For the month ending June 2009 the coastal and southern Maine real estate markets posted very solid gains, the best seen in well over a year.   Transaction volume was up a whopping 37% in York, whilst Cumberland county witnessed a 3% decrease compared to recent 10%-20%  over the past many months. In the ME coastal  real estate markets of Sagadahoc and Lincoln there were significant pricing gains, 10% and 26% respectively, I think largely attributed to the 2^nd home buyer reentering the market finally.  Inventories are on the rise in all 4 counties and as the summer progresses, it will be critical that they do not spiral too far upwards.    The many first time home buyer incentives,  the return of low interest rates and a strong 2^nd quarter earnings from the ec0nomy at large are all contributing factors to this successful season. For the complete Maine housing report please visit www.mymaineproperty.com

Thanks for reading,

John Herrigel
Maine Buyers Agent

The county of Cumberland located in southern Maine posted extremely strong Maine residential real estate figures for the month of June 2009. Pricing and volume were both down 3%, the first single and not double digit decrease in many months!  318 homes in Cumberland County sold at an average price point of 265K compared with 328 at 274K in June 2008.

Interest rates have remained low and the ME first time homebuyer segment continues to remain strong, perhaps even heating up a bit as the year end deadline fast approaches.

The ME coastal real estate communities of Phippsburg and Georgetown saw some life this June for the first time in many months with 5 transactions closing at a median price point of 300K.  This contrasts with 6 homes selling at a median price of 235K in June of 2008.  Prior to this month, there had been no transaction in either of the communities since February.  With the state  giving Maine first time home buyers a 5K gift, coupled with the federal governments 8K tax credit many buyers are looking to cash in, particularly given the lower interest rates and stabilizing Maine home prices.

For the month ending June 2009, the Portland ME real estate markets posted fairly solid numbers in my opinion.  A total of 65 transactions transpired at a median price of 205K.  This is a 5% drop in value from a median price of 215K a year prior, but volume has continued to tick upwards everymonth since February and now with the Maine State Housing “Gift of Green” adding an addition 5K bump to the 8K federal tax credit, the southern Maine Housing markets should continue to truck along just fine throughout the summer season.