Saturday, March 8, 2014
From staff reports
SOUTH PORTLAND — Sales of single-family existing homes in Maine rose 8.34 percent in March from the year-ago period, marking a rebound from February when bad weather hurt sales.
The median sales price for the 792 homes sold in March rose 6.25 percent to $170,000, according to the Maine Association of Realtors.
"After one slow month in February due to weather, the real estate market continues to pick up steam. Buyers are out in full force," said Bart Stevens, president of the Maine Association of Realtors.
In February, home sales dropped 5 percent from the year-ago period due to bad weather.
Stevens said the lack of inventory – or houses on the market – has been shrinking. As a result of fewer houses to choose, many properties are selling close to asking prices.
In the first three months of the year, Cumberland County saw 499 homes sold, up from 480 sold in the same period a year ago. The median home price rose to $219,000, up 2.10 percent from the year-ago period.
In York County, there were 391 homes sold in the first quarter, up 15.7 percent from the year-ago period. The median sales price rose about 11 percent to $207,000.
Aroostook, Franklin and Knox counties reported a drop in home sales in March.
The National Association of Realtors reported a 9.1 percent increase in sales nationwide during the month of March. Prices across the United States jumped 12.1 percent to a national median home price of $185,100. Regionally, sales in the Northeast were up 6.8 percent with a regional median home price of $237,000.