MAINE REAL ESTATE SALES UP 5.86 PERCENT IN OCTOBER;
PRICES INCREASE 3.37 PERCENT
SOUTH PORTLAND (Nov. 20, 2013) — Maine’s existing home sales and prices continue to move in a positive direction, even during fall’s cooler temperatures. According to Maine Listings, Realtors across Maine’s 16 counties sold 1,246 homes in October—an increase of 5.86 percent from one year ago. The median sales price (MSP) rose 3.37 percent to $176,250. The MSP indicates that half of the homes were sold for more and half sold for less.
Nationwide, sales were up 5.2 percent last month, according to the National Association of Realtors. The national MSP reached $199,500, an increase of 12.7 percent. The regional Northeast experienced a sales uptick of 11.7 percent and the regional MSP jumped 7.4 percent to $247,300.
“Inventory continues to climb, and prices are appreciating; many sellers are now more comfortable entering the market,” said Bart Stevens, President of the Maine Association of Realtors. “A majority of the distressed properties have left the market, and things appear to be moving back toward a more normal real estate environment.”
Stevens, owner/broker with Century 21 Nason Realty in Winslow, said lenders have capital available for borrowers, and those with steady jobs and good credit scores should take advantage of “historically low interest rates and favorable affordability. Now continues to be a good time to purchase real estate for personal use or investment purposes. For many, owning is more affordable than renting due to the tax benefits over time and the accumulation of equity.”