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Lack of Homes for Sale Slowing Down the Housing Market

Lack of Homes for Sale Slowing Down the Housing Market | Keeping Current Matters

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

National Association of Realtors

“Total housing inventory at the end of December dropped 10.8%…which is the lowest level since NAR began tracking the supply of all housing types in 1999. Inventory has fallen year-over-year for 19 straight months and is at a 3.6-month supply at the current sales pace.”

Jonathan Smoke, Chief Economist for Realtor.com

“More than two-thirds of the markets are seeing less inventory now compared to a year ago.”

Lawrence Yun, Chief Economist at NAR:

“The dismal number of listings in the affordable price range is squeezing prospective first-time buyers the most. As a result, young households are missing out on the wealth gains most homeowners have accrued from the 41% cumulative rise in existing home prices since 2011.”

Sam Khater, Deputy Chief Economist at CoreLogic

“The lack of affordable supply is really driving up home prices.”

Peter Muoio, Chief Economist at Auction.com

“Tight housing inventory remains a constraining factor limiting stronger sales growth…

We expect further price growth to entice more homeowners to list their homes, particularly as existing homeowners have greater equity.”

Bottom Line 

If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.

 

Keeping Current Matters

Legacy Properties Sotheby’s International Realty Ranks #1 for Home Sales in Cape Elizabeth

Cape Elizabeth Maine Real Estate (January 31, 2017) – Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it continues to hold the #1 Ranking for 2016 for real estate sales in Cape Elizabeth Maine. The company reported today that it closed a record 42 transaction sides totaling $39.2 million.  The Company’s sales have outperformed last years’ result by nearly 30%. By comparison, Maine Listings data shows that the Company was more than 40% ahead of the #2 real estate company reporting sales for Cape Elizabeth. This marks the second consecutive year that Legacy Properties Sotheby’s International Realty has ranked #1 for sales in town.

“Cape Elizabeth has always been a great market for us.  With its Maine State Parks, beaches, lighthouses and Fort Williams Park, it attracts prospective home owners from all over the world” said Chris Lynch, President. “Although our average sale per side is nearly $1 million, we are involved in so much of the Town real estate at all price points with our sales spanning a range from $200,000 to $4 million.”

“We are fortunate to have several of the top agents in the state focused on coastal communities” adds Lynch. “With so many great homes at every price, our photos, 3D Virtual Tours and aerial video can really give a potential home buyer, regardless of their location, an amazing experience and ability to understand the home we are selling.”

Legacy Properties Sotheby’s International Realty recently reported this it has a #1 market position statewide for homes sold over $400,000 as well as for sales exceeding $1 million in Maine. It has listed nearly one in every 10 homes over $500,000 statewide. The company also reported that it was involved in 1 of every 3 home sales over $1million in the entire state in 2016. “Cape Elizabeth has been very good to us and we, in return, have given our clients the very best marketing and branding available in the marketplace. When one considers that our median sale price for our listings last year was $925,000, we have to be pleased with such a strong result.”

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and by email at info@legacysir.comLegacy Properties Sotheby’s International Realty, with offices in Kennebunk, Portland, Brunswick, Damariscotta, 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 – 207-729-2820 (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)

The information on MLS listings has been assembled from various sources of varying degrees of reliability. Any information that is critical to your buying decision should be independently verified. All dimensions are approximate and not guaranteed. ©2017 Maine Real Estate Information System, Inc. All Rights Reserved.

Legacy Properties Sotheby’s International Realty Ranks #1 for Residential Sales in Yarmouth Maine

Yarmouth Maine Real Estate (January 27, 2017) – Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it continues to hold the #1 Ranking for 2016 for real estate sales in Yarmouth Maine. The company reported today that it closed a record 56 transaction sides totaling $31.7 million. By comparison, Maine Listings data shows that the Company was more than 80% ahead of the #2 real estate company in this market segment. This marks the second consecutive year that Legacy Properties Sotheby’s International Realty has ranked #1 for sales in Yarmouth.

“We are so thankful to have such terrific buyer and seller clients who trusted us to help them in Yarmouth” said Chris Lynch, President. “Yarmouth has so many special features and a classic New England feel. Our agents are very well connected with the buyers and sellers in town which has allowed us the opportunity to source buyers for many of our listings.”

“The fact that we often have many of the best listings in a particular town helps up find the best buyers for our listings as well as similarly priced properties in the area” adds Lynch. “We really go the extra mile for our listing clients with stunning photography, 3D Virtual Tours, Custom Videos and top notch client service.”

“There is a myth that we only deal with super high value homes, but that is not the case” Lynch concludes.  “We know there are special, distinctive, beautiful properties at all price points throughout Maine. We love to give them the exposure that they need to shine against competing properties.”

