MAINE REAL ESTATE SALES DIP SLIGHTLY IN MAY; PRICES INCREASE 9.95%

Housing Sales Trends May 2018

AUGUSTA (June 20, 2018)—Sales of Maine’s single-family existing homes decreased 1.38 percent last month, due to limited market inventory. Prices, however, continued to rise; according to Maine Listings, the statewide median sales price (MSP) increased 9.95 percent to $219,900. The MSP indicates that half of the homes were sold for more and half sold for less.

“Even though the May sold numbers show a slight dip, existing home sales for January through May 2018 are running 1.6 percent above the 2017 pace, which was the strongest year ever for Maine real estate sales,” says Kim Gleason, 2018 President of the Maine Association of REALTORS® and Broker/Owner of McAllister Real Estate in Hallowell. “REALTORS® statewide are reporting steady business, with many markets reporting that multiple offers are prevalent, due to the tight for-sale inventory conditions. Statewide, we have 14 percent fewer homes for sale than a year ago, and 32 percent fewer than 2016. We’re seeing upward pressure on pricing in those markets due to the limited supply.” According to the National Association of Realtors, sales nationwide eased three percent over the past 12 months, while the national MSP rose 5.2 percent to $267,500. Regionally, sales in the Northeast decreased 11.7 percent and the MSP dipped 1.8 percent to $275,900. “In all markets, REALTORS® have industry relationships, experience, and expert market insights to help consumers navigate real estate transactions and be informed decision makers,” adds Gleason.

Source: Maine Real Estate Information System, Inc. (d/b/a Maine Listings). Note: Maine Listings, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 4,700 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the system within the time periods indicated. Contacts: Maine Association of REALTORS President Kim Gleason (McAllister Real Estate) – (207) 621-2345 – kimgleason@myfairpoint.net – Maine Association of REALTORS President-Elect Peter Harrington (Malone Commercial Brokers) – (207) 772-2422 peter@malonecb.com For more names: suzanne@mainerealtors.com

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