Home Sales Dip Slightly in October
Maine’s quality of life and affordable interest rates continued to draw buyers of real estate in October, despite a small dip in sales. According to the Maine Real Estate Information System (MREIS), single-family existing home sales prices were up 8.39 percent in October when compared to the same month one year ago.
Although 56 fewer homes changed hands this October, sales prices jumped from $179,900 in October 2004 to $195,000 in October 2005.
The National Association of Realtors reports that national single-family existing home sales in October were up 3.3 percent from October 2004. The median sales price for those homes reached $216,200 this October, up 16.6 percent.
Though regional sales figures were unchanged in October, the median existing-home price in the Northeast hit $252,000, an increase of 10.5 percent in 12 months.
Sue Doughty of Homestead Realty in Winthrop, and president of MREIS, said the real estate market in Maine “remains consistently strong as evidenced by the rolling-quarter numbers. Though statewide sales for October show a small dip, sales prices have continued to increase, indicating continued confidence in real estate as an investment.”
The weather affects sales. Doughty continues, “Most certainly, our record heavy rains in October and the trauma of the country’s devastating hurricanes have been a factor for the interim; however, buyers, including retirees, are continuing to be drawn to our area for its diverse landscapes, clean environment, recreational opportunities and more stress-free lifestyle.”
The availability of financing is also a factor. “Interest rates continue to be very affordable and an ever-expanding range of mortgage products creates seemingly unlimited opportunities,” said Doughty.
A chart showing statistics for Maine and its 16 counties is below. 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 (sale price) in the rolling quarter of August, September and October during the years 2004 and 2005.