While sales of Maine single-family homes decreased 1.4% in May largely due to limited market inventory, year to date results still trend upward. Prices, however, continued to rise as the statewide median sales price (MSP) increased 9.9% percent to $219,900. The MSP indicates that half of the homes were sold for more and half sold for less.
Even though the May sold numbers declined slightly, existing home sales for January through May 2018 still ahead of the prior year by 1.2% – which was the strongest year ever for Maine real estate sales.
As indicated in the chart below, many local communities are reporting continued higher sales in 2018 vs 2018. The city of Portland, the largest single market in Maine, is ahead of last year by nearly 6%.
Throughout the year there has been upward pressure on pricing in those where limited inventory was significant. In other areas, especially along the lakes, the inventory shortage has not been as acute. Nearly every community in the greater Portland area is experiencing higher prices in 2018 vs 2017 – many with double-digit increases.
According to the National Association of Realtors (NAR), sales nationwide eased 3% over the past 12 months, while the national MSP rose 5.2% to $267,500. Regionally, sales in the Northeast decreased 11.7% and the MSP dipped 1.8% to $275,900.
For more information by town, visit Local Communities for detailed sales statistics.