Maine Real Estate Prices Rise Over 5 Percent and Sales Volume Increases Nearly 2% Over April 2014

AUGUSTA (May 21, 2015)— Motivated buyers and sellers led to an increase in existing home sales in April. Realtors sold 1,032 single-family existing homes during the month of April 2015, up 1.67% over April 2014. The median sales price (MSP) for those homes rose 5.33 percent last month to $178,000. The MSP indicates that half of the homes were sold for more and half sold for less.

The National Association of Realtors today reported a nationwide jump in single-family existing home sales of 6.5 percent. The national MSP of $221,200 in April represents a 10 percent increase from one-year ago. The regional Northeast experienced a 1.6 percent uptick in sales and a 3.6 percent increase in sales prices; the regional MSP reached $253,200.

Marie Flaherty, 2015 President of the Maine Association of Realtors, said, “Many sellers are realistically pricing their homes; Realtors advise that appropriate pricing is a major component of success in the market. Pricing, combined with great presentation, is a winning combination. To navigate through the complexities of a real estate transaction, guidance from an experienced Realtor is essential.”

Flaherty, a Realtor with Berkshire Hathaway Home Services in Westbrook, said buyers should view as many homes as possible to become properly educated on home values. “Often times, a buyer may only have one opportunity to make an offer, due to our current climate of multiple offers,” she added.

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 “rolling quarter” the months of February 1, 2014 to April 30, 2014 and February 1, 2015 to April 30, 2015.