Home prices in Maine jumped by more than 5% in January compared with a year earlier, while the volume of sales was relatively flat.
A report issued Wednesday by Maine Listings said the median sale price of detached single-family homes in Maine rose by 5.3% from a year earlier, to $200,000 in January. The median indicates that half of the homes sold for more and half sold for less than that amount.
Home sales volume in Maine rose by 0.2% in January compared with a year earlier, the report said.
“Buyers are anxiously awaiting the increased for-sale inventory that spring traditionally brings,” said Kim Gleason, president of the Maine Association of Realtors and broker/owner of McAllister Real Estate in Hallowell. “The January 2018 for-sale inventory (was) 17% below January 2017 due to a strong winter selling season.”
January was not the first time in Maine that the median home price has reached $200,000, according to Maine Listings. That milestone was first reached in May, and the median hasn’t dropped below $200,000 since then, it said.
Maine home sales volume for the three-month period ending Jan. 31 was up 5.1% from a year earlier at 3,951 sales, and the median sale price of $200,000 was up 5.8%, Maine Listings reported.
The biggest increase in home sales occurred in Franklin County, where sales volume for the three-month period jumped by 58.3% from a year earlier, it said. The biggest decrease was in Waldo County, where sales activity fell by 15.8%.
The biggest increase in median price occurred in Piscataquis County, where the median increased by 25% from a year earlier to $118,750. The biggest decrease was in Hancock County, where the median price fell 6.9% to $209,500.
Nationally, home sales dipped 4.8% in January compared with a year earlier, according to the National Association of Realtors. The national median sale price in January was $241,700, an increase of 5.7% from January 2017.
Regionally, sales in the Northeast declined by 7.6% while the regional median price of $269,100 represented a climb of 6.8% from a year earlier, it said.
Tribune Content Agency