A lack of homes for sale continues to define the real estate market in Maine as sales dropped while prices rose last month.

Latest figures from Maine Listings revealed a 0.49% decrease in the number of existing homes sold in February when compared with the same month last year.  Conversely, the median sales prices (MSP) was up by 2.85% to $200,000 for the same period. The MSP indicates that half of the homes were sold for more and half sold for less.

The National Association of Realtors (NAR) reports that existing home sales were down and prices up nationally. Sales and prices were up in the northeast region comparing February 2019 to February 2018. 

Read the full report here

Those in the industry point to the “tight” inventory as the major factor in both the number of homes sold and the prices paid for them. Although the spring season does traditionally tie in with an increase in the number of listings brought to market.

For more information on local market conditions and what this means for your home’s value or indeed your home search please call us today on 207-553-1377.

To find out how much homes are selling for in your neighborhood visit: www.NeighborhoodHomeSales.com