Yes, right now things are crazy! The stock market is in a state of volatility – and as we write this it is trying to recover all the loses from Christmas Eve. No doubt, there will be some interesting (and strange) days ahead. Yet Maine’s real estate market carries on.
Through November values continue to increase for Maine’s single-family existing homes. According to the most recent MLS sales statistics, the median sales price (MSP) for homes sold in November reached $219,000 and increase of 9.5% compared to November 2017. The MSP indicates that half of the homes were sold for more and half sold for less. Unit sales were also strong, with a 2.9% monthly increase comparing November 2018 to November 2017.
Year to Date Results:
The chart below includes sales and price results for the first eleven months of 2018 vs 2017. Across the state sales are up 2.0% while prices are up 7.5%, reaching a level of $215,000. This represents the first monthly increase in the YTD median selling price in the last 5 months.
Sales in southern Maine, while ahead of last year, have slowed down in recent months. Sales in York County are up 2.1%; Sales in Cumberland County are up only .4%.
Like all of Maine, price trends in the southern part of the state are still strong, with both counties reporting YTD increases of just over 8%.
Regionally & Nationally:
According to the National Association of Realtors (NA), sales dipped 6.7% nationally comparing November 2018 to November 2017, while the MSP rose 5.0% to $260,500 over that same time period. The regional Northeast experienced a 2.6% decrease in sales and a 6.5% rise in the MSP to $291,400 comparing November 2018 to November 2017.