Maine Home Sales Up 9.3 Percent
Home sales in Maine made a steady climb during the month of July 2004. The Maine Real Estate Information System reported a 9.3 percent increase in real estate sales this July when compared with the July 2003 statistical data. Realtors within Maine’s 16 counties sold a total of 1,422 homes last month.
Home values jumped 6.19 percent in July. The median sales price for the month was $175,000, up from July 2003’s median sales price of $164,800. The median sales price indicates that half of the homes were sold for more and half sold for less.
Nationally, July’s sales activity was 8.6 percent above last year. According to the National Association of Realtors (NAR), the median sales price for those homes reached $191,300, an 8.7 percent increase.
Regionally, NAR reported a rise in Northeastern U.S. home sales of 4.3 percent from last July. Home values in the Northeast witnessed an 8.8 percent increase to $216,100.
A strong desire to live and vacation in Maine has fueled real estate sales. Sheryl Gregory, broker with Homestead Realty in Winthrop, reported Maine’s property is “dotted with several lakes and ponds. We have found that many people who summered here at one of the many camps as a youth want to return to share that great experience with their family. Some decide to return to [Maine] and settle permanently.”
Buyers are as varied as Maine’s existing homes for sale. Gregory has helped “out-of-state buyers returning home, families looking to upgrade their quality of life, and local families who can afford to make changes while there are qualified buyers.”
Both buyers and sellers have found success within Maine’s real estate system.
“We do have housing for most buyers with good credit and job history. Buyers are finding that they need to work with a broker to gather the latest listings as soon as they come on the market. Sellers are enjoying a plethora of qualified buyers. Properly priced properties are moving quickly. I expect our market to stay stable for the future. Our housing stock is affordable, our area is desirable and money is available,” said Gregory.
A chart showing statistics for Maine and its 16 counties follows. The first section lists statistics for the month of July only, statewide. The second section compares the number of existing single-family homes sold (units) and volume (median sales price, or MSP) in the second quarter of May, June and July in 2003 and 2004.