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Median home sales prices in Maine rise in December

Mainers saw an increase in home sales prices in December.

Mainers saw an increase in home sales prices in December.

Prospective movers considering Vacationland - Maine - as a potential place to call home will be heartened by a report from the Maine Real Estate Information System.

According to the report, the median home sales price increased in December, up 4.2 percent compared to the same month in 2009, perhaps indicating a stabilized housing market and an economic bounce back.

Overall, however, the number of housing units sold in Maine last year actually declined by over 10 percent compared to the previous year.

Nevertheless, the increasing median home sales figure bodes well for the Mainers in the real estate market.

In a statement issued by the Maine Association of Realtors, Marc Chadbourne of Century 21 Nason Realty in Winslow said, "We are seeing movement in all segments of the market .... The take away is that buyers are acting on current market conditions knowing prices have stabilized and that the next price adjustment may be going up." Chadbourne went on to say the combination of favorable financing and a low-priced housing market is something people could have only dreamed about a few years ago.

Indeed, home values around the country are at their lowest ebb in recent memory. Nevertheless, the National Association of Realtors says 2010 was the worst year for home sales since 1997 in the U.S. Economic experts believe this is largely due to a jobless economic recovery.