Maine Real Estate February 2007 Maine Median Prices UP Nearly Five Percent

These statistics were available as of March 26,2007 for immediate release by The Maine Association of Realtors. As the chart shows, Maine as a whole, is up, while the national median average is down 1.5 percent. Read on…

SOUTH PORTLAND (March 26, 2007) – Single-family home prices are on the rise in Maine. According to the Maine Real Estate Information System, Inc., sales prices of existing homes were up 4.84 percent during the month of February when compared to one year ago.

The statewide median existing home sales price reached $193,950 for the month, up from February 2006’s price of $185,000. The median sales price indicates that half of the homes were sold for more and half sold for less. A total of 698 homes changed hands during the month, down a slight 1.13 percent.

Nationally, sales of single-family, existing homes decreased 3.4 percent from last February. According to the National Association of Realtors (NAR), the median sales price for those homes dropped 1.5 percent to $211,100.

In the Northeastern United States, sales were on the rise; NAR reported a 3.4 percent increase in February’s sales. The regional median sales price dipped 1.4 percent to $265,900.

Realtors describe an increased interest in Maine real estate. Cindy Kailey Hiebert, with Mahoosuc Realty, Inc. in Bethel, says, “Real estate activity in the Bethel area appears to be picking up. Historically, buyers start looking for property during the spring and summer months for the upcoming ski season. There is a nice selection of property available at all price points.”

A chart showing statistics for Maine and its 16 counties follows. The first chart lists statistics for the month of February only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) in the rolling quarter of December, January and February of this year and last.

Maine Real Estate Statistics -February 2007 Housing Report-3/26/07

FEBRUARY ONLY CHART 
From February 1- February 28, 2006 to February 1, 2006 – February 28, 2007 
County # Units Sold 2006  # Units Sold 2007  % Change  MSP 2006 MSP 2007  % Change 
STATEWIDE 706 698 -1.13% $185,000 $193,950 4.84%
ROLLING QUARTER CHART
From December 1, 2005- February 28, 2006 to December 1, 2006 – February 28, 2007
County  # Units Sold 2005-06  # Units Sold 2006-07  %Change  MSP 2005-06  MSP 2006-07  % Change   
STATEWIDE 2446 2357 -3.64% $190,000 192,000 1.05%
Androscoggin 194 165 -14.95% $160,000 163,300 2.06%
Aroostook 56 49 -12.50% $69,750 89,900 28.89%
Cumberland 572 617 7.87% $241,450 245,000 1.47%
Franklin 63 69 9.52% $119,000 135,000 13.45%
Hancock 129 98 -24.03% $225,000 208,500 -7.33%
Kennebec 209 232 11.00% $133,500 140,000 4.87%
Knox 90 84 -6.67% $211,250 216,750 2.60%
Lincoln 76 62 -18.42% $225,500 212,625 -5.71%
Oxford 120 95 -20.83% $140,000 146,000 4.29%
Penobscot 249 245 -1.61% $143,000 135,500 -5.24%
Piscataquis 33 55 66.67% $102,000 112,000 9.80%
Sagadahoc 89 60 -32.58% $198,000 199,950 0.98%
Somerset 75 74 -1.33% $109,900 78,750 -28.34%
Waldo 82 62 -24.39% $151,750 161,250 6.26%
Washington 3 15 400.00% $92,000 120,000 30.43%
York 406 375 -7.64% $240,000 235,000 -2.08%

Source: Maine Real Estate Information System, Inc. Note: MREIS, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 5,200 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the System within the time periods indicated.

Advertisements