Across Maine single family home sales in June were 2.4% ahead of June 2017, resulting in a year-to-date overall improvement of 1.5%. Cumberland and York Counties continue to track ahead of last year at 2.3% and 2.6% respectively.
Median selling prices continue to tread ahead of prior year as well, albeit at a higher rate. The median selling price for the month of June was the highest ever recorded in Maine at $228,000 and represented a six-month improvement of 9.0%.
A quick look at results by local towns in the greater Portland area reflect similar results. Volume trending up slightly with prices considerably above prior year.
Inventory remains low in the price segments below $300,000, continuing the trend of multiple offers on well positioned properties – with 71% of all active properties under contact at month end. As a comparison, only 27% of homes priced above $500,000 were under contract.
Throughout the year there has been upward pressure on pricing in those areas where limited inventory is significant. In other areas, especially along the lakes, the inventory shortage has not been as acute.
For the third straight month, sales declined in June while the median sales price achieved an all-time high. This was a direct result of the ongoing imbalance between supply and demand. Single family home sales decrease .6% to a seasonally adjusted annual rate of 5.38 million. Year to date sales are now 2.2% below prior year.
The median selling price in June was $276,900, surpassing last month as the new all-time high and up 5.2% June 2017 when the price was $263,300. Additionally, June’s price increase marks the 76th straight month of year-over-year gains.
June home sales in the Northeast increased 5.9% to an annual rate of 720,000; but are still 4.0% below a year ago. So far in 2018, Maine home sales are exceeding the sales rates of other nearby states. The median price in the Northeast was $305,900, which is up 3.3% from June 2017.