Maine Home Sales Set Record
Real estate sales are sizzling in Maine with a 30.78 percent rise in home sales.
According to the Maine Real Estate Information System, a total of 1,194 homes in Maine’s 16 counties were sold during the month of April 2004. The increase sets a record for the state of Maine.
Not only were sales off the charts, the median sales price reached $169,900, up 12.97 percent over last April’s price of $150,400. The median sales price indicates that half of the homes were sold for more and half sold for less.
National sales increased 15 percent this April. According to the National Association of Realtors, the national median sales price hit $176,000, up 7.3 percent over last year’s figure of $164,100. On a regional scale, Northeastern home sales jumped 12.3 percent this April. The median sales price for the region increased 19.3 percent to $214,100.
Joan Maloney Chrane of RE/MAX Riverside in Topsham reported that sales in April “were quite brisk. Spring is typically our busiest time of the year and this year even more so due to continuing low interest rates, optimism about job growth and buyers moving up the coast to more affordable markets.”
As one of Maine’s larger market areas, Androscoggin County sales increased over 40 percent in April. Anne Servidio, sales manager for ERA Worden Realty, said, “slowly rising interest rates have sent homebuyers scurrying to purchase. The home sellers also see the market changing and fear that if they don’t sell now, they may not get top dollar for their home.
“The urge to get outside and rake away all the leftovers of winter makes sellers and buyers alike ready for a change … whether it’s up-scaling, downsizing, investing or looking for that hideaway. All indications lead me to believe that the market will remain very active through this election year. Inventory and interest rates have always influenced the supply and demand.”
David Gleason of Coldwell Banker Residential Brokerage in Brunswick noted, “There is no question that our quality of life is a key to buyers moving into our area – good schools, low crime, etc. It is impossible to predict the future, but so far this year, the flow has not ebbed. An increase in the interest rates will fuel the fire for a brief period, as buyers will come in to the market fearing even higher rates.”
A chart showing statistics for Maine and its 16 counties follows. The first chart lists statewide statistics for the month of April only. The second chart compares the number of existing, single-family homes sold (units) and volume as median sales price in the rolling quarter of February, March and April, 2003 and 2004.