There were more signs of recovery in Maine’s housing market in January, as the volume of single-family home sales increased by 8.6 percent compared to a year earlier, bucking both regional and national trends.
Despite year-over-year declines in both U.S. and Northeast region sales, home sales in Maine climbed compared to the previous January, although the median home price in Maine did not rise as much as in other areas.
Also, the median home price in Maine decreased by 2.2 percent from December to January.
Real estate agencies in Maine reported statewide single-family home sales of 721 units in January, compared with 664 units in January 2013, according to a Maine Association of Realtors report issued Friday.
They reported a statewide median home price of $166,500 in January, an increase of 2.8 percent over January 2013, the report said. The median indicates that half of the homes were sold for more and half sold for less.
Also on Friday, the National Association of Realtors announced a 6 percent decrease in January home sales nationwide, while the national median home price jumped 10.4 percent to $188,900. Regionally, sales in the Northeast dipped 3.1 percent and the regional median price increased 6.6 percent to $241,100.
Maine Association of Realtors President Angelia Levesque said an increased number of pending sales is a “good sign that we’ll have a strong spring market.”
“Maine buyers need more housing inventory – especially in the first-time homebuyer market,” Levesque said in a written statement. “Today’s buyers are able to take advantage of low interest rates and secure a bigger home for their money.”
Levesque, a Realtor with Better Homes and Gardens Real Estate/The Masiello Group in Bangor, added that Maine is witnessing a “stable and healthy real estate market.” She said home buyers have not been deterred by the snowy weather.
“There is no need for sellers to wait until spring,” she said. “Now is really the time to place your home on the market.”
In December, Maine home sales increased by 11.5 percent compared with a year earlier, and the median price increased by about 0.2 percent to $170,250.
J. Craig Anderson can be contacted at 207-791-6390 or: