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You are currently viewing: Posts made in January, 2007

2006 Year End Housing Statistics

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Buying activity continued to remain strong through the holiday months and into early 2007.  After multiple months of sharp inventory decline perhaps an equilibrium in the short run has been found.   The ratio of new listings to sold listings was near 1 to 1 for December and price levels are seeing some volatility  month to month, but overall are very similar to where they were 1 year prior.   2007 will see healthy commercial and residential markets, a slower pace of new development and construction and a greater number of foreclosed properties on the market.

Inventories levels: A steady increase throughout the year, peaking in August/September, levels incrementally increased on a quarter by quarter analysis.

1st Qtr to 4th Qtr % Change in Inventories 
York     Cum     Sag      Lin 
26%      17%      14%      25% 

Homes Sold: Following national trends, the pace of homes sold dropped supporting the rise in inventories above.                 
          
Number Homes Sold 
                        York     Cum     Sag      Lin 
2005                 3472     4445     447       497
2006                 2885     4020     443       425
% Change        -17%    -10%     -1%      -14%


Average Prices:  Contrary to overall statewide and national statistics, coastal real estate prices continue to creep upward with moderate quarterly volatility due to seasonal buying and waterfront vs. non-waterfront property sales within a given quarter.

                   Average Price Sold (000′s)                         York     Cum     Sag      Lincoln 
1st Qtr              273       291       216       237
2nd Qtr             280       294       231       290
3rd Qtr              285       317       222       266
4th Qtr              311       305       204       308
2006                  287      302       218       275

Visit www.mymaineproperty.com/maine-housing-statistics.html  for full data sets


Green Home Building and LEED Standards

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Winter has finally hit Maine and with it year round residents are reminded of how expensive this season can be.  As I hear my oil burner continually purrr in the background the thought of green homes and their beneficial tax treatment coupled with long term social and economic benefits has led me into a deeper investigation.

What is ”green home”? A green home uses less energy, water, and natural resources; creates less waste; and is healthier for the people living inside.

What is LEED?  Leadership in Energy and Environmental Design. Originaly a certificaton system for commercial buildings with 4 levels of acheivement; Certified, Silver, Gold or Platinum, since 2004 the system has been used for  residential homes.  The qualifications and standards are stringent and the costs simply to be tested range from $500 – $3000, but the benefits, particulary for builders seem to perhaps outweight the extra expenses and hassels.

Currently Maine has 2 LEED certified homes, both in Freeport, but with a significant list of LEED registered builders in Maine as well as 6 projects in the works, this classification system is well worth a look.

 Find out more at the Maine Chapter of the US Green Building Council


Plum Creek and Passamaquoddy Bay

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The continual struggle between development with conservation!  Two prime examples in Maine include Plum Creek’s ongoing proposal to create 975 plus homes and 2 resorts on over 421,000 acres of land around Moosehead Lake and a movement to construct a LNG terminal on Passamaquoddy Bay.

  Perhaps one of the most controversial projects ever in Maine, Plum Creek, from Seattle,  released it will go back to the drawing board once again after feedback from the Maine Land Use Regulation Committee and other state agencies on their Northern Woods project.   Despite promising to place permenantly in to conservation over 400,000 acres of timberland, this ongoing struggle illustrates the difficulty in trying to economically revitalize a depressed area whilst preserving pristine wildlife.  Read more here….

Just recently Yellow Wood Associatate of Vermont released part one of a two part economic report detailing the impact of a Liquid Natural Gas terminal in Passamaquoddy Bay. More details to be found here, but the basic synopsis was that the detrimental effects to land values coupled with safety/infrastructure costs would not be offset by the promised economic benefits.  It is important to note however that this report was commission by Save Passamaquoddy Bay, an oppenent of the development. 

Thus being an environmentalist or a real estate developer finding the right balance between conservation and economic growth is never as easy as it may seem. 

 


Greater Portland Real Estate Housing Inventories

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Doing some research the other day for some clients, I compiled these statistics to get a better sense of what a modest to high end, single family home in the suburbs just north and just south of Portland is currenty offere at and what they sold for in 2006 to help me compare and contrast the different property values for these Maine towns.  I also added  links for each towns home page below as well. (DOM- Days on Market)

Southern Maine Real Estate Overview  
Updated 1-16-07
Current Inventory over 350K – 1.2M
 

Total area
Inventory:   320          Avg. Asking Price:    545K      DOM:  132    
Sold 2006:   43            Avg. Price:                 525K      DOM: 88

Freeport - www.freeportmaine.com
Inventory:   32               Avg. Asking Price:    582K          DOM:  129    
Sold 2006:   43               Avg. Price:                 511K          DOM:  120

North Yarmouth – www.northyarmouth.org
Inventory:   14               Avg. Asking Price:    452K          DOM:  109
Sold 2006:   14               Avg. Asking Price:    448K          DOM:  93

Yarmouth – www.yarmouth.me.us
Inventory:   15               Avg. Asking Price:    583K          DOM:  107    
Sold 2006:   38               Avg. Price:                 507K          DOM:  85

Cumberland – www.cumberlandmaine.com
Inventory:   27               Avg. Asking Price:    576K          DOM:  135
Sold 2006:   51               Avg. Price:                 514K          DOM:   91 Falmouth – www.town.falmouth.me.us
Inventory:   53               Avg. Asking Price:    570K          DOM:  180
Sold 2006:   108             Avg. Price:                 582K          DOM:  97Portland – www.ci.portland.me.us
Inventory:   32               Avg. Asking Price:    498K          DOM:  155
Sold 2006:   86               Avg. Price:                 465K          DOM: 78South Portland – www.southportland.org
Inventory:   17               Avg. Asking Price:    528K          DOM: 127
Sold 2006:   35               Avg. Price:                 477K          DOM: 126

Cape Elizabeth – www.capeelizabeth.com
Inventory:   42               Avg. Asking Price:    623K          DOM: 101
Sold 2006:   61               Avg. Price:                 599K          DOM:  78

Scarborough – www.scarborough.me.us
Inventory:   68              Avg. Asking Price:    498K             DOM: 122
Sold 2006:   119           Avg. Price:                 473K             DOM:  71

 


Portland Named top World Destination

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Recently Portland was named one of the top 12 destinations worldwide, put in the same category as Zurich, Tokyo and the Caribbean’s Virgin Gorda.  For a city of 66,000 people, having Frommer’s travel guide bestow this accolade will only further increase the desireabiltiy of the area and thus help keep the greater Portland real estate market moving forward. 

 Other recent press includes portland being named one of the”Healthiest Cities for Women” (Self magazine); one of 20 “Hottest Cities for Entrepreneurs” (Inc.); and one of 50 “Best Places for Businesses and Careers” (Forbes).

 


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