Home sales in Maine ticked up just more than 3% in May, compared to the same time last year.
The Maine Association of Realtors says more homes are coming onto the market, which is positive news for buyers. At the end of May, Maine had 4,422 homes on the market — an increase of roughly 19% from the end of April, according to the association.
Meantime, home prices have hit a new historic high. The median sale-price now stands at $425,000, up nearly 7% from the same time last year.
“While the statewide median sales price reached a new historic high of $425,000 in May, eight of Maine’s 16 counties reported median sold prices below $350,000 and six of those counties had a median sold price below $300,000," said Jeff Harris, a Farmington-based realtor and president of the Maine Association of Realtors.
The group expects that prices will moderate as the inventory of homes expands over time.
