Maine real estate sales dip slightly in May; Prices increase 9.95 percent

Thu, 06/21/2018 - 7:15am

AUGUSTA (June 20, 2018)—Sales of Maine’s single-family existing homes decreased 1.38 percent last month, due to limited market inventory. Prices, however, continued to rise; according to Maine Listings, the statewide median sales price (MSP) increased 9.95 percent to $219,900. The MSP indicates that half of the homes were sold for more and half sold for less.

“Even though the May sold numbers show a slight dip, existing home sales for January through May 2018 are running 1.6 percent above the 2017 pace, which was the strongest year ever for Maine real estate sales,” says Kim Gleason, 2018 President of the Maine Association of REALTORS® and Broker/Owner of McAllister Real Estate in Hallowell.

“REALTORS® statewide are reporting steady business, with many markets reporting that multiple offers are prevalent, due to the tight for-sale inventory conditions. Statewide, we have 14 percent fewer homes for sale than a year ago, and 32 percent fewer than 2016. We’re seeing upward pressure on pricing in those markets due to the limited supply.”

According to the National Association of Realtors, sales nationwide eased three percent over the past 12 months, while the national MSP rose 5.2 percent to $267,500. Regionally, sales in the Northeast decreased 11.7 percent and the MSP dipped 1.8 percent to $275,900.

“In all markets, REALTORS® have industry relationships, experience, and expert market insights to help consumers navigate real estate transactions and be informed decision-makers,” adds Gleason.

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

Maine Real Estate Statistics – May 2018 Housing Report—6/20/18

MAY ONLY CHART

May 1-31, 2017 – May 1-31, 2018

 

 

NUMBER OF UNITS

MEDIAN SALES PRICE

 

2017

2018

%Change

2017

2018

%Change

STATEWIDE

1524

1503

-1.38%

$200,000

$219,900

9.95%

 

ROLLING QUARTER CHART

From March 1, 2017 – May 31, 2017 and

March 1, 2018 – May 31, 2018

 

NUMBER OF UNITS

MEDIAN SALES PRICE

 

2017

2018

%Change

2017

2018

%Change

STATEWIDE

3819

3860

1.07%

$ 193,000

$ 210,000

8.81%

 

 

 

 

 

 

 

Androscoggin

237

276

16.46%

$ 153,000

$ 166,875

9.07%

Aroostook

110

151

37.27%

$ 72,450

$ 92,000

26.98%

Cumberland

868

888

2.30%

$ 285,000

$ 310,000

8.77%

Franklin

78

101

29.49%

$ 120,000

$ 133,000

10.83%

Hancock

191

163

-14.66%

$ 197,000

$ 187,500

-4.82%

Kennebec

347

345

-0.58%

$ 142,000

$ 155,000

9.15%

Knox

139

129

-7.19%

$ 187,500

$ 236,000

25.87%

Lincoln

137

121

-11.68%

$ 187,000

$ 213,000

13.90%

Oxford

181

165

-8.84%

$ 135,000

$ 150,000

11.11%

Penobscot

372

377

1.34%

$ 137,550

$ 139,900

1.71%

Piscataquis

61

62

1.64%

$ 96,000

$ 120,750

25.78%

Sagadahoc

128

106

-17.19%

$ 223,500

$ 230,750

3.24%

Somerset

140

145

3.57%

$ 102,250

$ 105,000

2.69%

Waldo

81

69

-14.81%

$ 157,000

$ 180,000

14.65%

Washington

74

79

6.76%

$ 108,000

$ 106,000

-1.85%

York

675

683

1.19%

$ 247,500

$ 285,000

15.15%

 

Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings).  Note: Maine Listings, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 4,700 licensees inputting active and sold property listing data.  Statistics reflect properties reported as sold in the system within the time periods indicated. Contacts: Maine Association of REALTORS President Kim Gleason (McAllister Real Estate) – (207) 621-2345kimgleason@myfairpoint.net - Maine Association of REALTORS President-Elect Peter Harrington (Malone Commercial Brokers) – (207) 772-2422peter@malonecb.com   For more names:  suzanne@mainerealtors.com