Following suit with the rest of the state of Maine, real estate in South Portland saw significantly decreased transaction levels for the year ending 2008. 265 residential properties traded hands at an average price of 226K compared with 2007 when 344 properties were sold at an average price of 245K.  This represents a volume drop of 23% and a pricing drop of 8%.  South Portland’s median price in 2008 was 199K compared with 215K in 2007.  The days on market inched upwards again adding 8 days to the 2007 figure of 73.  In this graph one can see the continued upward trend in the days on market over the past few years.

Please reach out to me to learn more about this greater Portland Maine real estate market and to obtain greater housing analysis and charts on the area.

For the month ending November 30th 2008 the  Cumberland Maine real estate markets saw 7 transactions transpire at an average price of 277K after sitting on the market for 159 days. in 2007  6 homes sold at an average price of 405K in November representing a transaction volume increase of 17% and a pricing decrease of 32%.

For more information on this southern Maine market please visit www.mymaineproperty.com or contact me directly at 207-650-5383 or via email at john@greentreemaine.com

Not a huge surprise for this time of year, but nonetheless a good sign for the overall health of the Maine real estate markets. Inventory levels have fallen in most communities, Portland for example fell from close to 500 residential units to a current level around 400.  Most coastal regions have seen declines by approximately the same 20-25%.

For a complete overview of the regions. Visit Southern Maine or Coastal Maine sections of www.mymaineproperty.com

In November 2008 the southern mid coastal Maine real estate markets saw much of the same conditions  that have persisted over the previous months with average sold prices continuing to be 10-15% off where they were a year prior, housing transaction volumes markedly lower and continued lengthening of the days on market for Cumberland and York whilst small sample sizes in Sagadahoc and Lincoln made it difficult to discern actual trends.  However one bright spot  revealed in the November 2008 housing data  is that the average sold prices month over month have not statistically fallen since the end of the summer pointing to perhaps a leveling out in this market.

More info on southern maine communities.

Greater analysis on coastal Maine communities.

Thanks for reading

For the month of November 2008, here is a market snapshot of the Southern Maine real estate transaction volume,  average sold prices and days on the market for most greater Portland and lower mid coastal Maine housing communities.
                       Current         Avg         Avg
Inventory    # sold    Sold Price    DOM
Portland                425          51          249K              75
South Portland      148          14           203K             126
Cape Elizabeth        87           9            459K             101
Falmouth               162         11           432K             142
Cumberland            85           7            277K             159
Yarmouth               68           2            412K             138
Freeport                 89           3            195K              99
Brunswick              167          8            263K              58
Bath                      120         5            112K             147
Coastal                  150          7            375K             209
(Includes Harpswell,
Phippsburg, Georgetown
and Arrowsic)

As one can see southern maine real esatate transaction volumes for the area are low in all communities but for Portland.  For a greater analysis, please visit www.mymaineproperty.com or for Portland Maine real esate visit www.portlandmainehome.com or simply contact me anytime at 207-650-5383

Combining the lower mid coastal Maine towns of Phippsburg, Arrowsic, Georgetown and Harpswell for the month ending November 2008 7 transactions took place at an average transaction price of 375K. Generally about half of these transactions involve Maine waterfront property.  Compared to 2007 where 12 transactions occurred at an average price of 575K, one can see the markets remain slow and quiet.  The average days on Market for November  topped 200 this month compared with 109 from the  year prior.