Maine home sales prices up in October

SOUTH PORTLAND — The median sales price of existing single-family homes in Maine continues to rise during the month of October 2010. According to the Maine Real Estate Information System, Inc. (MREIS), the median sales price (MSP) increased 0.91% to $166,500 in October 2010, compared with October 2009. The MSP indicates that half of the hones sold for more and half sold for less. In that same time period, 885 homes were sold, a decrease of 29.03% from October 2009.

National Association of Realtors (NAR) statistics indicate a 0.5% drop in the national MSP to $171,100. Existing home sales across the county declined by 25.6% in comparing October 2010, to October 2009. Regionally, median sales prices in the Northeast rose 1.9% to $240,200, while sales are down 27.2% in that same time period.

Maine Association of Realtors President March Chadbourne of Century 21 Nason Realty in Winslow relays, “Current sales figures simply reinforce what we all know: the economy is in a slowdown. The good news is real estate median sales prices continue to rise. With unbelievably low interest rates, healthy inventories and stable prices, the real estate market is poised to make a big comeback. That means there is no better time than now to buy a home before these favorable conditions change.”

Following are two charts showing statistics for Maine and Oxford County. The first chart lists statistics for the month of October only, statewide. The second chart compares the number of existing, single-family hones sold (units) and volume (MSP) during the months of August, September and October of 2009 and 2010.

Statewide — Units sold 2009: 1247; Units sold 2010: 885; Change: -29.03%; MSP 2009: $165,000; MSP 2010: $166,500; Change: 0.91%

Oxford County — Units sold 2009: 151; Units sold 2010: 114; Change: -24.50%; MSP 2009: $135,000; MSP 2010: 136,250; Change: 0.93%