Maine Real Estate Statistics
Maine Real Estate Prices Climb Slightly;
Sales down in June
 
 
South Portland (July 26, 2007)-Sales of Maine real estate cooled during the traditionally busy June summer sales period. Though sales decreased in accordance with national trends, statewide home prices are on the rise.
 
According to the Maine Real Estate Information System, Inc., Realtors sold 1,316 single-family existing homes I June 2007-- a 16.76 percent decrease from June 2006, when 1,582 homes changed hands. The median sales price for homes sold last month reached $199,950 up 0.48 percent. The median sales price indicates that half of the homes were sold for more and half for less.
 First Half Year
From January 1, 2006 - June 30, 2006 to January1,2007-June 30, 2007
County #Units sold
2006		 #Units Sold
2007		 % Change MSP
2006		 MSP
2007		 %Change
Statewide  6449 5637 -12.59% $194,500 $195,000 0.26%
Cumberland 1618 1480 -8.52% $249,900 $249,900 0.00%

 

 

National Statistics
National Prices Rise, Sales Slow

Existing home sales declined slightly from May to June, according to a recent report by the National Association of REALTORS® (NAR). Even so, prices increased slightly during the month as inventory levels reduced. The overall national market for existing homes slowed 3.8 percent in June. NAR has revised its existing home sales forecast but still anticipates 5.75 million units to be sold in 2007.

The thirty year conventional, fixed rate mortgage has risen to a national average of 6.66 percent in June, compared to 6.26 percent in May. This is close to the 6.68 percent available in June 2006. Despite this increase, NAR president Pat Combs explains that today's buyer has a lot of opportunity. "You really need to consult with a knowledgeable real estate professional about local market conditions," she said. “Experience is one way REALTORS® add value to the real estate transaction, and a reputable agent is your best resource to navigate the current market, whether it's moving up or down."

Average Sales Price of Existing Homes by Region
Date U.S. Northeast Midwest South West
2004 $244,400 $273,600 $189,400 $215,600 $324,300
2005 266,600 297,000 203,800 231,700 363,800
2006 268,200 299,700 205,300 230,000 371,300
01/07 257,300 292,500 194,700 222,500 352,300
02/07 260,100 292,200 188,400 225,200 366,700
03/07 265,200 302,100 199,100 227,300 365,200
04/07 268,100 308,500 200,100 226,700 373,100
05/07r 270,600 313,200 204,300 229,700 372,000
06/07p 276,700 319,600 212,500 239,300 370,300
Statistics from the National Association of REALTORS®

June statistics for existing homes were lower across the country. Northeast home sales fell 7.3 percent while homes sales in the Midwest increased 2.8 percent. The Western region saw a decline of 6.8 percent during this time, and sales in the South eased 1.7 percent.