Maine Real Estate Prices Increase Over 10 Percent In March; Sales Dip Slightly

AUGUSTA (April 23, 2018)—Tight inventory statewide led to a decrease in sales of Maine’s single-family existing homes last month, according to the Maine Association of REALTORS®. Realtors reported that 1,156 homes changed hands in March, and the median sales price for those homes increased 10.99 percent to $212,000, comparing March 2018 to March 2017. The MSP indicates that half of the homes were sold for more and half sold for less.

“We’re seeing upward movement on median sales prices as a result of tight markets in many areas of Maine,” says Kim Gleason, 2018 President of the Maine Association of REALTORS® and Broker/Owner of McAllister Real Estate in Hallowell. “For-sale inventory is down 16 percent compared to March 2017 and 39 percent below the for-sale inventory of March 2016. REALTORS® from all over Maine report that buyers are anxiously ready and waiting for homes to be listed, and sellers are pleased with the pace and pricing in the market.

“If your plans include selling or buying real estate, work with a REALTOR® who can provide unparalleled knowledge of local market conditions and can guide you through the process during this busy spring season.”

The National Association of REALTORS® released national statistics today comparing March 2018 to March 2017, which indicate a 1.0 percent sales drop, and a national MSP rise of 5.9 percent to $252,100. Regionally, sales in the Northeast were down 9.3 percent and the regional MSP increased 3.3 percent to $270,600 over that same time period.

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of March only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of January, February and March of 2017 and 2018.