FOR IMMEDIATE RELEASE
SALES AND MEDIAN PRICES OF MAINE REAL ESTATE BOTH UP OVER FOUR PERCENT IN JULY
SOUTH PORTLAND (August 28, 2007) – Unit sales and median sales prices of Maine’s single-family homes rose over four percent in July. According to the Maine Real Estate Information System, Inc., Realtors reported selling 4.26 percent more homes this July when compared to July 2006. Not only did sales increase: the median sales prices for the homes sold increased 4.74 percent.
A total of 1,247 homes changed hands during July 2007, up from last July’s sales of 1,196 homes. The median sales price reached $199,000 — a 4.74 percent increase from July 2006’s price of $190,000. The median sales price indicates that half of the homes were sold for more and half sold for less.
Nationally, sales of existing, single-family homes dropped 9.3 percent from July 2006. According to the National Association of Realtors, the median sales price dipped a slight 1 percent during the 12- month period.
The Northeastern United States witnessed 2.9 percent fewer sales this July. However, the regional median existing sales price jumped 5.9 percent to $290,900.
Buyers are beginning to perceive the value in available listings, according to Kevin Robert of Coldwell Banker Residential Brokerage in Saco. “Some buyers have lost out on properties because they waited too long, in anticipation of a lower price, before making an offer to the seller,” he said. “Buyers are realizing that they must pay more so as not to lose out on an available offering.”
John Bragg, co-owner of deRochemont Realtors, LLC in Rockland, addressed the current mortgage market. “While the national headlines carry stories about sub-prime lending and large mortgage companies, mortgage rates and availability of mortgages remains good, particularly with local banks.”
How will Maine real estate fare during the next 12 months? Sheryl Gregory, Broker of Homestead Realty in Winthrop said, “This is the correction period and I expect the fears will subside and we will return to business as usual.”
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 5,800 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the System within the time periods indicated.