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Monthly Maine Real Estate Sales UpdateApril 2018 Single Family Homes Tighter inventory in the single-family homes led to an increase sales prices and home sales. In April, 1,201 homes were sold resulting in an 8.6% increase compared to April of 2017 . Sales prices are also on the rise; a median sales price of $200,000 represents a jump of 8.1% over the same year of 2017.
The MSP indicates that half of the homes were sold for more and half sold for less. With limited homes available for sale, many areas of Maine experienced tight markets and increasing prices. As mortgage interest rates inch slightly upward, the best strategy is to stay informed.
It is clear that buyers are adjusting to the market conditions with regards to home amenities and size, choosing different commuting distances and including larger down payments to keep their mortgages affordable and provide housing expense stability over the long term. Accompanying Charts
The illustration below includes home sales for through the first four months of 2018 compared to a similar period for 2017. Unit sales continue to trend ahead of last year, but at a slower growth rate. Median selling prices are ahead of last year in nearly every market we track. Nationwide
Sales decreased 1.6% over the past year. The National Association of Realtors released statistics showing a 5.5% increase in the national MSP to $259,900. The regional Northeast experienced an 11% dip in sales, while the regional MSP rose 2.8% to $275,200. Download Reports  | | | | | | | | | |
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