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%