Maine home prices continue to stabilize

SOUTH PORTLAND — The median sales price of a single-family existing home in Maine rose 3.66 percent comparing November 2010, to November 2009, reflecting the continued stabilization of Maine home sales prices. Maine Real Estate Information System, Inc. (MREIS), statistics indicate a statewide median sales price (MSP) of $170,000 in November 2010 — up from $164,000 in November 2009. The MSP indicates that half of the homes sold for more and half sold for less. In that same time period, unit home sales in Maine decreased 23.8 percent.

According to the National Association of Realtors, the national MSP increased 1.2 percent to $171,300 in November 2010, compared with November 2009. National single-family existing home sales declined 27.3 percent. In the national Northeast, the MSP rose 9.2 percent to $242,500, while home sales decreased 33 percent in that same time period.

Realtor Cindy Hiebert of Mahoosuc Realty in Bethel relays, “.....a larger number recognize that prices are stabilizing and interest rates are unbelievably low, so they are taking advantage of the market.”

Realtor Gail Caruso of The Swan Agency Sotheby’s International Realty in Bar Harbor reports, “If you are a qualified buyer, a home is still one of the better, if not best, investments.”

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

Statewide — Units sold 2009: 1025; Units sold 2010: 781; Change: -23.80 percent; MSP 2009: $164,000; MSP 2010: $170,500; Change: 3.66 percent

Oxford County — Units sold 2009: 157; Units sold 2010: 107; Change: -31.85 percent; MSP 2009: $133,000; MSP 2010: 135,000; Change: 1.50 percent