The number of homes sold in August rose 8.8% across the State of Maine, according to the Maine Real Estate Information System(MLS) with 882 sales.
Statewide dollar volume reached $882 million compared to $797 million for the same period last year. The median sale price rose by $5000.
Lawrence Yun, chief economist for Realtors said that there is inventory shortages in many metro areas and that it appears that it is a seller’s market as more buyers are competing for a limited number of homes available for sale.
Home sales in the Greater Bangor Area (Bangor, Brewer, Glenburn, Holden, Hermon, Hampden, Orono, and Old Town) followed the state wide trend increasing 5% over last August with a median sale price of $152,000.
Bangor Area Realtors note that mortgage rates at their historic lows continue to support home ownership for first time home buyers who prefer ownership versus renting.