Legacy Properties Sotheby’s International Realty recently reported this it has a #1 market position statewide for homes sold $400,000 and higher. It has listed nearly one of every 15 homes over $400,000 and one in every 10 homes $500,000 statewide.  “Yarmouth has a broad range of homes in terms of price, but the consistently high quality allows us to do our marketing magic in terms of presentation.”

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and by email at info@legacysir.comLegacy Properties Sotheby’s International Realty, with offices in Kennebunk, Portland, Brunswick, Damariscotta, 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 – 207-729-2820 (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)

 The information on MLS listings has been assembled from various sources of varying degrees of reliability. Any information that is critical to your buying decision should be independently verified. All dimensions are approximate and not guaranteed. ©2017 Maine Real Estate Information System, Inc. All Rights Reserved.

#1 in Maine For Waterfront Property Sales in 2016

Maine Real Estate (January 25, 2017) – Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it again retained the #1 Ranking for 2016 Waterfront  Property sales in Maine. The company reported it was successful in closing more Maine Waterfront Properties than any other real estate company in the State. Legacy Properties Sotheby’s International Realty closed 258 transaction sides totaling $198.3 million in total property value. According to Maine Listings, the statistics also show that the company held a very substantial lead over the #2 participant by more than 35% in terms of dollar volume sold.

“Maine Waterfront Property has always been an important area of focus for our company” said Chris Lynch, President. “We approach real estate with a Maine lifestyle angle that helps the rest of the world appreciate what a beautiful place Maine is to live, work, recreate, and enjoy. Our lake front and ocean front homes, with our beautiful proprietary professional photography, 3D virtual tours, aerial videography, and overall property presentation have had a tremendous impact on our success!”

Legacy Properties Sotheby’s International Realty also reports that it is looking to expand its reach into Maine’s Lake Region area.  With more than 6,000 lakes and ponds in Maine, the company sees growth opportunities for sellers looking to get more regional, national, and international exposure when selling their homes.  “The Lakes Region is a great fit for our business” adds Lynch. “But it does not stop there, we see several Maine lakes, such as Sebago Lake, the Belgrade Lakes, the Rangeley Lakes, Long Lake, Thompson Lake, Damariscotta Lake, and Megunticook Lake, as just a few of the many Maine lakes that fit our branding and marketing very well.”

Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including critical professional photography, 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of agents, and luxury branding through its affiliation with Sotheby’s International Realty.  It also brings a very experienced and professional broker base of high service, high touch and personalized attention to its clients. “It is very rare that one finds a lock box at one of our listings. Our agents want to be at the showings so they can sell the house and its unique features and lifestyle attributes” says Lynch.

“It is important to note that we are a Maine real estate company first and foremost” Lynch concludes. “We are engaged in many aspects of the market and not exclusively oceanfront or lakefront properties. Our focus is to offer distinctive properties at all prices and to present them in a way that a buyer, regardless of where they begin their search, can find our listings and gather enough relevant information to make a big decision as to whether to proceed with a showing and ultimately an offer to purchase the property. Our intent is to make the process very buyer friendly.”

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and by email at info@legacysir.comLegacy Properties Sotheby’s International Realty, with offices in Kennebunk, Portland, Brunswick, Damariscotta, and Camden, is Maine’s leading luxury and lifestyle real estate 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 – 207-729-2820 (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)

Legacy Properties Sotheby’s International Realty Ranks #1 in Maine For Home Sales Over $400,000

Maine Real Estate (January 24, 2017) – Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it continues to hold the #1 Ranking for 2016 for all sales in Maine greater than $400,000.  The company reported today that it closed 380 transaction sides totaling $315.7 million for properties priced over $400,000 last year. Although there were more than a dozen cities and towns that were exceptionally strong, the record results are a compilation of sales in more than 60 cities and towns across 12 Maine Counties. Sales in this very competitive market accounted for more than 75% of the total sales for Legacy Properties Sotheby’s International Realty in 2016.

“We are very pleased by this strong market position” said Chris Lynch, President. “Our market share has been improving for many years in the mid-range price points with both buyers and sellers.  Our focus on providing the same high level of agent onsite service, beautiful photography, and super high end marketing for all of our listings has been well received.  Our selling clients have been very pleased and impressed with the quality of our property presentation and the fact that we go the extra mile for them.”

Legacy Properties Sotheby’s International Realty also reported that it was able to convert 52 of its own proprietary listings to match it with its exclusive buyers for this broad based market segment.  “The fact that we often have many of the best listings in a particular town helps us find the best buyers for our listings as well as similarly priced properties in the area” adds Lynch. “We have an incredible portfolio of listings with nearly 1 in every 10 homes over $500,000 listed with us at any given time. It also gives our agents unique market insights on the depth of any locations, price points and home styles which is critical in pricing new listings and advising our buyers on their purchases.”

