MAINE REAL ESTATE SALES UP 13.60% IN 2013

SOUTH PORTLAND (Jan. 23 2014) — Annual sales of Maine’s existing, single-family homes jumped an impressive 13.60 percent in 2013. According to Maine Listings, 13,088 homes changed hands during the 12-month period of 2013. The statewide yearly median sales price (MSP) increased 2.94 percent to $175,000. The MSP indicates that half of the homes were sold for more and half sold for less.

Nationally, December single-family existing home sales eased 0.7 percent. The
National Association of Realtors today reported a national MSP of $197,900—an increase of 9.8 percent in the past 12 months. Sales in the regional Northeast were 3.2 percent higher than one year ago and the regional MSP rose 3.6 percent to $239,300.

Angelia Levesque, 2014 President of the Maine Association of Realtors, reports, “Last year started out very strong with buyers hoping to take advantage of historically low interest rates. With low inventory levels, homes that were priced right sold very quickly. This renewed interest, sparked multiple offer situations in certain markets and helped increase home prices. Sellers heard of this activity and started listing their homes.”

Levesque, a Realtor with Better Homes and Gardens Real Estate/The Masiello Group in Bangor, added, “We are currently seeing more first time homebuyer activity and a bit of an inventory shortage in the entry-level price range. I have spoken with Realtors from all over the state this week and they believe we are off to a good start in 2014; they are fielding calls from sellers interested in marketing for spring.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of December only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the full 12 months of 2012 and 2013.

Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings). Note: Maine Listings, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 4,100 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the system within the time periods indicated.