The Maine Association of Realtors sent out a press release today with the results of the rolling quarter home sales statistics, saying "Maine home sales decreased (-2.23%) comparing July 2016 to July 2015. The median sales price (MSP) was $197,700 a 4.66% increase in that same time period. NAR reports existing home sales decreased and prices increased nationally and in the northeast comparing July 2016 to July 2015." See the full press release here.
We feel that it is important to point out that MEDIAN home prices are not a good indicator of home values. The median home price is simply the number smack dab in the middle if you line up all of the homes sold by price. An increase in the MEDIAN home price can simply be due to more homes in the upper price ranges selling or fewer in the low ranges. It does not indicate an increase in actual home values. We are not quite sure why so many news outlets and organizations continue to cling to this statistic.
In order to track actual home values, you need a broader range of data and you need to compare home values within a specific area as well as a particular price range. We collect this data constantly and crunch the numbers in order to keep our fingers on the pulse of the market.
Year to date, the 5 counties that The Maine Real Estate Network serves most heavily (Androscoggin, Cumberland, Oxford, Penobscot, and York, have seen an increase in the # of homes sold by an average of 13.8%, but The Maine Real Estate Network has increased it's sales during the same period by over 39%. Those same counties had average home price increases varying from 0% in Penobscot County to a high of 5.7% in Androscoggin County, while The Maine Real Estate Network saw an increase in average sale price of 8% during the same period.
With unprecedented investments in technology and resources for our agents as well as THE BEST Maine real estate website with an average of over 100,000+ visitors each and every month, The Maine Real Estate Network continues to outpace the market. Please do visit our website here if you would like access to live MLS data and trends for your favorite area of Maine. This interactive live feed will help you truly get a feel for current market trends.