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.