MAINE HOME PRICES UP 2.78 PERCENT IN APRIL
According to the latest release from the Maine Association of REALTORS®
, Maine home prices rose 2.78% in April. However, the currently inventory of available homes remain low; a 13.93 % decrease in sales of single-family homes from April 2016 to April 2017.
Overall, the statewide medium sales price rose 5.11% from April 2016 to April 2017. Washington County had the highest increase at 68.99%, with the medium sales price of $70,950 in 2016 climbing to $119,900 in 2017. On the flip-side, Knox County had the highest decline in medium sale price from $197,500 in 2016 to $186,500 in 2017, a decline of 5.57%.
“Low inventory is impacting potential sellers as well. Some are hesitant to list their homes without a suitable ‘next step’ to move into, but now is a great time to work with your REALTOR® to navigate the real estate market, whether you are on the selling end or buying end of the transaction", states Greg Gosselin, 2017 President of the Maine Association of REALTORS®.
Even with fewer homes on the market, it is still a great time to buy or sell a home. Gosselin added, “The basics continue; families need someplace to live, interest rates continue to be historically low, and owning your own home and real estate is one of the best ways to build your net worth over the long term.”
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