Southern Maine pricing leveling out

Posted on April 22, 2008

Taking the sold home statistics for the 4 counties followed, since the beginning of the year the average sold price level appears to have leveled out and appears to be statistically stagnant. Minor drops have occurred and will continue, but in Cumberland and York counties which includes the Portland real estate market the current pricing is similar to a year prior and a 6% increase over last years statistics in York county occurred this previous month. The pricing volatility and month to month fluctuations for coastal Maine properties will continue going forward due in large part to the lower transaction levels. Overall the pricing levels seem to have found an equilibrium.

View the complete housing statistic report here.

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February Southern Maine housing statistics report

Posted on March 13, 2008

In the month of February similar conditions to January were seen in the Southern Maine housing markets. Transaction volume remained down by approximately 25% in York and Cumberland county whilst sample sizes are too small in Sagadahoc and Lincoln to draw strong conclusions from. The average prices remained moderately stable with an overall trend downward albeit for a 4% increase in York. The Days on Market vs a year ago decreased significant, but remain on par with January’s numbers.

View the complete report here.
More information on Coastal Maine communities here.

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Southern Maine real estate market report 2007

Posted on January 8, 2008

Contrary to national trends the Southern and Coastal Maine real estate markets fared better than average in 2007. Albeit for seasonal fluctuations the average sold prices varied little from their 2006 numbers (see below.) Both York and Cumberland counties, (home to Portland Maine) hovered around 300K while Sagadahoc (Bath and Brunswick) and Lincoln were 226K and 281K respectively. Prices are dropping in the coastal Maine markets but averages are being propped up due to a higher number of luxury home/condo purchases. Inventory levels up ticked on average 8% relative to 2006 levels and days on Market were up 10% over 2006 levels. Transaction volume decreased on average 10% for the 4 counties followed. In 2008 look for the similar trends of reduced transaction volume, continued longer days on market and pricing to remain relatively stable or perhaps dropping a few percentage points off 2007 levels.
View the complete Maine housing statistics picture here.

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Bath vs Brunswick real estate prices

Posted on December 31, 2007

The Iron Works (Bath) vs the Naval Air Station (Brunswick). A comparison of pricing between the 2 mid-coastal Maine towns. With the housing markets sluggish, heading north from Portland about 30 minutes you arrive at Brunswick, home of Bowdoin college and hosting a variety of great restaurants and culture. Traveling another 10 minutes east you hit Bath, nestled on the Kennebec river.

                                 Bath           Brunswick
# Sold 2007              108               227
Avg Sold Price          190K             263K
Current Inventory      97               175
Avg. Asking Price      242K             289K

With twice the inventory and a 38% higher average sold price 3 primary factors for Brunswick’s higher pricing include:
1) Double the size of Bath. (20,000 vs.10,000 approximately)
2) 10 minutes closer to Portland
3) Home to Bowdoin College

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Maine October Housing statistics

Posted on November 27, 2007

Following the trend seen last month the total properties sold in the 4 counties remained significantly down from a year prior. Avg. pricing for both Southern Maine (York and Cumberland) and mid coastal Maine (Sagadahoc and Lincoln) remained flat throughout. A slightly higher price in Sagadahoc can be attributed to a small sample size. (Note: York million dollar home sales were removed from data due to abnormal high number, actual avg. sold price was 338K). Days on Market continue to fluctuate greatly throughout all areas followed. Inventories were down significantly in all 4 counties which is typical for this time of year. Get the complete Maine newsletter with housing statistics here.

   October 2007 (October 2006) (Yearly % Change)
                        # Sold                          Avg. Price

York                210(249)(-16%)         286K (290K)(-1%)
Cumberland    280 (357)(-22%)      312K (313K)(0%)
Sagadahoc      35 (31)(12%)            236K (216K)(14%)
Lincoln            44 (45)(-3%)           286K (294K)(-3%)

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Volatility in Southern Maine Real Estate

Posted on October 26, 2007

After an encouraging August, September illustrates the volatility we have and will most likely continue to see in the markets for Southern Maine real estate.  For the 4 counties followed transaction volume was off 18% from 2006 and off greater than 28% from 2005 levels. The Average prices of homes rose in both York and Lincoln counties, but fell by 5% in Cumberland and Sagadahoc. The days on Market fluctuated greatly throughout the 4 counties. For the complete report  and housing statistics click here.

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Portland Maine Single Family Appreciation

Posted on October 24, 2007

Realizing it has been way to long since my last post and making the effort to post a bit more frequently, here is a direct comparison to the Portland Maine real estate condo posting in the previous entry to this one.  Similar inventory levels are seen for both condos and SF homes, the appreciation to me is surprisingly a bit less for the homes vs. condos, but similar trend through the years are seen in both data set.
Currently in Portland there are 259 single family homes on the market with an average asking price of 378K.
The breakdown of price points is as follows:
Under 200K    200-300K    300-500K    500K +
40           114               71             36

Here is a look at the number of properties sold, the average price and year upon year appreciation for Portland homes.   The total appreciation has been 81% for the entire time period.
Year    # Sold    Avg Price    Yearly Appreciation
2007     404        246K            3%
2006     570        239K           -4%
2005     519        252K            11%
2004     566        228K            15%
2003     498        192K             7%
2002     491        167K            21%
2001     473        151K            10%
2000     479        126K

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Portland Maine Condo Appreciation

Posted on October 11, 2007

Is there a difference between condo pricing and single family home pricing in the Portland Maine real estate markets. Below is an analysis on the current condo market in Portland and to follow will be a single family home analysis for comparison.

Currently in Portland there are 243 condo properties on the market with an average asking price of 294K.

The breakdown of price points is as follows:

Under 200K    200-300K    300-500K    500K +
80          97              43             25

Here is a look at the number of properties sold, the average price and year upon year appreciation for Portland condos.  The total appreciation has been 96% for the entire time period.
Year    # Sold    Avg Price    Yearly Appreciation
2007       220    246K                 3%
2006       312    239K                -5%
2005       368    252K                 11%
2004       296    228K                 19%
2003       250    192K                 15%
2002       220    167K                 11%
2001       168    151K                 20%
2000       165    126K

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Maine Association of Realtors releases housing stats for August

Posted on September 27, 2007

Following suit with the Maine home property statistics for southern Maine real estate the statewide sales volume was up 6.74% for Maine in August.  A total of 1,425 homes sold in the month with a median price of 195K, unchanged from a year ago prior.  Nationally home sales dropped by 13% and for the Northeast it was down 3.6%.  Read the complete report right here. 

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August Southern Maine home prices on rise

Posted on September 25, 2007

Despite chaos in the national and local credit and financial markets, Maine posted strong results for the month of August with healthy transaction volume in all 4 counties, increasing 16%  and 11% in York and Cumberland respectively from a year prior.  Average prices were also up in all 4 counties followed as inventories decreased in 3 out of the 4 markets for the first time in many months.  Relocation and retirement buyers throughout the area continue to help Maine fare better than most other parts of the country. See the complete Southern Maine report here.

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