Greater Portland Housing Analysis – July/Aug 2010
0 commentsIt seems things are improving a bit after a very slow August and early September here in the housing markets of Maine.    I still expect sales volume to be down and median prices to be up for September though(I should have these figures compiled in a week or so…please do check back or sign up for an email alert).
Here is a quick snapshot of how the greater Portland ME real estate markets fared over the peak summer months including Falmouth, Cape Elizabeth and South Portland.
As you can see volume was down in 3 out of the 4 communities whilst median pricing was significantly up in all 4 towns.  Now I would not necessarily interpret this as a sign that prices are increasing as I believe this increase is a result of a decrease in
lower priced homes sales due to the ending of the first time home buyers tax credit.
Going forward I feel the residential real estate markets in and around Portland will see moderate volume throughout the Fall.
Thanks for reading,
John Herrigel
Waterfront pricing in Maine -2010 vs 2005
0 commentsI thought it might be interesting to take a look at Maine waterfront real estate pricing now compared to the peak market conditions in 2005. I decided to analyze the 3 areas I am most familiar with in Maine… the Southern, Greater Portland, and Lower Mid Coastal regions given I am a broker based out of Portland. This is by no means a comprehensive analysis, but taken as a whole I feel one can get a good sense of where pricing and volume are currently compared with the heyday.
The regions sampled include: Southern, Maine– York, Kittery, Kennebunk, Kennebunkport; Greater Portland – Portland, South Portland, Falmouth & Cape Elizabeth; Mid Coastal – Yarmouth, Brunswick, Bath, Harpswell and Phippsburg.
The Analysis:
Prices on average are higher in Southern Maine and thus fell further with approximately a 20% pricing drop seen compared with 15% in mid coastal regions and 18% in the greater Portland ME marketplace. Asking prices also continue to remain out of line with reality with median asking prices 30% to high compared to what homes are actually selling for. The List/Sales ratio currently hovers around 93% compared with 96% in 2005
Median Asking Prices 2010 Sold Prices
Southern            1.2 Million                           725K
Portland              899K                                       657K
Coastal                549K                                     334K
As one can see from the chart below…. transaction volume is well off and at approximately 65% of 2005 results. Waterfront homes continue to sell and inventories remain stable, but there are simply transactions and the transactions that do close are taking longer with the current median days on market hovering around 135 compared with 70 or so in 2005.
Total Properties Sold
2010 (9 mos)Â Â Â Â Â 2009 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2005
Southern: Â Â Â Â Â Â Â Â Â Â 31 Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 39Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 66
Portland:Â Â Â Â Â Â Â Â Â Â Â Â 22Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 37Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 50
Coastal:Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 64Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 80Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 117
None of this is necessarily ground breaking news, but prices do not appear to be dropping any further and thus despite the significantly lower volume the marketplace  appears to have stabilized.
This housing data was derived from the MREIS information system for the period of 2005 to 2010 and then interpreted by John Herrigel, an associate Broker with Green Tree Realty in Portland ME.
For additional information please contact me directly at johnherrigel@gmail.com or 207-650-5383.
Thanks for reading!
Portland Maine Summer 2010 Real Estate Report
0 commentsEvidenced by my lack of real estate postingings throughout the summer months as I was off enjoying sailing and outdoor activities galore, the Portland Maine real estate markets also took quite a breather with transaction volume down across the board. 47 homes and condos sold in July and 54 sold in August compared with 66 and 5 respectively in July/August 2009 and thus representing 29% and 2% drops. Pricing however continues to remain stable with median prices clocking in 208K and 219K for the respective summer months. The median days on market bumped up a but, but the total Portland housing inventory actually decreased from 490 in early July to currently 479 at the start of September.
Despite the slower summer season it appears activity will be quite strong in the southern ME real estate market as we enter the fall season.
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