" " " Maine's Waterfront Real Estate News: Home Sales and Prices Rise in June

Friday, July 22, 2016

Home Sales and Prices Rise in June



Augusta (July 21, 2016)— Home values in Maine are rising at a healthy pace, according to statistics released by the Maine Association of Realtors. Realtors across the state of Maine reported 1,960 transactions of existing, single-family homes during the month of June, leading to a sales increase of 9.62 percent in the past year. Sales prices for those homes rose 5.49 percent to a median sales price of $198,000. The MSP indicates that half of the homes were sold for more and half sold for less.

The National Association of Realtors (NAR) today announced a 3.1 increase in sales nationwide in June; the national MSP of $249,800 represents a 5.0 price jump over the past 12 months. Regionally, the Northeast experienced a 5.6 increase in sales and a 1.4 percent rise in prices, to equal a regional MSP of $284,800.

Ed Gardner, 2016 President of the Maine Association of Realtors, says, “As the data shows, real estate sales and values continue to be strong, and conversations with Realtors across Maine indicate continued confidence in the marketplace. New construction, including spec homes, are more prevalent than we’ve experienced in recent years. The ‘days on market’ for sold properties has been declining during 2016, indicating qualified buyers are making their moves.”

Gardner added, “A recent report released by the U.S. Commerce Department stated that the value of owning a home in the U.S. has never been greater, due to continued low mortgage interest rates and prices that have recovered and grown since the recession. Contact your local Realtor for guidance to determine if owning a home, with its federal and state tax deductions, is financially feasible for your household.”

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 2015 and 2016.
 

Maine Real Estate Statistics – June 2016 Housing Report—7/21/16 JUNE ONLY CHART
June 1-30, 2015 – June 1-30, 2016
NUMBER OF UNITS
MEDIAN SALES PRICE
2015
2016
%Change
2015
2016
%Change
STATEWIDE
1788
1960
9.62%
$187,700
$198,000
5.49%
ROLLING QUARTER CHART
From April 1, 2015 – June 30, 2015 and
April 1, 2016 – June 30, 2016
NUMBER OF UNITS
MEDIAN SALES PRICE
County
2015
2016
%Change
2015
2016
%Change
STATEWIDE
4155
4917
18.34%
$184,000
$190,000
3.26%
Androscoggin
264
312
18.18%
$137,250
$149,000
8.56%
Aroostook
125
150
20.00%
$90,000
$84,750
-5.83%
Cumberland
1159
1266
9.23%
$249,000
$267,700
7.51%
Franklin
72
112
55.56%
$136,250
$125,000
-8.26%
Hancock
164
220
34.15%
$199,000
$187,500
-5.78%
Kennebec
355
425
19.72%
$139,000
$140,000
0.72%
Knox
138
147
6.52%
$184,500
$225,000
21.95%
Lincoln
104
157
50.96%
$167,000
$200,000
19.76%
Oxford
175
214
22.29%
$138,000
$148,000
7.25%
Penobscot
365
495
35.62%
$133,000
$135,000
1.50%
Piscataquis
66
83
25.76%
$94,500
$81,450
-13.81%
Sagadahoc
114
148
29.82%
$179,000
$192,450
7.51%
Somerset
111
146
31.53%
$84,000
$87,250
3.87%
Waldo
113
129
14.16%
$150,000
$162,000
8.00%
Washington
51
63
23.53%
$99,000
$85,000
-14.14%
York
779
850
9.11%
$231,500
$235,900
1.90%

 

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