Home sales in Maine are down slightly from a year ago while the median price is the same at $425,000.
The new data from the Maine Association of Realtors comes as many additional homes have recently entered the market for the spring and summer seasons.
“As expected, we’re seeing a spring surge of homes for sale across Maine,” said Maine Association of Realtors president Judy Oberg. “For-sale inventory in May jumped 26 percent from April, with more than 1,000 additional homes listed and available—approaching 5,000 on the market.
There’s optimism that homes sales will accelerate, given the new inventory along with lower interest rates compared to a year ago.
“Increased for-sale inventory brings better balance to the market for buyers, and 30-year mortgage interest rates are lower than they were a year ago,” Oberg said.
Cumberland and York counties continue to have the most expensive homes, with Cumberland County reaching a median price of $600,000 in the rolling three month average.
Northern Maine’s Androscoggin County continues to have the lowest cost homes, with a median price of $165,000, unchanged from a year ago.
Franklin, Washington and Oxford counties all saw double digit increases in home prices, while Waldo County experienced a double-digit drop as well as a 33 percent drop in sales.
(Maine Association of Realtors)
