ME home sales up, prices down in February, says RE/MAX

The volume of Maine houses sold in February jumped year-over-year, according the latest RE/MAX of New England Monthly Housing Report, released today.

In February 2011, 564 homes were sold statewide, compared with 703 this year, the report said. That’s a 24.6 percent jump, the second highest percentage increase in New England, following Rhode Island, which was up 38.4 percent (though on lesser overall volumes).

The median home sales price in Maine did dip year-over-year, the report indicated. In February 2011, the median price was $157,500, and it dropped by 7.1 percent this last February to hit $146,300.

Massachusetts, Rhode Island, Maine and New Hampshire all experienced a significant increase in sales, while Vermont and Connecticut remained relatively flat. Year-over-year, every state in New England saw average home prices fall.

“Increased sales across New England indicates a strengthening market,” said Jay Hummer, executive vice president, RE/MAX of New England. “With the Obama administration reporting that we’re seeing the lowest national inventory of homes for sale since 2006, we should see pricing start to adjust accordingly.”

If history is any indication, the official February numbers from the Maine Association of Realtors should be out in the next day or so. The numbers usually track fairly closely with the RE/MAX numbers, though I believe they may cast a slightly wider net in Maine.