Home values in Maine are rising at a healthy pace, according to statistics released by the Maine Association of Realtors. Realtors across the state of Maine reported 1,960 transactions of existing, single-family homes during the month of June, leading to a sales increase of 9.62 percent in the past year.  Sales prices for those homes rose 5.49 percent to a median sales price of $198,000. The MSP indicates that half of the homes were sold for more and half sold for less.

The National Association of Realtors (NAR) announced this week a 3.1 increase in sales nationwide in June; the national MSP of $249,800 represents a 5.0 price jump over the past 12 months. Regionally, the Northeast experienced a 5.6 increase in sales and a 1.4 percent rise in prices, to equal a regional MSP of $284,800. 

Ed Gardner, 2016 president of the Maine Association of Realtors, says, “As the data shows, real estate sales and values continue to be strong, and conversations with Realtors across Maine indicate continued confidence in the marketplace.  New construction, including spec homes, are more prevalent than we’ve experienced in recent years.  The ‘days on market’ for sold properties has been declining during 2016, indicating qualified buyers are making their moves.”

Gardner, broker/owner of Ocean Gate Realty added, “A recent report released by the U.S. Commerce Department stated that the value of owning a home in the U.S. has never been greater, due to continued low mortgage interest rates and prices that have recovered and grown since the recession. Contact your local Realtor for guidance to determine if owning a home, with its federal and state tax deductions, is financially feasible for your household.”