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Bangor Area Strong Finish

Maine’s real estate market closed out 2015 with a very healthy report. According to Maine Listings (MLS) data, sales of single-family existing homes increased 10.97 percent when compared to 2014. The median sales price for the 15,672 homes sold last year was $180,500—a 3.14 percent increase from last year below the regional Northeast sales increase which were up 11.9%.
Penobscot County saw home sales increase to 1428 from last year’s 1218, a 17 percent rise.
The Bangor Area (Bangor, Brewer, Hampden, Hermon, Holden, Glenburn, Orrington, Orono, Old Town and Veazie) lead the way, beating regional, county, and state numbers with 766 homes sold, a 19.6 percent increase over 2014.
The average sale price of homes sold in Penobscot County rose 5.2% to $144,000 where the Bangor Area home prices remained nearly the same as last year at $161,400.
According to Ed Gardner, 2016 President of the Maine Association of Realtors, “The annual numbers are very positive for the real estate market in Maine, likely due to continued low interest rates, and confidence in the economy. For the most part, prices were stable and increasing for the year.
Area Realtors point to consumers’ confidence their home purchase is a sound investment and their recognition of the stability of the real estate market in Eastern Maine.
In the regional Northeast, sales were up 11.9 percent and the regional MSP rose 5.3 percent to $255,700. According to Ed Gardner, 2016 President of the Maine Association of Realtors, “The annual numbers are very positive for the real estate market in Maine, likely due to continued low interest rates, and confidence in the economy. For the most part, prices were stable and increasing for the year. Some markets are experiencing tight inventory at certain price points and ‘days on market’ has decreased over data from a year ago. Only Maine’s most rural counties experienced slight sold price declines.” Gardner, Broker/Owner of Ocean Gate Realty LLC, added, “Overall the data shows a confidence in the stability of the market and buyers are making sound investments in residential real estate.” Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of December only, statewide. The second chart compares the number of existing,

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