Single-family home sales in Maine up for 14th consecutive month, median prices continue fall

Posted June 23, 2014, at 4:16 p.m.
Last modified June 23, 2014, at 8:18 p.m.

PORTLAND, Maine — The number of single-family homes in Maine that changed hands in May was more than 7 percent higher than the same month last year, continuing a more than yearlong rise.

However, median sales prices fell for the third consecutive month.

The trend in Maine is the opposite of the national market for single-family homes, where sales volume decreased 5.7 percent in May, and the median sale price rose 4.9 percent to $213,600. In the Northeast, sales volume dropped 3.1 percent in May, and the median sales price rose 0.9 percent, to $256,700.

Angelia Levesque, president of the Maine Association of Realtors, said in a statement that the summer tourist season is boosting sales volume.

“High inventory levels in some areas of the state are keeping prices down, and the market is adjusting,” she said.

A total of 1,302 Maine homes changed hands in May, compared with 1,214 in May 2013. The statewide median sales price was down to $169,950, from $178,500 one year ago.

According to figures from Maine Listings, the median sales price had risen each month from August 2012 to February 2014, before falling against the previous year in March, April and May.

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