Current                                        2006 
                        Inventory      Ask. Price     DOM        # sold    Avg Price.    DOM
Southern Maine         81          987K            153           71           784K         136
Northern Suburbs     38          1.04 M          158           37           1.1M          112
Lower Mid Coast       69           712K            196          52            730K         148

Other than a significant price differential in Southern Maine, attributed partly to a large portion of current multi million dollar asking prices, current market conditions are similar to 2006 results.  Inventory levels are just slightly higher than total properties sold in 2006 and thus one can expect to see a continued increase in Days on Market by extrapolating out the absorption rate to slightly under 1 year.

Search criteria used: All waterfront property for the given areas:
Southern Maine – Kennebunk, Kennebunkport, Wells, Biddeford, Saco, Scarborough
Northern Suburbs – Falmouth, Cumberland, Yarmouth, Freeport
Lower Mid Coast – Harpswell, Phippsburg, Georgetown
DOM – Days on Market

Before you go buying waterfront property it may be wise to investigate the surrounding areas to ensure no Piping Plovers or similar protected shorebirds can be found nesting, feeding, staging and/or roosting within 250 feet of your property as recent legislature (June 06) drastically amended the Significant Wildlife Habitat Rules of 1998 to impose greater restrictions on buffer zones surrounding these areas.  However a widespread outcry against the new rules has resulted in new proposed retroactive legislature that would reduce the newly expanded zones.  

Read more here.
View maps of proposed areas here

There was  great article brought to my attention the other day in the New York Times talking about this transitioning neighborhood, what has happened, what is happening, its history and what it all means.  It can be read here..

Portland’s Bayside region is the back side of the East End that overlooks the Back Bay. A mixed use neighborhood with industrial warehouses alongside single family homes/a soup kitchen next to luxury condo’s.  What used to be a hustling and bustling working class neighborhood with a population approaching 5000 that saw a decline to its current population fo 1200 due largely to urban renewal that traded housing for parking lots.

As of late and sparked by the City of Portland’s Bayside Redevlopment to make this area the ”Urban Gateway” launched in 1999, new investment is being infused into the area.  Whole Foods opened last month, the 6 year old Unity Village aparment complex has largely been a success and construction continues to move forward on a new 60 unit apartment complex as well as a luxury condo development on Chestnut street.  By no means complete, the gradual transition is infusing life and excitement into a community with great history and character.

The Maine Association of Realtors recently released their housing statistics for the month of Januray.  Here they are:

In a report to the Maine media today, MREIS reports that both unit sales and the median sales price decreased — 27 fewer homes sold statewide this January when compared to the same month one year ago, indicating a 3.78% dip.  The median sales price for those homes decreased to $189,200, 2.97% lower than last January’s median sales price of $195,000. Half of Maine’s 16 counties experienced stable or increased sales prices during the rolling three-month quarter of November, December and January combined.  The median sales price indicates that half of the homes were sold for more and half sold for less.  NAR reports a 4.2% decrease in national existing home sales last month.  The national median sales price also decreased 3.5% in a 12-month period to $209,200.  In the Northeast, the existing-home sales market witnessed a regional sales increase of 5.9% this January.  The median sales price dropped 1.2% to $260,700. 

Well the shorter month of February seemed to catch me off guard resulting in a minor delay getting out the latest issue of The Maine Newsletter, but better late than never!

Property values continue to hold steady. Inventory levels remained static for the past 30 day period as the volume of transactions in January ’07 posted similar figures to a year prior.   A cold and seasonal February served to temper the up-tick in activity seen after the holiday season, but optimism and excitement for a solid spring is in the air as rates remain low and increased interest in investment property continues to rise.

Click here to read the full version in Word Document format. 

Click here to sign up for the monthly Maine Newsletter.