Legacy Properties Sotheby’s International Realty currently has listed nearly one of every 15 homes over $400,000 and one in every 10 homes $500,000 statewide. “This is a segment of the market that we hope to continue to grow. It is a perfect fit for our approach to marketing homes.  When a prospective client sees or hears what we have done for our current clients and what we can do for them in terms of marketing venues and successful sales, they typically become a new client.”

“There is a myth that we only deal with super high value homes, but that is not the case” Lynch concludes. “We know there are special, distinctive, beautiful properties at all price points in Maine.  We love to get them the exposure that they need to shine against competing properties.”

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and by email at info@legacysir.comLegacy Properties Sotheby’s International Realty, with offices in Kennebunk, Portland, Brunswick, Damariscotta, 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 – 207-729-2820 (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)

Legacy Properties Sotheby’s International Realty Ranks #1 in Maine For Luxury Property Sales in 2016

Maine Real Estate (January 23, 2017) – Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it again retained the #1 Ranking for 2016 Luxury Property sales in Maine. The company reported that it topped its own record for single family home sales priced over $1 million. According to Maine Listings statistics, Legacy Properties Sotheby’s International Realty closed 90 transaction sides totaling $139.5 million in property value. The statistics also show that the company held a very substantial lead over the #2 participant in this highly competitive market segment. With nearly triple the number of transaction sides and in excess of 40% more dollar volume than the next closest competitor, the company continues its leadership role in both listing and selling high value homes in Maine.

Maine Listings statistics show that 218 homes sold for $1 million or more in 2016.  Legacy Properties Sotheby’s International Realty reported that it participated as buyer agent, listing agent, and/or both on 72 homes of the 218 sold representing a 33% market share with respect to homes sold in the Luxury segment of the Maine Real Estate market.

“This is an extraordinary result. It is so rewarding to see all of our hard work in developing an incredible global marketing plan and unique property presentation which has really propelled us to a new level” said Chris Lynch, President. “While we have held the top ranking in the Luxury Property market for several years, this is our best result ever!”

Legacy Properties Sotheby’s International Realty is also proud to report that it connected local, regional, national, and international buyers to its own listing portfolio with nearly 25% of its Luxury market listings selling to one of its own sourced buyers. “Our market reach and the quality of our listings have been critical in bringing the best buyers to our listings statewide” adds Lynch.  “Our affiliation with Sotheby’s International Realty offers us access to a network of buyers that continues to feed our growth, but it doesn’t stop there. We launched several major advertising initiatives this past year which were reflective of our growth in terms of both the quantity and the quality of the homes themselves.”

Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including critical professional photography, 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of agents, and luxury branding through its affiliation with Sotheby’s International Realty.

“I can’t underestimate the impact of our new state of the art property buyer tools which provide our clients with a rich visual experience and a real sense of familiarity with our listings,” Lynch concludes. “It is pretty clear that we are seeing more well qualified buyers coming into the market and we are so fortunate that so many have selected us to represent them in their purchase decisions.”

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and by email at info@legacysir.comLegacy Properties Sotheby’s International Realty, with offices in Kennebunk, Portland, Brunswick, Damariscotta, 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 – 207-729-2820 (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)

2016 Record Year – Maine Residential Real Estate Sales

Maine Real Estate (January 22, 2017) – Legacy Properties Sotheby’s International Realty, Maine’s leading luxury property company, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it achieved record sales in 2016. The company reported annual sales growth of more than 20% when compared to its previous record year in 2015. Legacy Properties Sotheby’s International Realty also announced that for the first time it surpassed the $400 million mark for Maine real estate sales as reported by Maine Listings at $408.8 million.

“It has been a terrific year for our agents and clients. We accomplished this incredible result without increasing the number of agents in the field,” said Chris Lynch, President. “Our organic growth in our target markets has been exceptional as we have been able to increase our overall market share while retaining our focus on representing distinctive properties throughout Maine.”

Legacy Properties Sotheby’s International Realty is also proud to report that it ranks as the #4 real estate company in Maine for all residential sales statewide. “We are very fortunate to have so many top performing agents who have built their business around high-touch, exceptional personal service, and terrific sales results,” adds Lynch. “There are only a couple of companies that sell more real estate than our team, but they have hundreds more agents in the field than we have. “

Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including critical professional photography, 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of agents, and luxury branding through its affiliation with Sotheby’s International Realty. “There is no substitution for the quality and quantity of support, marketing services and network referrals of our unique network” states Chris Fortunato, Chief Operating Officer.

“Of course we are pleased with the 2016 results, but we are very excited about the future as well.  Maine has hit the global radar screen for quality of life. This is a game changer which has been an exciting but challenging environment as we now have more buyers seeking their dream homes. While I know we are up to the task, it will clearly be a very busy year for Maine real estate” Lynch concludes.

