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.