Home sales rocket up again

by Susan P. Arena
     
     OXFORD HILLS - Both the number of local homes bought AND the prices those residences demanded have leapt by more than 25 percent over the same time period last year.
     In the rolling quarter which included December, January and February, 2003-2004, 27.43 percent more homes sold than during the same period last year (2002-2003).
     And those homes sold for 25.63 percent more than the year before.
     That's a windfall of good news for those selling homes, but because the price of homes in other areas of Maine is much higher, bargains can still be found here.
     Across Maine the median price for a home hit $165,000. In Oxford County the median price is $125,000. (The median sale price suggests that half of the homes were sold for more and half were sold for less.)
     Statewide sales were up 7.29 percent, compared to 27.43 percent in Oxford County. The median price of a home rose 13.01 in Maine, but leapt 25.63 percent in Oxford County.
     The escalation in sales is spurred on by low interest rates, and because some families are hurrying to find and buy a home before prices go even higher.
     In 2003, the number of homes sold in Oxford County fell 6.98 percent from 2002. A total of 688 homes were sold in 2002 with 640 sold in 2003.
     But during the last three months - December, January and February - the number of Oxford County residences sold has jumped a phenomenal 27.43 percent. During these three months, a total of 144 Oxford County homes have sold, compared to 113 last year.
     Maine's statewide numbers remain promising - with a 7.29 percent increase in sales during December, January and February of 2003-04 over the same months of last year (2003-2003). However, local increases have been even higher than the improving statewide numbers.
     In direct contrast to recent months, when the number of Oxford County homes sold has been below the state average, this month's reported numbers put local sales well above the rest of the state.
     The real dividend is that not only are local sales numbers up, but the increase in the median price of a home also was well above the state average.
     In Maine, the median price of a home sold between February 1, 2003 and February 29, 2004, sold for 16.16 percent more than during those same three months of the year before.
     In Oxford County, the median sale price of homes jumped 25.63 percent over those sold between December 1, 2002 and February 28, 2003. In that same time period, the median price of homes here has gone from $99,500 to $125,000.
     Although numbers for February sales are not available on a county-by-county basis, statewide numbers are compiled by single months. In February, 2004, Maine home sales were up from January sales by 3.51 percent.
     In the northeastern United States, real estate sales were up 7.5 percent when compared to February 2003, and the median price was $204,900, a 15.4 percent increase.
     Nationally, sales were up 5.7 percent in February over last February and the median price climbed to $168,100, also a 5.4 percent nation-wide increase over the previous year.