AUGUSTA (December 19, 2018)—Values are increasing for Maine’s single-family existing homes. According to the Maine Listings, the median sales price (MSP) for homes sold in November reached $219,000—a jump of 9.5 percent compared to November 2017.
The MSP indicates that half of the homes were sold for more and half sold for less. Sales statistics held strong with a 2.9 percent rise comparing November 2018 to November 2017.
“Overall, real estate continues to be a good investment, as steady long-term increased value is outpacing the volatility found in other investment options,” says Kim Gleason, 2018 President of the Maine Association of REALTORS® and Broker/Owner of McAllister Real Estate in Hallowell. “Through November, Maine’s residential real estate sales volume is 2.7 percent ahead of 2017. The monthly 2018 statewide median sales prices are higher than each comparable month in 2017.”
According to the National Association of Realtors, sales dipped 6.7 percent nationally comparing November 2018 to November 2017, while the MSP rose 5.0 percent to $260,500 over that same time period. The regional Northeast experienced a 2.6 percent decrease in sales and a 6.5 percent rise in the MSP to $291,400 comparing November 2018 to November 2017. “Consumer confidence in home ownership remains high in Maine and owning a home is a good financial decision,” added Gleason. “If your 2019 plans involve selling or buying real estate, your local REALTOR® has the most accurate, up-to-date information on market conditions to maximize your investment.”