FOR IMMEDIATE RELEASE
CONTACTS: LISTED BELOW
MAINE HOME PRICES UP 2.78 PERCENT IN APRIL
AUGUSTA (May 24, 2017)—Low inventory of single-family existing homes contributed to a 13.93 percent decrease in sales figures across Maine comparing April 2017 to April 2016. REALTORS® reported 1,106 homes changed hands last month, and the median sales price (MSP) for those homes rose 2.78 percent to $185,000. The MSP indicates that half of the homes were sold for more and half sold for less.
"Across Maine, for-sale inventory is tight. Single family homes actively listed for sale in April 2017 were down 25 percent statewide, compared to April 2016," states Greg Gosselin, 2017 President of the Maine Association of REALTORS®. "Low inventory is impacting potential sellers as well. Some are hesitant to list their homes without a suitable ‘next step’ to move into, but now is a great time to work with your REALTOR® to navigate the real estate market, whether you are on the selling end or buying end of the transaction."
The National Association of Realtors (NAR) today reported a national sales increase of 1.6 percent in the past year for single-family existing homes. A national MSP of $246,100 in April reflects a rise of 6.1 percent. Regionally, sales in the northeast dipped 2.7 percent while the regional MSP increased 1.6 percent to $267,700.
Gosselin added, "The basics continue; families need someplace to live, interest rates continue to be historically low, and owning your own home and real estate is one of the best ways to build your net worth over the long term."