Maine home sales up in January

SOUTH PORTLAND — Sales of single-family existing homes in Maine increased during January. According to the Maine Real Estate Information Service, Inc. (MREIS), realtors sold 536 homes last month, an increase of 10.74 percent when compared with January 2010. The median sales price (MSP) for those homes remained unchanged at $16,000 in that same time period. The MSP indicates that half of the homes were sold for more and half sold for less.

Nationally, sales rose 4.9 percent in the past 12 months. According to the National Association of Realtors (NAR), the national MSP for existing single-family homes dipped 2.7 percent to $159,400 in January. In the regional Northeast, NAR reported a 1.2 percent decrease in sales. The regional MSP of $236,500 represents a four percent decline.

Mike LePage, broker/owner of RE/MAX Heritage in Yarmouth, adds, “It’s encouraging to see signs, particularly in Maine, that prices have stabilized and the market is poised to grow from here. It bodes well for an improved spring market and into the rest of the year. This winter has hit hard in many ways but Maine is a tough state. When the snow melts I think we’re going to be very busy.

Below are two charts showing statistics for Maine and Oxford County. The first chart lists statistics for the month of January only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of November (2009/2010), December (2009/2010) and January (2010/1011).

January Only Chart, January 1-31, 2010, January 1-31, 2011

Statewide — Units sold 2010: 484; Units sold 2011: 536; Change: 10.74 percent; MSP 2010: $160,000; MSP 2011: $160,000; Change: 0.00 percent

Rolling Quarter Chart, November 1, 2009, to January 31, 1010, and November 1, 2010 to January 31, 2011.

Oxford County — Units sold 2009-10: 135; Units sold 2010-11: 97; Change: -28.15 percent; MSP 2009-10: $125,000, MSP 2010-11: $120,500; Change: 3.60 percent