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Maine Home Sales Up For The 7th Consecutive Month

By
Real Estate Broker/Owner with Legacy Properties Sotheby's International Realty

MAINE HOME SALES UP OVER 2 PERCENT IN JANUARY

Seventh consecutive month of sales increases in Maine

SOUTH PORTLAND (February 22, 2012) — Single-family existing home sales continue to climb in the state of Maine. The Maine Real Estate Information System, Inc. (MREIS) reports 547 homes sold during January 2012, a 2.05 percent increase compared with January 2011. This is the seventh consecutive month of home sales increases in Maine. The median sales price (MSP) for those homes decreased 1.88 percent to $157,000. The MSP indicates that half of the homes were sold for more and half sold for less.

According to the National Association of Realtors (NAR), home sales nationwide rose 2.3 percent comparing January 2012 to January 2011. The national MSP decreased 2.6 percent to $154,400. Existing home sales in the regional Northeast increased 7.1 percent while the regional MSP declined 4.2 percent to $225,700.

John Hatcher of Keller Williams Realty in Portland relays, “Consumer confidence has been steadily increasing over the last year. Interest rates are at record lows with rates as low as 2.5 percent. It’s hard to believe it can get any lower. The combination of home prices and interest rates makes now a singular opportunity to buy a home.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of January only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of November and December of 2010 and 2011 and January 2011 and 2012.

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