While year-over-year single family home sales remain behind last year, the month of April was stronger than the same month of 2018 – for both unit sales and pricing.
Statewide sales were up for the month 4.8% while YTD sales trailed last year by 2.7%. In southern Maine, including Cumberland and York Counties, sales through the first four months of 2019 are behind last year by 5.3% and 3.1% respectively.
In April, the median sales price rose 5.0% to $210,000. YTD the median price is at $207,000, representing an increase of 2.5%. The MSP indicates that half of the homes were sold for more and half sold for less.
In the southern part of the state, median prices, while up, are showing some softening, especially in the higher priced segments.
In general, April results represented only the second time in the last six months that unit sales were ahead of last year.
Nationally, the MSP of $269,300 reflected a increase of 3.7% over April of 2018. Sales in the Northeast decreased 4.5% in April, while the regional MSP rose 0.9% from April 2019 to April 2018.
As we move forward, the strength of the 2019 market will be dependent on the number of existing homeowners who are interested in selling, as inventory remains low. These existing owners are also impacted by the limited inventory and are hesitant to put their homes on the market because they’re not readily finding their next housing option.
For more details by each town in the greater Portland area, visit: Maine Sales Stats.