Despite a dip in sales during September, most Maine Realtors continued to express optimism for the southern Maine housing market. Sales of single-family existing homes declined 5.1% comparing September 2018 to September 2017. The value of those homes, tracked statistically by the Median Sales Price (MSP), indicates a rise in home values of 3.8% to an MSP of $215,000. The MSP indicates that half of the homes were sold for more and half sold for less.
Additionally, the three-month rolling quarter sales statistics are up 3.4% and year-to-date sales are up 2.2% compared to 2017.
Sales in Cumberland County for the first three quarters of 2018. Through the first nine months single family home sales are flat, while prices are up almost 7%.
Home sales have been trending downward the last several months, while selling prices have continued to inch upwards. The price of $295,000 for the month of September was the first in the last five below $300,000 threshold. Inventory levels have remained essentially unchanged for the last several months – and is actually up 39% since January.
Nationally & Regionally
Across the country, existing home sales declined in September, following a flat month August. All four regions of the country experienced no gain in sales activity. In fact, it was the lowest sales level since November 2015.
The median existing-home price for all housing types in September was $258,100, up 4.2% from September 2017 ($247,600). September’s price increase marks the 79th straight month of year-over-year gains.
Unsold inventory is at a 4.4-month supply at the current sales pace, up from 4.3 last month and 4.2 months a year ago. This statistic for Cumberland County was a 4.0 at the end of September.
September existing-home sales in the Northeast decreased 2.9% to an annual rate of 680,000, 5.6% below a year ago. The median price in the Northeast was $286,200, which is up 4.1% from September 2017.