AUGUSTA (March 22, 2019)—Sales of single-family existing homes in Maine eased slightly, while prices rose 2.85 percent comparing February 2019 to February 2018. The Maine Association of REALTORS® released statistics indicating a 0.49 percent decline in sales during the month of February 2019 compared to February 2018. The median sales price for the 818 homes sold statewide reached $200,000. The MSP indicates that half of the homes were sold for more and half sold for less.

“Conversations with REALTORS® across Maine and a review of the statistics indicate that we may be shifting to a more balanced real estate market. Since 2011, Maine’s real estate economy has been bullish with year-over-year increases in units sold and median sold prices,” says Peter Harrington, 2019 President of the Maine Association of REALTORS® and Broker/Partner with Malone Commercial Brokers in Portland.

“Sales volume over the past few months has shown decreases compared to figures from a year ago. However, for-sale inventory continues to be tight—four percent lower than February of 2018.  While slightly decreasing, the February 2019 data shows a comfortable pace—the third highest February sales volume since 2011.”

According to The National Association of Realtors, sales across the country were down 1.4 percent while the national MSP of $251,400 represents a 3.6 percent increase. Regionally, sales in the Northeast increased 1.5 percent and the MSP rose 3.8 percent to $272,900.

“Traditionally, now is the time when we see a boost in the listing inventory numbers and a steady uptick in sales statewide for the second and third quarters. Mortgage interest rates are drifting lower, which will also be helpful for home sales,” adds Harrington.

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of February 2019 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of December, January and February.  

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 Peter Harrington (Malone Commercial Brokers)–  (207) 772-2422     peter@malonecb.com   Maine Association of REALTORS President-Elect Tom Cole (Better Homes and Gardens Real Estate The Masiello Group) –(207) 721-1000 tomcolerealtor@gmail.com    For more names:  suzanne@mainerealtors.com