In a statement prepared by MREIS March 24, 2008, Maine continues to be ahead of national sales figures in February 2008 - This despite a small decrease in the median sales price and number of units. A harsh winter season slowed sales of Maine real estate by 20% from a year ago during the month of February.
Prices, however, dipped a slight two percent. A total of 555 single-family, existing homes sold in Maine during the month of February 2008. One year ago, 698 homes sold during the same period. The median sales price (MSP) for February home sales was $190,000, a decrease of 2.04% from February 2007’s MSP of $193,950. The median sales price indicates that half of the homes were sold for more and half sold for less. According to NAR nationwide sales of existing single-family homes fell 22.9% in February. The median national sales price decreased 8.7% to $193,900. In the regional Northeast, home sales fell 26.4 percent and the regional median sales price rose 0.4% to $264,800.
It is clear that the market slowed during December, January and February, primarily because of the weather this winter and the constant negativity of the media. Consumer confidence was shaken as reports that ‘the market is down,’ flooded the airwaves and print. In most cases, however, median sales prices have not decreased and Maine has been one of the most stable markets in the country.
With inventory up, interest rates low and sellers completing repairs prior to putting their properties on the market, the time could not be better for buyers considering Maine real estate. This is true fnot only for preexisting homes but new construction and vacation homes as well.
Posted by: Michael Sosnowski
Categories:
Maine Real Estate
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