March 25, 2019
Maine single-family home market may be balancing out
By Staff
The single-family home market may be shifting towards more of a balance following a couple years of increases in sales and sold prices, figures released by the Maine Association of Realtors indicate.
Sales of single-family existing houses in Maine eased slightly from the same time last year, while prices this February were 2.85% higher than February 2018.
There was a 0.49% decline in February sales this year compared to last year.
The median sales price for the 818 homes sold statewide in February reached $200,000. In February 2018, 822 homes sold in the state, with a median sales price of $194,450.
“Conversations with Realtors across Maine and a review of the statistics indicate that we may be shifting to a more balanced real estate market,” said Peter Harrington, 2019 president of the Maine Association of Realtors and a broker/partner with Malone Commercial Brokers in Portland. “Since 2011, Maine’s real estate economy has been bullish with year-over-year increases in units sold and median sold prices.”
In the February sales news release, he said that sales volume over the past few months has shown decreases compared to figures from a year ago. “However, for-sale inventory continues to be tight — 4% lower than February of 2018. While slightly decreasing, the February 2019 data shows a comfortable pace — the third highest February sales volume since 2011.”
According to the National Association of Realtors, sales across the country were down 1.4%, while the national median sale price of $251,400 represents a 3.6% increase. Regionally, sales in the Northeast increased 1.5% and the median sales price rose 3.8%, to $272,900.
“Traditionally, now is the time when we see a boost in the listing inventory numbers and a steady uptick in sales statewide for the second and third quarters,” Harrington said. He said mortgage interest rates are drifting lower, which will also help home sales.
County ups and downs
Sales from December through February dropped from the same period last year in 14 of the state’s 16 counties. The only counties that saw an increase were Sagadahoc and Somerset.
In Sagadahoc County, 90 homes were sold in the three-month period as opposed to 88 last year, representing a 2.27% increase. In Somerset County, 101 houses were sold from December through February this year; 83 were sold last year, for 21.69% increase.
The biggest decrease was Aroostook County, where 94 houses were sold this year during the three-month period, and 121 were sold last year, for a 22.31% decline.
The southern Maine counties of York and Cumberland had the most volume of house sales, and also had large declines.
In York county, 506 houses were sold during the three-month period this year as opposed to 598 last year, for a 15.38% decline.
In Cumberland County, 640 houses were sold from December through February, as opposed to 746 during the same period last year for a 14.21% decline.
The highest prices in the state continue to be in Cumberland County, where the median sales price for the December through February period was $290,750, up 0.61% from last year’s $289,000.
The steepest increase was in Sagadahoc County, $229,000 this year up from $198,950 last year, a 15.1% jump.
The steepest decrease in median price was in Washington County, Down East, where this year’s median for the three-month period was $110,000, compared to $126,000 last year, a decrease of 12.70%.
Washington County was closely followed by Franklin County, in western Maine, where the median this year was $129,000, down from $147,000 last year, for a decrease of 12.24%.
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