Maine home sales in March 2014 were 896, representing their highest level of any March period since 2007, when 919 homes were sold. The increase over 2013 was significant at 11.2%. Sales for the first quarter of 2014 were also up compared to 2013. Total single family sales were 2,272 for the first three months of 2014 compared to 2,063 in 2013, reflecting a comparable 10.1% increase.
Beginning in January of 2014, the median sales price across Maine has dropped measurably. In December, the median price was $170,000 and during the course of 2013 reached high of $184,500 in June and a low of $151,000 in February. Although these swings are more the effect of mix, the trend was for a steady increase throughout the year. The median prices for the first three months of 2014 have been: $165,600; $160,000; $160,950.
Home Sales January Through March
2013 vs 2014
Based on information from the Maine Real Estate Information System, Inc. for the period 1/1/2013 through 3/31/2014.
Comparing the first quarter of 2014 to 2013, the median price is up marginally – less than 1%. However, there are great fluctuations by county. Six countries recorded declining prices in the first quarter, including York County (surprisingly) at 5.8%. Cumberland County, which represents 25% of all the State’s homes sales, recorded a healthy quarterly price increase over 2013 of 5.9%. Unit sales were also up 13.8%, reflecting an overall strong market.
Nationally, prices have been increasing, while sales volume has been declining – exactly the opposite of what we have been experiencing in Maine.