MAINE REAL ESTATE SALES UP 20 PERCENT; PRICES CLIMB 7.06 PERCENT IN AUGUST
This is the headline of the latest press release from the Maine Association of Realtors. However, as you can imagine, headlines (and even some statistics) don't always tell the full story. So what do the latest figures mean to you?
Most Maine counties saw an increase in both the number of sales and the median sale price for this past quarter when compared to the same period last year. This does give indications that our real estate market is strong and on it's way to recovery. However, an increase in the median sales price does not necessarily indicate that prices have gone up.
Here in Androscoggin county, when we dig a little bit deeper, we see that prices are holding, but the increase in median sales price can actually be attributed to an increase in the number of homes in the upper price ranges selling. Over the last 2 years, sales of homes above $250,000 were not strong. This year, we have seen a dramatic increase in sales of homes in this price range, which has pulled up the median sales price for the area. The market is hopping though, and we have seen a dramatic increase in the number of home sales in all price ranges.
Below are the quarterly stats for each county and you can view the press release here. To get a complete picture of your home's current value, please give me a call and I would be happy to run a thorough analysis for you.
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