Kennebunk, Brunswick, and Camden, has announced that home buyers across Maine have been active this fall season. Maine Listings announced today that sales of single-family existing homes increased by 8.05 percent in October 2017, statewide, compared to October 2016. Prices also jumped 6.49 percent to a median sales price (MSP) of $205,000 comparing October 2017 to October 2016. The MSP indicates that half of the homes were sold for more and half sold for less.
“We’ve been hearing for many months that a shortage of for-sale inventory had hindered the potential for 2017 real estate markets. While the for-sale inventory levels continue to be historically low, they are increasing, and buyers are now finding options and purchasing the right home for their needs,” says Greg Gosselin, Broker/Owner of Gosselin Realty Group in York and 2017 President of the Maine Association of REALTORS®.
“The past four months, including these very strong October numbers have brought us on par with the record-setting 2016. To date in 2017, the number of home sales statewide is just 0.4 percent below last year. Buyers hoping to be settled before winter should provide a strong ending to the year,” added Gosselin.
According to the National Association of Realtors, sales of single-family existing homes eased 1.0 percent nationally comparing October 2017 to October 2016. The national MSP reached $248,300 in October, a 5.4 percent increase. Regionally, sales in the Northeast rose 4.2 percent and the regional MSP jumped 6.6 percent to $272,800 last month.
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 of August, September and October 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)