Despite a dip in sales during September, most Maine Realtors continued to express optimism for the southern Maine housing market. Sales of single-family existing homes declined 5.1% comparing September 2018 to September 2017. The value of those homes, tracked statistically by the Median Sales Price (MSP), indicates a rise in home values of 3.8% to an MSP of $215,000. The MSP indicates that half of the homes were sold for more and half sold for less.
Additionally, the three-month rolling quarter sales statistics are up 3.4% and year-to-date sales are up 2.2% compared to 2017.
Cumberland County
Sales in Cumberland County for the first three quarters of 2018. Through the first nine months single family home sales are flat, while prices are up almost 7%.
Home sales have been trending downward the last several months, while selling prices have continued to inch upwards. The price of $295,000 for the month of September was the first in the last five below $300,000 threshold. Inventory levels have remained essentially unchanged for the last several months – and is actually up 39% since January.
Nationally & Regionally
Across the country, existing home sales declined in September, following a flat month August. All four regions of the country experienced no gain in sales activity. In fact, it was the lowest sales level since November 2015.
The median existing-home price for all housing types in September was $258,100, up 4.2% from September 2017 ($247,600). September’s price increase marks the 79th straight month of year-over-year gains.
Unsold inventory is at a 4.4-month supply at the current sales pace, up from 4.3 last month and 4.2 months a year ago. This statistic for Cumberland County was a 4.0 at the end of September.
September existing-home sales in the Northeast decreased 2.9% to an annual rate of 680,000, 5.6% below a year ago. The median price in the Northeast was $286,200, which is up 4.1% from September 2017.
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About the Author: Michael
