The Maine Association of Realtors reported February home sales in Maine, by its members, increased by over 13.3% compared to February of 2014. The median sales price for those homes increased 4.62 percent to $167,400. Nationally, single-family existing home sales rose 5.9 percent in February with the Northeast region experienced a 3.6 percent rise.
Home buying was an even more popular pastime in Penobscot County with the number of homes sold for the period increasing to 175 from 128, a 35.9% increase with a slight increase in the median sale price to $117,500. The total dollar volume was up 45.6% to $21.5 million.
The Bangor Area also showed a dramatic increase of 30% with 78 homes sold representing nearly 13 million in dollar volume. Bangor saw a decline in the median sale price to $143,000 from $157,000.
It is anticipated that there is still a strong pent up demand for homes that will translate into a continuation of a robust spring market as home buyers take advantage of very favorable mortgage loan interest rates and an increase in home hitting the April and May market.
– Jon Dawson
There are generally three generations in the home buying market. They are the Boomer generation who were born ‘post war’ from 1946 to the mid 1960s, generation “ X “ who are in the 35 to 55 year age range and the newest generation “Y” who are under thirty five.
Often referred to as the”Millennials” and born after 1980, they comprise the largest share of home buyers at 32%. The “Boomers” are a close second with 31% of all recent home purchases. The Millenials has the largest share of first-time homebuyers at 68%.
Seniors, called the ‘Silent Generation’ comprise 3 percent of recent homebuyers.
Thirteen percent of all buyers purchased a multi-generational home, one in which the home consists of adult children over the age of 18.
Younger buyers tend to buy older homes and are more likely to buy previously owned homes. After finding the home they wanted, Gen Y and Gen X expect to live in their home for at least ten years.
– Jon Dawson
Potential sellers thinking about selling their home, but want to wait until Spring, are missing out on a critical time in the marketplace.
Spring is NOW! The large snow banks that are still around us may have us deceived, but here is the logic behind listing your home despite the remaining drifts…
- April shares with August the highest number of properties going under contact.
- The average home that sells is on the market for approximately 100 days before it goes under contract (that is over three months).
According to those timeframes, these are homes that buyers have been looking at since mid-winter. Why miss out on the activity that is currently going on in the marketplace today?
In addition to that, 23% of the rolling year’s home sales occur from November to mid-March. And you may want to ask yourself, “Do I want to miss out on one of 23% of buyers who closed on a home during “the winter”?
Considering all of these factors, there are several reasons to put your home on the market in the Spring. Why not put your home on the market today with a qualified Realtor and maybe find the right buyer earlier than you expected?
– Jon Dawson
Improved buyer demand at the beginning of the year pushed pending home sales in January to their highest level since August 2013, according to the National Association of Realtors. All sectors of the country except the Midwest saw gains in activity in January.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, climbed 8.4% this January compared January of last year. This marks the fifth consecutive month of year-over-year gains.
Lawrence Yun, the chief economist for the National Association of Realtors said, “ For the most part buyers in January were able to overcome tight supply to sign contracts at a pace that highlights the underlying demand that exists in today’s market. Contract activity is convincingly up compared to a year ago despite comparable inventory levels, The difference this year is the positive factors supporting stronger sales, such as slightly improving credit conditions, more jobs and slower price growth.”
Yun also points to more favorable conditions for traditional buyers entering the market. All-cash sales and sales to investors are both down from a year ago, creating less competition and some relief for buyers who still face the challenge of limited homes available for sale.