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First Quarter Home Sales on the Rise

Strong March home sales represent a continuation of a strengthening of Maine’s real estate market. The statewide figure for the month was up over 13%.

Strong March home sales represent a continuation of a strengthening of Maine’s real estate market. The statewide figure for the month was up over 13%.

The median sale price increased slightly compared to March of last year following the national trend of slow improvement in the sale price of existing single family homes.

Maine ‘s single family home sales reached just over nineteen hundred for the first quarter of this year up 14% from the same time last year.

The trend continued in Penobscot County with the quarter showing a 5.65% increase in homes sold and a nearly 3% increase in median home prices.

Considering the Bangor area, (which includes Bangor, Brewer, Glenburn, Hampden, Hermon, Holden, Orono, Old Town, Orrington and Veazie) home sales increased 8.1%. The average selling price of a home during the first quarter was up 3.9 percent to $134,000.

Most Realtors agree the firming of selling prices represents the beginning of the housing recovery. The next phase will be a reduction in homes for sale.

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