Single family home prices are on the rise in Maine
MEDIAN PRICES UP NEARLY 5 PERCENT
SOUTH PORTLAND (March 26, 2007) — Single-family home prices are on the rise in Maine. According to the Maine Real Estate Information System, Inc., sales prices of existing homes were up 4.84 percent during the month of February when compared to one year ago.
The statewide median existing home sales price reached $193,950 for the month, up from February 2006’s price of $185,000. The median sales price indicates that half of the homes were sold for more and half sold for less. A total of 698 homes changed hands during the month, down a slight 1.13 percent.
Nationally, sales of single-family, existing homes decreased 3.4 percent from last February. According to the National Association of Realtors (NAR), the median sales price for those homes dropped 1.5 percent to $211,100.
In the Northeastern United States, sales were on the rise; NAR reported a 3.4 percent increase in February’s sales. The regional median sales price dipped 1.4 percent to $265,900.
A chart showing statistics for Maine and its 16 counties follows. The first chart lists statistics for the month of February only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) in the rolling quarter of December, January and February of this year and last.
Maine Real Estate Statistics –February 2007 Housing Report—3/26/07—Page 2 of 2
FEBRUARY ONLY CHART
From February 1 - February 28, 2006 to February 1 - February 28, 2007
County # Units Sold # Units Sold % MSP MSP % Change
2006 2007 Change 2006 2007
STATEWIDE 706 698 -1.13% $185,000 $193,950 4.84%
ROLLING QUARTER CHART
From December 1, 2005- February 28, 2006 to December 1, 2006 - February 28, 2007
County # Units Sold # Units Sold % MSP MSP % Change
2005-06 2006-07 Change 2005-06 2006-07
STATEWIDE 2446 2357 -3.64% $190,000 $192,000 1.05%
Androscoggin 194 165 -14.95% $160,000 $163,300 2.06%
Aroostook 56 49 -12.50% $69,750 $89,900 28.89%
Cumberland 572 617 7.87% $241,450 $245,000 1.47%
Franklin 63 69 9.52% $119,000 $135,000 13.45%
Hancock 129 98 -24.03% $225,000 $208,500 -7.33%
Kennebec 209 232 11.00% $133,500 $140,000 4.87%
Knox 90 84 -6.67% $211,250 $216,750 2.60%
Lincoln 76 62 -18.42% $225,500 $212,625 -5.71%
Oxford 120 95 -20.83% $140,000 $146,000 4.29%
Penobscot 249 245 -1.61% $143,000 $135,500 -5.24%
Piscataquis 33 55 66.67% $102,000 $112,000 9.80%
Sagadahoc 89 60 -32.58% $198,000 $199,950 0.98%
Somerset 75 74 -1.33% $109,900 $78,750 -28.34%
Waldo 82 62 -24.39% $151,750 $161,250 6.26%
Washington 3 15 400.00% $92,000 $120,000 30.43%
York 406 375 -7.64% $240,000 $235,000 -2.08%
Source: Maine Real Estate Information System, Inc. Note: MREIS, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 5,200 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the System within the time periods indicated.
Contacts: Marc Chadbourne, President, MREIS (Century 21 Nason, Winslow) - (207) 873-2119 – info@marcchadbourne.com ; Sue Doughty, Past President, MREIS (Homestead Realty, Winthrop) – (207) 377-2223 – suedoughty@fairpoint.net; Kevin Robert, Past President, MREIS (Coldwell Banker Residential Brokerage, Saco) – (207) 282-5988 – Kevin.Robert@nemoves.com; For additional names – Mark Friedman (MREIS) – (207) 780-1366; mfriedman@mreis.com ###