PORTLAND, Maine (NEWS CENTER) — Maine's real estate market is outpacing the rest of the nation. New numbers show home sales in Maine were up nearly 12 percent in 2016. Nationally, the number was less than 1 percent.
According to the Maine Association of Realtors, more than 17,000 single-family homes were sold in the state last year. That's a nearly 12 percent increase over 2015. The median price of a home was just under $190,000, a jump of almost 5 percent.
Dava Davin is the owner of Portside Real Estate Group in Falmouth and Portland. Her company sold 376 single family homes last year. If a property is priced right and in good condition, she says it's a seller's market.
"Single-family homes spent 12 days on the market on average in 2016, it gives you an idea of how many buyers are out there coming with offers in hand," Davin said.
Sales are strong across the state, not just in Cumberland County. Lincoln County saw big jumps in homes sold as well as a 10 percent hike in median price up to $210,000.
The strong sales have led to a sharp drop in inventory. Realtors say inventory is very low right now and buyers need to be prepared to move quickly when they find a property they like.
Mortgage rates remain at historic lows although they are starting to climb. John Rose of Acadia Lending believes those rates will continue to tick up in 2017, but doesn't think it will have a negative impact on the real estate market.
"Normally when rates are going up those are good signs that the market and economy is doing better," Rose said.