Maine Home Sales Rise 8.71% & Median Home Prices Up 4.48% in April

SOUTH PORTLAND (May 22, 2012) – The Maine Association of REALTORS reports healthy gains in sales of single-family existing homes and median sales prices statewide during April 2012. According to the Maine Real Estate Information System, Inc., 824 homes sold during April 2012, an increase of 8.71 percent compared with April 2011. The median sales price (MSP) for those homes rose 4.48 percent to $167,950 in that same time period. The MSP
indicates that half of the homes were sold for more and half sold for less.

Nationally, sales increased 9.9 percent in the past 12 months. According to the National Association of Realtors (NAR), the national MSP also rose 10.4 percent to $178,000 in April. In the regional Northeast, sales increased by 19.2 percent. The regional MSP increased 8.8 percent to $256,600.

Maine Association of REALTORS President Tina Lucas, of Lucas Real Estate in Portland, relays, “Nine consecutive months of higher sales volume, plus two consecutive months of increased median sale prices, gives both buyers and sellers solid reasons to enter the market. Realtors from around the state are busy with calls from both buyers and sellers as consumers observe the current trends and are taking action. Much of the activity is from firsttime homebuyers who realize now is the right time to take advantage of the historic low interest rates and attractive pricing. The optimism is beginning to take hold and will continue to climb along with the rising tide of activity and values in a slow, but sure fashion.’”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of April only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of February, March and April of 2011 and 2012.