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Maine Single Family Home Prices Increase Nearly 11 Percent In June

AUGUSTA (July 23, 2018)—The Maine summer real estate sales season is in full swing. According to the Maine Association of REALTORS®, REALTORS® around the state sold 1,937 single-family existing homes in June 2018, an increase of 2.54 percent over June 2017. Home values experienced double-digit gains, with a 10.98 percent jump in the median sales price to $227,500. The MSP indicates that half of the homes were sold for more and half sold for less.

“It’s been a strong year for much of Maine and inventory is moving quickly,” says Kim Gleason, 2018 President of the Maine Association of REALTORS® and Broker/Owner of McAllister Real Estate in Hallowell. “The number of sales during the first six months of 2018 are nearly 2 percent ahead of the first six months of 2017, which was Maine’s best ever.

“In some areas of Maine, the markets are tight—multiple offers are prevalent, and prices show upward pressure.”

The National Association of Realtors today reported a national sales dip of 2.3 percent, while prices rose 5.2 percent to an MSP of $279,300. Regionally, home sales in the Northeast eased 4.0 percent over the past year and the regional MSP increased 3.3 percent to $305,900.

“Maine real estate continues to be a great investment, and those thinking of buying or selling need to consult early on with a REALTOR® who is knowledgeable of the local area for the best strategy and successful outcome,” adds Gleason.

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