Sales of existing single-family homes in Maine increased by 25.2 percent in May compared with a year earlier, and the median sale price rose by 2.8 percent, according to the Maine Association of Realtors.
In May, 1,672 existing homes were sold in Maine, compared with 1,335 sales in May 2015. The median sale price was $190,250, up from $185,000 a year earlier. The median price indicates that half of the homes were sold for more and half sold for less.
Association President Ed Gardner said in a news release that from his conversations with real estate agents, it appears that all areas of Maine experienced robust activity in May.
“Consumers with good credit are actively looking to purchase,” Gardner said. “Demand is very high and is likely fueled by continued low mortgage interest rates, Maine’s exceptional quality of life, and increasing rental costs due to the limited supply of rental units in some markets.”
During the three-month period ending May 31, 4,046 existing homes were sold in Maine, up 22 percent from 3,317 sales during the same period of 2015. The median sale price for the most recent three-month period was $185,000, up 4.2 percent from $177,500 a year earlier.
Among Maine’s 16 counties, the biggest year-over-year increase in sales during the three-month period was 43.5 percent in Washington County. Every county experienced a double-digit sales increase except Waldo County, where sales for the three-month period were up 5.6 percent from a year earlier.
The county with the biggest year-over-year increase in median price for the three-month period was Lincoln County, where the price rose by 29.9 percent to $215,000. The county with the biggest decrease was Piscataquis County, where the median sale price fell 27.6 percent to $72,000.
Nationally, existing-home sales increased by 4.7 percent in May compared with a year earlier, the National Association of Realtors reported Wednesday. The nationwide median sale price in May was $241,000, up 4.6 percent from May 2015.
The Northeast region experienced an 11.6 percent increase in sales and a 0.1 percent dip in median price compared with a year earlier, the national association said.
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