Maine Residential Market Sales Soar as Home Prices Dip
Maine’s residential market is on an uptrend as single-family home sales saw an increase last month, a new report on the Bangor Daily News revealed.
Citing data from the Maine Association of Realtors, the report said that home sales for single-family units moved upwards even if home prices slipped to $178,000. Median home prices declined three months in a row starting February this year, following a continuous rise which started in August 2012.
Meanwhile, the total volume of residential property sales rose by as much as 3.3 percent from last year’s figures, amid a nationwide and regional sales slowdown. Home sales volume showed modest growth for 18 straight months, the report said.
“We have seen a consistent trend of unit volume increase and sales price decrease over the last few months,” Angelia Levesque, president of the Maine Association of Realtors, was quoted as saying in the report. “The good news is that buyers are out there and they are stepping up and purchasing.”
Sales prices generally declined in most counties including those with increasing sales volumes such as Somerset County, Penobscot, Knox, Kennebec, Lincoln, and Washington. The only counties that did not see a decline in home prices are Cumberland, Hancock, Kennebec, Oxford, and Piscataquis.
Among the counties, Somerset recorded the highest increase in sales volume with 150 closed deals. The county only sold 121 homes in 2013.
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The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.