Maine sees 8% rise in existing single-family homes

The fall buying season remains hot in Maine with an 8.05% year-over-year gain for existing single-family home sales in October

Maine sees 8% rise in existing single-family homes
The fall buying season remains hot in Maine with an 8.05% year-over-year gain for existing single-family home sales in October.

The median sales price was up 6.49% in the year to $205,000 and inventory has started to increase but remains subdued according to the Maine Association of Realtors.

“The past four months, including these very strong October numbers have brought us on par with the record-setting 2016. To date in 2017, the number of home sales statewide is just 0.4 percent below last year. Buyers hoping to be settled before winter should provide a strong ending to the year,” says Greg Gosselin, Broker/Owner of Gosselin Realty Group in York and 2017 President of the Maine Association of Realtors.

The rise for the Maine market is counter to the national decline of 1% for existing single-family sales reported by the NAR and also easily surpasses the 5.4% increase in national median sales price.

Compared to the rest of the Northeast region, sales in Maine also outperformed last month while the MSP increase was roughly in line with the region. Sales in the Northeast for October were up 4.2% and the median sales price was up 6.6% to $272,800.