Maine home sales and values up in August
PHOTO / MAUREEN MILLIKEN
August real estate sales indicate that 2019 is on track to earn a spot among record years for single-family Maine home sales, according to the latest statistics released by the Maine Association of Realtors.
Aroostook and Washington counties are seeing steep increases in the number of homes sold over the past year.
In a comparison of August 2018 versus August 2019, the number of homes sold in Aroostook County rose by 16.39%, according to the latest statistics released by the Maine Association of Realtors. The median sales price rose by 7.53%.
The number of homes sold in Washington County rose by 13.89%. The median sale price was up by 15.22%.
Most other counties saw a decrease in the number of units sold, but nearly all saw an increase in median sales price.
Piscataquis County saw by far the steepest median sales price increase, a spike of 35.85%.
In real numbers of unit sold, Cumberland and York counties have the briskest sales. Cumberland County recorded 1,355 units sold in August 2018 and 1,388 sold in August 2019. York County saw 1,046 units sold in August 2018 and 973 sold in August 2019.
The highest median sales price was in Cumberland County, at $337,500, up from $315,000 in August 2018.
The lowest median sales price of $100,000 is in Aroostook County, although that’s an increase from $93,000 a year ago.
Statewide trends
Overall, the August data indicate that 2019 is on track to earn a spot among record years for single-family Maine home sales, according to a news release.
Statistics showed a 3.19% rise in sales compared to August 2018.
Prices are also rising; the statewide median sales price increased 4.55% to $230,000 compared to August 2018.
“It has been a strong real estate year for much of Maine and good quality for-sale inventory is moving quickly,” Peter Harrington, 2019 President of the Maine Association of Realtors and broker/partner with Malone Commercial Brokers in Portland, said in the release. “With historically low mortgage interest rates and motivated buyers in the marketplace, now is a good time to list and sell.”
National trends
The National Association of Realtors reported a 2.9% increase in sales nationwide and a median sales price bump of 4.7% in the past year. Regionally, single-family home sales in the Northeast were up 1.4% , while the regional media sales price eased 0.3% last month to $303,500.
“Through the first eight months of 2019, the number of Maine sales is only 0.7% below the first eight months of 2018, real estate’s best year ever,” said Harrington. “We expect a strong finish to 2019, but that depends on a steady stream of new affordable listings to meet the needs of Maine’s working families.”
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