Southern Maine real estate market report 2007

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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