Maine Real Estate Sales Continue A Downward Trend In June

Sales of single-family existing homes in Maine continued to decrease in June 2008. In a press release to the Maine media, MREIS reports 996 homes sold last month, a drop of 24.32% from last June’s sales figure of 1,316 homes. During the past 12 months, Maine’s median sales price decreased nearly six percent to $188,000. The median sales price indicates that half of the homes were sold for more and half sold for less. NAR reports a nationwide sales drop of 14.8% in June. The national median existing single-family home price dropped 6.7% to $213,800.  Regionally, sales in the Northeast fell 15.8% during the past 12 months.  According to NAR, the regional median sales price decreased 12.6% to $256,700. The complete press release will be posted to the MAR site soon.

 
Sales of single-family homes in Maine were down 22% in the first six months of 2008, according to a press release from the Maine Association of Realtors.

There were 4,373 single-family homes sold in Maine during the first half of 2008, 22.4% fewer than the 5,637 sold during the first half of 2007.

The median sales price for homes sold in Maine during the first half of 2008 was $185,000, a 5% decrease from the median sales price of $195,000 during the first half of 2007. However, the median sales price actually climbed in five of Maine’s 16 counties during the first half of 2008.

Here’s a look at the 10 counties that saw the largest fluctuation in median sales price (MSP) during the first half of 2008.

 

County MSP 2007 MSP 2008 % change
Statewide $195,000 $185,000 -5.13%
Washington $95,000 $136,000 43.16%
Waldo $151,875 $165,000 8.64%
Franklin $136,000 $140,000 2.94%
Aroostook $89,000 $91,250 2.53%
Oxford $148,250 $151,500 2.19%
Hancock $212,750 $199,100 -6.42
Sagadahoc $205,000 $190,400 -7.12%
Somerset $107,000 $97,500 -8.88%
Knox $220,000 $196,500 -10.68%
Piscataquis $101,250 $88,350 -12.74%

Source: Maine Association of Realtors

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