Existing home sales statewide continued to increase at a brisk pace of nearly 6% in October to 1246 from 1177 for the same period last year.
Penobscot County single family homes sales out paced the statewide rate showing a 15.9% increase with 262 homes selling compared to 226 last year. With a nearly 7% increase in average sale price the total dollar volume of homes sold reached 37 million dollars. The average price topped $141,000 compared to last years’ October average of $132,500
Sales in the Bangor Area, including Bangor, Brewer and eight surrounding communities of Glenburn, Hermon, Holden, Hampden, Orono, Orrington, Old Town and Veazie reached 17 million dollars, up 17.5 percent over last year with a dramatic 17.6 percent increase in their average sale prices.
Nationwide Realtors report sales were up 5.2 percent last month with the average sale price at $199,500.
Local Realtors are optimistic about current market conditions with interest rates continuing to be near historic lows and a growing inventory for the new year.