Sales of existing single-family homes and the median sales price in Maine were up in February, indicating a stabilization in the market.
Maine home sales reached 732 units in February, a 13.31% increase over the 646 units that were sold the same month last year, according to the Maine Realtors Association. The median sales price last month increased 4.62% to $167,400.
“The slight increase in pricing (less than 2% in the rolling quarter chart), is a reflection of market stability,” Marie Flaherty, president of the Maine Association of Realtors, said in a prepared statement. “It is important to note that this is an indication of how cautious buyers have been, compared to past recovering markets.”
On a national level, home sales increased 5.9%, while the median sales price increased 8.2% to $204,200 during the same period, according to the National Association of Realtors. Sales in the Northeast increased 3.6%, while the median sales price increased 3.3% to $241,800.
“With warmer temperatures ahead, we should continue to see healthy market conditions,” Flaherty added. “Additional inventory will reach the market, but buyers will increase as well. With pent-up demand, along with favorable-to-near-historic low interest rates, I’m confident that we’ll experience a strong spring market.”
