MAINE HOME SALES UP 23.6 PERCENT
Double-digit gains in real estate home sales remain the trend across the state of Maine.
According to statistics released by the Maine Real Estate Information System, Inc. (MREIS), Realtors sold 1,058 single-family existing homes in November 2012—a jump of 23.6 percent compared to a year ago. The median sales price (MSP) for those homes increased 1.92 percent to $172,250. The MSP indicates that half of the homes were sold for more and half sold for less.
Sales nationwide are up 12.4 percent, according to the National Association of Realtors. The National MSP rose 10.1 percent to $180,600 last month. In the regional Northeast, sales increased 14.8 percent while the regional MSP dipped 2.0 percent to $232,900.
“The market is heading in a very positive direction,” explains Tina Lucas of Lucas Real Estate in Portland. “However, sellers need to be careful when pricing property, as it remains a buyers’ market. Although sellers recognize the importance of careful market evaluation on their home, they are concerned about attracting the highest price possible without over- reaching and losing buyers. Realtors carefully research comparable data to set the right market price for a particular property; this gives sellers confidence to make an informed decision on pricing.”
Lucas, who serves as President of the Maine Association of Realtors, adds, “On the other hand, when buyers find a well-maintained home, properly priced for the current market, they should expect the possibility of a multiple offers. Buyers should discuss multiple offer guidelines with their Realtor in case they find themselves in this situation. Although the market remains tilted in the buyers’ favor, it is beginning to stabilize toward a more balanced environment where both buyers and sellers have more equal weight in the negotiation process.”