Below you will see current listing, pending and March home sales data for the City of Bath and Towns of Brunswick and Topsham, which are the major towns in Maine Home Realty’s Market Area.
Inventories climbed steadily during March in Bath and Brunswick with Topsham’s inventory dipping just a bit.
Brunswick and Topsham both saw unit sales up in March, as compared to February, with Bath down slightly. When we compare unit sales from this March to March 2013, the numbers are up in Brunswick and Bath, but down slightly in Topsham.
More interesting is what is happening with median sold prices. If you compare median sold prices in March to median sold prices in February 2014, you see an increase in Bath (because it had dipped earlier), but median sold price dips in Brunswick & Topsham. If you then look at March 2014 compared to March 2013, you see across the board decreases in median sold price. A couple possible reasons for this: 1) Many homes in the lower price ranges continue to sell as we are not done with foreclosures and short sales in this area; and 2) sales that closed in March were put under contract in January and February, when home owners may have been willing to accept less for their property to achieve a quicker sale.
The best news is that Pending Sales, in March, are increased across the board, which is a very good sign for a strong Spring Real Estate Market!