Maine Home Prices Up 11.5% in July
Maine’s abundant opportunities to enjoy outdoor recreation, combined with marketable interest rates, pumped up Maine’s median home prices in July. Fifteen of Maine’s 16 counties reported positive increases in sales prices in the rolling three months of May-July.
According to the Maine Real Estate Information System, Realtors reported a sales increase of 0.35 percent. The median sales price for single-family homes reached $195,100, a jump of 11.49 percent over July 2004’s price of $175,000. The median sales price indicates that half of the homes were sold for more and half sold for less.
Across the country, sales were up 4 percent in July. The National Association of Realtors reported a national median sales price of $217,900 for single-family homes, an increase of 14.6 percent.
Sales in the northeastern United States rose 6.3 percent in July. The regional median sales price hit $251,000, up 13.1 percent from a year ago.
Realtor Cynthia Kailey Hiebert of Mahoosuc Realty in Bethel said real estate activity in Western Maine “continues to be strong. Our area is largely a second-home market, due to two ski resorts. There are a number of new subdivisions before the local planning boards geared to both the primary home owner and second-home owner.”
Interest rates are on buyers’ minds, but the market remains steady. Hiebert reported, “The slight rise in interest rates has not affected our market. Many buyers draw equity from their primary homes out-of-state.”
Buyers cite recreation as a strong factor in choosing Maine’s communities. “The Bethel area has become a big draw for active families looking for year-round recreation. There are many beautiful lakes, rivers and two golf courses, along with the winter recreation. We are fortunate to have interesting and varied restaurants to service the second-home market,” said Hiebert.
What is on the horizon? “The [real estate] outlook looks very good for the Western Maine market,” Hiebert added.
A chart showing statistics for Maine and its 16 counties follows. The first chart lists statistics for the month of July only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (sale price) in the rolling quarter of May, June and July during the years 2004 and 2005.