Sales of existing single-family homes in Maine increased by about 6% in February compared with a year earlier, and the median sale price was up 8%, the Maine Association of Realtors said.
Its listing service, Maine Listings, reported that 822 homes changed hands in February statewide, an increase of 5.9% from February 2017. The median price for homes sold reached $194,450, an 8% increase from a year earlier when it was $180,000. The median price indicates that half of the homes sold for more and half sold for less.
Prices for home sales in Cumberland County handily beat the state median. In that county, the median home sale price in February was $289,000. By contrast, Aroostook County saw a slight decrease in price to $90,000.
Kim Gleason, president of the Maine Association of Realtors and broker/owner of McAllister Real Estate in Hallowell, described the market in February as "a tight, competitive real estate market."
"Available for-sale inventory in February 2018 was nearly 2% below a month (earlier) and 16% below a year (earlier)," Gleason said in a statement.
According to the National Association of Realtors, sales of existing single-family homes nationwide were up 1.8% in February from a year earlier, and the national median sale price of $243,400 was up 5.9%.
Regionally, February sales in the Northeast dipped by 7.2% from a year earlier, while the regional median sale price increased by 3.6% to $258,900.
