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