Single family existing homes in Maine continue to be a focus of real estate buyers; leading to impressive double-digit sales figures in May. According to Maine Listings, 1,214 home sold last month, a jump of 17.29 percent compared to May 2012.

The statewide median sales price (MSP) rose 0.28 percent to $178,500. The MSP indicates that half of the homes were sold for more and half sold for less.

Nationally, sales increased 12.7 percent in the past year. According to the National Association of Realtors, the national MSP of $208,700 reflects a 15.8 percent rise. Single-family existing home sales in the Northeast region were up 8.3 percent and prices jumped 12.3 percent to a regional MSP of $269,600.

Bart Stevens, President of the Maine Association of Realtors, said the continued, healthy real estate sales numbers are a direct result of several factors. “First-time homebuyers continue to be a driving force in most areas of the state, due to continued low interest rates and relatively stable inventory. This allows existing homeowners to move forward with their real estate changes, which had been placed on hold for several years. The strong market in other areas of New England is now allowing those buyers the opportunity to pursue their dream property here in Maine.”

Stevens, owner/broker with Century 21 Nason Realty in Winslow, reported that inventory “continues to tighten in many areas of the state, particularly at many first-time buyer price points. Buyers, now more than ever, recognize the importance of working with a Realtor. Given today’s market dynamics, hesitating even 24 hours often results in the loss of that perfect home. A Realtor familiar with the area can easily prepare buyers and sellers for the rapidly changing market if they know their client’s wants and needs in advance."