MAINE HOME SALES UP 9.26 PERCENT IN JULY
SOUTH PORTLAND (August 23, 2012) — Maine Realtors continue to report healthy increases in sales of single-family existing homes.
According to the Maine Real Estate Information System, Inc., a total of 1,086 homes changed hands in July, an increase of 9.26 percent in the past 12 months. The median sales price (MSP) dipped 3.66 percent to $171,000.
The MSP indicates that half of the homes were sold for more and half sold for less.
The National Association of Realtors reported a 9.9 percent jump in single-family home sales, nationwide. The national MSP increased 9.6 percent to $188,100 in July. Regionally, single-family home sales in the Northeast were up 13.7 percent and the MSP rose 3.5 percent to $254,200.
Tina Lucas of Lucas Real Estate in Portland offered the following tips for sellers:
“Price according to the current market dynamic. Inventory remains high, so prepare your home carefully and thoroughly for today’s discerning buyers. Be ready for negotiation, as the market typically demands some. Remember—all real estate is local; be aware of what is happening in your area. Consult a Realtor for knowledgeable guidance.”
Lucas, who also serves as President of the Maine Association of Realtors, counsels buyers to
“be realistic when negotiating and know the comparable sales. Sellers are more receptive to buyers who are pre-approved. Don’t forget the tax advantages of homeownership when calculating your monthly expenses. Use your imagination; a diamond in the rough can be a great investment.”