Maine’s April Real Estate Sales Stable
Realtors reported stable single-family real estate sales during the month of April 2006, with only two fewer home sales recorded than in April 2005. According to the Maine Real Estate Information System, median sales prices increased 1.6 percent over the 12-month comparison period.
The median sales price for homes sold during the month of April 2006 reached $190,000, up from last April’s price of $187,000. The median sales price indicates that half of the homes were sold for more and half sold for less.
Nationally, sales of single-family homes were down 5.6 percent from April 2005. According to the National Association of Realtors, the national median existing single-family home price reached $222,700 last month, an increase of 4.3 percent in a year.
In the regional Northeastern United States, April home sales dipped 2.5 percent. The regional median sales price rose 5.6 percent to $283,000.
According to Realtors, Maine’s stable statistics do not indicate a lack of interest in Maine’s real estate, just a more pragmatic approach to the real estate market in some sectors.
“The under $200,000 market is hot in Bangor. It’s all about price right now,” said David Sleeper, owner/designated broker of Realty of Maine in Bangor. “The higher-end properties will still sell quickly if they are priced correctly. Sellers have to be realistic now. Rising interest rates, even though slight, and a huge inventory of houses put the ball in the buyer’s court.”
Lorrie Larson, sales manager of Town and Country Realtors in Rockland, adds, “Clients are very conscious about overpaying, so we are doing a careful job in the market analysis department. No matter what else happens, making a careful purchase of real estate is never a mistake. It will almost always appreciate and is a wise investment for anyone to make.”
A chart showing statistics for Maine and its 16 counties follows. The first chart lists statistics for the month of April only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (sales price) in the rolling quarter of February, March and April of this year and last.