Courtesy / Maine Association of Realtors
November 22, 2019
Maine home sales continue record pace in October as median price rises
Photo / Peter Van Allen
As home sales in Maine set records, a two-bedroom unit at 51 Thomas St., Portland, was on the market Friday for $325,000.
By Staff
Median sales price for existing single-family homes continues to rise in the state, and sales in October set a record even as inventory continues to be tight, the Maine Association of Realtors said Thursday.
Brokers reported a record-breaking 1,845 sales for the month — an increase of 0.71% compared to October 2018 in what continues to be a record year for home sales, according to new data.
The $224,900 median sales price of a home in Maine for October was 4.6% higher than last October. The median price is the point at which half of the sales were higher and half lower.
The statistics are for existing single-family homes, and don't take into account new construction.
"Realtors across Maine report motivated and focused buyers searching for homes," said Peter Harrington, president of the association and broker and partner with Malone Commercial Brokers in Portland.
Nationally for October, the National Association of Realtors reported a 5.4% increase in existing single-family home sales over October 2018. Prices jumped 6.2% to a national median sales price of $273,600. Regionally, sales in the Northeast remained flat, while prices rose 5.7%, to $296,700 over last October.
“Sales volume remains steady,” said Harrington. “Median prices trending upward in some markets are indicative of tight for-sale inventory levels and the sustained historically low, and affordable, mortgage interest rates."
The biggest rise in sales for August through October this year as compared to last year was in Kennebec County, where 588 existing single family homes sold, compared to 486 last year, for a 20.99% increase.
The biggest increase in median sales price was in Piscataquis County — $135,000 this year compared to $110,000 last year, for a 22.73% increase.
The latest numbers
Statistics below compare sales of existing single-family homes in October 2019 to October 2019 statewide, as well as homes sold (units) and volume (median sales price) during the rolling quarter of August, September and October in 2018 and in 2019 for the state's 16 counties, compiled by the Maine Association of Realtors.
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