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and by e-mail at info@legacysir.com.

Legacy Properties Sotheby’s International Realty, with offices in Kennebunk, Portland, Brunswick, Damariscotta, 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 – 207-729-2820 (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)

2016 Record Year – Maine Residential Real Estate Sales

Maine Real Estate (January 16, 2017) – Legacy Properties Sotheby’s International Realty, Maine’s leading luxury property company, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it achieved record sales in 2016. The company reported annual sales growth of more than 20% when compared to its previous record year in 2015. Legacy Properties Sotheby’s International Realty also announced that for the first time it surpassed the $400 million mark for Maine real estate sales as reported by Maine Listings at $408.8 million.

“It has been a terrific year for our agents and clients. We accomplished this incredible result without increasing the number of agents in the field,” said Chris Lynch, President. “Our organic growth in our target markets has been exceptional as we have been able to increase our overall market share while retaining our focus on representing distinctive properties throughout Maine.”

Legacy Properties Sotheby’s International Realty is also proud to report that it ranks as the #4 real estate company in Maine for all residential sales statewide. “We are very fortunate to have so many top performing agents who have built their business around high-touch, exceptional personal service, and terrific sales results,” adds Lynch. “There are only a couple of companies that sell more real estate than our team, but they have hundreds more agents in the field than we have. “

Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including critical professional photography, 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of agents, and luxury branding through its affiliation with Sotheby’s International Realty. “There is no substitution for the quality and quantity of support, marketing services and network referrals of our unique network” states Chris Fortunato, Chief Operating Officer.

“Of course we are pleased with the 2016 results, but we are very excited about the future as well.  Maine has hit the global radar screen for quality of life. This is a game changer which has been an exciting but challenging environment as we now have more buyers seeking their dream homes. While I know we are up to the task, it will clearly be a very busy year for Maine real estate” Lynch concludes.

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and by e-mail at info@legacysir.com.

Legacy Properties Sotheby’s International Realty, with offices in Kennebunk, Portland, Brunswick, Damariscotta, 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 – 207-729-2820 (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)

Maine Homes Sales Increase 17.74 Percent and Prices Rise 6.59 Percent In November

AUGUSTA (December 21, 2016)— According to the Maine Association of REALTORS, 1,414 homes changed hands during the month of November 2016, up 17.74% over November 2015. The median sales price (MSP) for those homes reached $191,863, up 6.59 percent over November 2015. The MSP indicates that half of the homes were sold for more and half sold for less.

Nationally, sales of single-family existing homes jumped 16.2 percent since last November. The National Association of Realtors today reported a 6.8 percent rise of the national MSP to $236,500. The regional Northeast experienced a 15.7 percent increase in sales while the regional MSP was up 3.3 percent to $263,000.

“The statistics from November show continued stability in most markets across Maine.” according to Ed Gardner, Broker Owner of Ocean Gate Realty and President of the Maine Association of REALTORS.

“With the elections over, mortgage rates have risen slightly but remain at a sustained historical low. The financial markets have shown a spurt of growth over the past month and portfolios with stock market exposure may provide resources for investing in real estate. If you’re planning to sell or buy in 2017, contact your investment advisor and your REALTOR before year-end to discuss timing and strategy to gain your best advantage.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of November only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of September, October and November of 2015 and 2016.

MaineHousingReport-November2016_Page_2

Maine Home Sales Increase 5 Percent In October and Prices Increase 2.67 Percent

AUGUSTA (Nov. 22, 2016)—Despite rising interest rates, home sales across Maine continue at a healthy pace, according to Maine Listings. Last month, Realtors reported 1,639 sales of single-family existing homes—an increase of 5.0 percent compared to October 2015. Prices continue to rise; the median home sale for October 2016 reached $192,500, a rise of 2.67 percent. The MSP indicates that half of the homes were sold for more and half sold for less.

The National Association of Realtors today announced a 6.6 percent national increase in the sale of single-family existing homes in October 2016 compared to October 2015. A national MSP of $233,700 reflects a 5.9 percent uptick in price. Regionally, sales in the Northeast are up 1.4 percent from last year, and the regional MSP rose 2.9 percent to $255,500.

Ed Gardner, President of the Maine Association of Realtors and Broker/Owner of Ocean Gate Realty LLC, said, “The October statistics are indicative of continued stability in Maine’s real estate markets. Despite the recent upward movement in mortgage interest rates, the current rates are lower than at this time in 2015 and remain at historically low levels.

“Maine families continue to buy real estate to take advantage of the equity accumulation and tax benefits or property ownership. REALTORS across the state indicate that ‘for sale’ inventory levels are adequate to provide choice and amenities at all price points. Motivated buyers should have confidence for their end-of-year purchase.”

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 2015 and 2016.

MaineHousingReport-October2016_Page_2