Maine real estate activity increases by 2.4%
The MEREDA Index has increased by 2.4% for the first quarter over the last year to 78, signaling the second consecutive increase and an improving real estate economy in Maine.
The results of 2014's first quarter were included in the Maine Real Estate & Development Association's third semi-annual report, which highlights Maine trends in residential and commercial real estate, as well as construction.
While the residential market saw the largest growth over the last year with a 7% increase, the commercial market declined by 1% over the same period. The residential indicators include residential permits, mortgage origination, median price and existing units. The commercial indicators include transactions, sale price, lease rate and area.
Construction employment slowly increased by 0.5% for the first quarter over the last year. The residential index grew by 1.5% and the commercial index grew by 1.5%, which MEREDA attributed to an increase in transactions and rental rates.
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