January 29, 2020
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Maine home sales decline statewide in June, but prices nudge up

Elise Amendola | AP
Elise Amendola | AP
In this Monday, July 22, 2019, photo a sign advertises a house is for sale in North Andover, Mass. On Tuesday, July 23, the National Association of Realtors reports on sales of existing homes in June.

Sales of existing single-family existing homes in Maine fell 7.18 percent in June compared with the same month in 2018, although prices increased 5.09 percent, according to monthly figures from Maine Listings.

“After a slow start to 2019, the number of single-family real estate sales bounced upward in April and May, but declined again in June,” Peter Harrington, president of the Maine Association of Realtors, said in a statement.

Sales volume also was down 2 percent for the first half of this year compared with the first half of 2018. However, Harrington said that the number of houses for sale also is down 6 percent over the six months compared with 2018.

The median sales price of existing single-family home was up more than percent to $239,085. The median sales price indicates that half of the homes were sold for more than and half for less than that number.

Penobscot and Cumberland counties saw sales price rises from April to June of 2019 compared with the same three months of 2018. However, Cumberland saw unit sales fall over the three months. Unit sales were up 0.43 percent in Penobscot County, which includes Bangor, to 468 units, while the sales price rose a hefty 15.29 percent to $160,250.

In Cumberland County, which includes Portland and South Portland, unit sales were off 4.22 percent to 1,068 units, but prices remained strong, up 8.01 percent to $337,000.

Piscataquis saw the highest rise in median sales price from April 1, 2018 to June, 30, 2018 compared with the same period in 2019. Prices were up 21.16 percent to $133,277 and unit sales rose 7.5 percent to 86.

Waldo County saw the highest sales price decline of 5.91 percent to $175,000, but the number of units sold was among the highest in the state during the three months, up 25.96 percent to 131 existing single-family homes.

In Sagadahoc County, unit sales fell the most in the state by 23.94 percent to 108 units, but the price was up 5.53 percent to $248,000.

Statewide during the three months, median sales prices were up less than 1 percent ad 0.3 percent to 4,655 units, while prices were up 4.35 percent to $338,000.

Nationwide, sales of existing single-family homes dipped 1.7 percent comparing June 2019 with June 2018. However, the national median sales price was up 4.5 percent to $288,900 in June, according to the National Association of Realtors.

Sales in the Northeast declined 4.2 percent, while the regional sales of $321,200 was up 4.8 percent compared to June 2018.

“Buyers are on the sidelines waiting for affordable homes to come onto the market. With mortgage interest rates continuing to hover at historic lows, we expect that markets will remain healthy and respond as for-sale inventory becomes available,” Harrington said.

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