Maine Realtors continue to report healthy increases in sales of single-family existing homes. According to the Maine Real Estate Information System, Inc., a total of 1,086 homes changed hands in July, an increase of 9.26 percent in the past twelve months. The median sales price dipped 3.66 percent to $171,000. The median sales price indicates that half of the homes were sold for more and half sold for less.

The National Association of Realtors reported a 9.9 percent jump in single-family home sales nationwide. The national median sales price increased 9.6 percent to $188,100 in July. Regionally, single-family home sales in the Northeast were up 13.7 percent and the median sales price rose 3.5 percent to $254,200.

Tina Lucas of Lucas Real Estate in Portland offered the following tips for sellers: “Price according to the current market dynamic. Inventory remains high, so prepare your home carefully and thoroughly for today’s discerning buyers. Be ready for negotiation, as the market typically demands some. Remember – all real estate is local; be aware of what is happening in your area. Consult a realtor for knowledgeable guidance.” 

Lucas, who also serves as President of the Maine Association of Realtors, counsels buyers to “be realistic when negotiating and know the comparable sales. Sellers are more receptive to buyers who are pre-approved. Don’t forget the tax advantages of home ownership when calculating your monthly expenses. Use your imagination; a diamond in the rough can be a great investment.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of July only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (median sales price) during the months of May, June and July of 2011 and 2012.

Statewide

2011 units sold: 994

2012 units sold: 1,086

2011 median sales price: $177,500

2012 median sales price: $171,000

Units sold 2011 vs. 2012: Up 9.26 percent

Median sales price 2011 vs. 2012: Down 3.66 percent

Lincoln County

2011 units sold: 62

2012 units sold: 92

2011 median sales price: $182,000

2012 median sales price: $176,600

Units sold 2011 vs. 2012: Up 48.39 percent

Median sales price 2011 vs. 2012: Down 3.30 percent