Maine home sales and values up in October

Nov 26, 2018

Augusta — Statewide real estate sales were positive for the first month of the fourth quarter. In Waldo County, single-family home sales for the three months ending Oct. 31 were down just over 7 percent year-over-year, while the median sale price increased almost 6 percent, to $180,000 this year from $170,000 in the period from August through October last year.

The Maine Association of REALTORS® on Nov. 21 reported a 3.44-percent increase in sales of single-family existing homes for October 2018 compared to October 2017. The median sales price for homes sold in October reached $215,000, a 4.88-percent increase compared to October 2017. The MSP indicates that half of the homes were sold for more and half sold for less.

“The statewide sold statistics through October 2018 are 2.7-percent ahead of this same time period from 2017, the real estate industry’s strongest year ever,” said Kim Gleason, 2018 president of the Maine Association of REALTORS® and broker/owner of McAllister Real Estate in Hallowell.

“We expect a strong 2018 finish. Traditionally, the holiday season continues to be an active time to transact real estate because buyers and sellers are motivated for decision-making before year’s end,” Gleason said.

“Overall, Maine home values continue to appreciate and it’s a good time to purchase real estate for your own use or for investment purposes. For many, owning a home is more affordable than renting due to the tax benefits and accumulation of equity over time.”

Nationally, single-family sales eased 5.3 percent last month compared to October 2017. The National Association of REALTORS®’ statistics indicate a national MSP of $257,900 — a 4.3-percent increase. October sales in the Northeast dipped 6.8 percent compared to a year ago, while the regional MSP of $280,900 represents a 3-percent rise.

The following charts show statistics for Maine and its 16 counties. The first chart lists statistics for the month of October only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of August, September and October of 2017 and 2018.

October Only Chart

Oct. 1-31, 2017 – Oct. 1-31, 2018

 

 

NUMBER OF UNITS

MEDIAN SALES PRICE

 

2017

2018

%Change

2017

2018

%Change

STATEWIDE 

1771

1832

3.44%

$205,000

$215,000

4.88%

 

Rolling Quarter Chart

From Aug. 1, 2017 to Oct. 31, 2017 and

Aug. 1, 2018 to Oct. 31, 2018

 

NUMBER OF UNITS

MEDIAN SALES PRICE

 

2017

2018

%Change

2017

2018

%Change

STATEWIDE

 

 

 

 

 

 

 

Androscoggin

341

340

-0.29%

$154,000

$165,000

7.14%

Aroostook

182

198

8.79%

$83,000

$91,700

10.48%

Cumberland

1265

1246

-1.50%

$285,000

$300,000

5.26%

Franklin

151

142

-5.96%

$130,000

$148,150

13.96%

Hancock

269

242

-10.04%

$230,000

$223,590

-2.79%

Kennebec

464

486

4.47%

$159,450

$169,000

5.99%

Knox

177

185

4.52%

$211,000

$245,000

16.11%

Lincoln

174

186

6.90%

$209,250

$249,500

19.24%

Oxford

245

290

18.37%

$150,000

$174,900

16.60%

Penobscot

533

543

1.88%

$140,000

$153,000

9.29%

Piscataquis

105

137

30.48%

$106,000

$110,000

3.77%

Sagadahoc

150

148

-1.33%

$222,500

$237,000

6.52%

Somerset

185

194

4.86%

$116,000

$120,000

3.45%

Waldo

181

168

-7.18%

$170,000

$180,000

5.88%

Washington

123

123

0.00%

$115,000

$135,000

17.39%

York

955

957

0.21%

$269,900

$281,000

4.11%

 

Source: Maine Real Estate Information System Inc. (d/b/a Maine Listings).

 

Comments (0)
If you wish to comment, please login.