Maine Home Values Jump 13.14%
Impressed by the quality of life and affordable housing Maine has to offer, buyers continue to seek out real estate across the state. Statistics released by the Maine Real Estate Information System indicate home values jumped 13.14 percent this October compared to one year ago.
Statewide, the median sales price for a single-family existing home hit $179,900. The same figure last October was $159,000. The median sales price indicates that half of the homes were sold for more and half sold for less.
Realtors within Maine’s 16 counties reported 1,372 sales in October. Sales have held steady since October 2003, with an increase of 0.96 percent this year.
National sales jumped 5.6 percent this October. According to the National Association of Realtors, the national median sales price reached $187,000 in October, up 8.8 percent over October 2003.
In the Northeast, regional real estate sales rose 1.4 percent. The median sales price for homes in the Northeast hit $226,100, an increase of 14.7 percent from last year.
David Sleeper of Realty of Maine in Bangor reported home sales in Penobscot County “continued strong with a 7.8 percent increase over October 2003. The really good news is that home values continued to increase in the double-digit range. The median sales price jumped a whopping 19.76 percent since last October, which proves real estate should be at the top of any investor’s list.”
Sleeper’s buyers cite specifics for choosing Maine.
“Maine is attracting more and more people from metro areas like Boston. Tired of long commutes, terrorist threats and outrageous home prices, they are opting for the quality of life Maine has to offer. Bangor may not have a Starbucks on every corner, but families are discovering the affordability factors we have to offer, in addition to being close to the recreational areas of Acadia National Park and coastal Maine.”
Specifically, homes priced under $250,000 are seeing more activity in Sleeper’s market area. “Sales have slowed in what we consider ‘high end,’ in the $250,000 to $350,000 range, and this trend will probably continue into next year. Historically, interest rates are still very low and slight increases have not slowed the real estate market here in Bangor and especially the surrounding country areas. Given all of the above, the Penobscot County area is on target to continue strong real estate sales and increasing values.”
A chart showing statistics for Maine and its 16 counties follows. The first chart lists statistics for the month of October only, statewide. The second chart compares the number of existing single-family homes sold (units) and volume (MSP) in the rolling quarter of August, September and October, 2003 and 2004.