MAINE Real Estate Sales Increase by double digits

SOUTH PORTLAND (September 21, 2011) — Sales of Maine’s single-family existing homes increased 14.74 percent during the month of August 2011 compared with August 2011, according to the Maine Real Estate Information System, Inc. (MREIS). Home prices decreased 2.8 percent over the same 12 months to a statewide median sales price (MSP) of $165,000. The MSP indicates that half of the homes were sold for more and half sold for less.

The National Association of Realtors (NAR) reports a 20.2 percent increase in August home sales, nationwide. The national MSP declined 5.4 percent to $168,400. Sales in the regional Northeast increased 10 percent and the regional MSP decreased 5.1 percent to $244,100.

Sheryl Gregory of Homestead Realty in Winthrop says buyers are quite active again in Maine. “We had a slow down while Congress debated the debt limit. Once that was resolved, people went on with their lives, which included buying homes. Interest rates are so incredibly low. Most sellers have priced their homes reasonably. Our local lenders are very helpful in structuring loans for our clients.”

Gregory says she sees “buyers who have funds to put into a home purchase without needing to sell. Also, there are many first-time home buyers who need housing and are finding it’s wise to buy.”

More information on the current market is available from the Maine Association of Realtors