Continuing a trend that the state of Maine has seen for a number of months, real estate values continue to rise, even as the number of sales continues to drop.
Maine Association of Realtors President Greg Gosselin says the increase in price is tied to a persistent lack of inventory. He says this is of particular concern along the coast.
Gosselin says while there are a lot of people looking for homes, current home owners are concerned that, if they sell, they won’t be able to find a suitable property to move into.
“Whether they’re upsizing, going to upscale, get larger homes or downsizing for folks that are looking towards retirement, the inventory’s just not out there,” he says.
The Maine Association of Realtors says the median sales price in June of an existing single-family home was $205,000, a 3.5 percent increase compared to the year before. The number of sales in June was down 3.62 percent.
