A decrease in the availability of existing single-family homes in Maine caused an uptick in both home sales and sale prices in April.
According to a report issued by Maine Listings, 1,201 existing Maine homes were sold in April, an 8.6% increase compared with April 2017. Meanwhile, the statewide median home sale price increased by 8.1% from a year earlier to $200,000. The median price indicates that half of the homes were sold for more money and half sold for less.
"Our April statewide statistics show continued high volume and confidence in homeownership," said Kim Gleason, president of the Maine Association of Realtors and broker/owner of McAllister Real Estate in Hallowell. "With limited for-sale inventory and tight markets in many areas of Maine, we're seeing increasing sales prices. As mortgage interest rates inch slightly upward, the best strategy is to stay informed."
Gleason said buyers in Maine are adjusting to current market conditions with regard to home amenities and size, choosing different commuting distances and including larger down payments to keep their mortgages affordable and provide housing expense stability over the long term.
For the three-month period ending April 30, home sales in Maine increased by 3.5% from the same period a year earlier to 3,179 units sold, the report said. The median price for the three-month period increased by 10% to $203,500, it said.
The biggest increase in home sales for the three-month period was in Piscataquis County, where sales increased by 35% from a year earlier. The biggest decrease was in Lincoln County, where sales decreased by 17.9%.
The biggest jump in median price occurred in Aroostook County, where the median increased by 34.7% from a year earlier to $91,600. The biggest decrease was in Hancock County, where the median price dipped by 3.1% to $191,250.
Nationwide, home sales for April decreased by 1.6% compared with April 2017, while the median sale price increased by 5.5% to $259,900, according to the National Association of Realtors. The Northeast region experienced an 11% dip in sales, while the regional median price rose by 2.8% to $275,200, it said.
