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2010 Year in Review for Greater Portland and Coastal Maine

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For the year ending 2010 the real estate markets in greater Portland and mid coastal Maine posted solid and stabilizing housing results. Overall transaction volume was almost identical to that seen in 2009 whilst median pricing actually rose 3% on a statistical basis, although in reality it seems housing prices are not really increasing or deceasing.  Many signs point to a strong year ahead of us in 2011.. the economy is improving, inventories are low, rates remain stable and the general overall vibe is strong.

Below are detailed housing statistics on all the communities within the region.

Transaction Volume Median Prices
2010
2009
Change
2010
2009
Change
Portland Homes
399
413
-3%
219
218
0%
Portland Condos
238
206
16%
193
186
3%
South Portland
278
289
-4%
198
189
5%
Cape Elizabeth
134
114
18%
359
302
19%
Falmouth
170
175
-3%
399
376
6%
Westbrook
160
194
-18%
179
185
-3%
Yarmouth
100
88
14%
281
342
-18%
Scarborough
221
223
-1%
292
297
-2%
Freeport
85
86
-1%
288
249
16%
Brunswick
200
177
13%
198
206
-4%
Bath
87
104
-16%
142
128
12%
TOTALS
2045
2036
0%
243
236
3%

Housing Report on Cape Elizabeth – Oct 2009

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As the Fall leaves begin to disappear and snow has begun to flutter, the real estate markets of Cape Elizabeth posted very strong results for the month ending October 2009. 13 transactions transpired at a median sales price of 426K. An increase of over 200% compared with October 2008 when only 4 properties traded hands. The median sales price was flat compared to a year, better than Portland Maine that saw a 9% decrease year over year, but month over month median pricing was up 42% as larger more expensive properties sold, a good sign of things to come.

For more information on Cape Elizabeth housing please visit www.mymaineproperty.com or feel free to contact me directly at 207-650-5383 or via email at john@greentreemaine.com


Greater Portland Maine Real Estate Report May 2009

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The greater Portland Maine real estate markets posted a very solid May and continue to trend upward with regard to transaction volume and median pricing.  South Portland residential real estate saw 31 transactions transpire at a median price of 189K, compared with 210K a year prior and 164K in April 2009.  The real estate in Falmouth Maine and also Cumberland saw 17 and 7 homes trade hands compared with 11 and 11 respectively from a month prior. Median pricing for these neighborhoods clocked in at 485K and 279K in May 2009.  Within the Cape Elizabeth residential home market, 9 homes sold in May compared with 16 a year prior. The median price was 245K.


Southern Maine Real Estate High End SF Pricing

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Doing some analysis for a client the other day on the available stock of property in the 500-700K range in the greater Portland Maine real estate markets, specifically Cape Elizabeth, South Portland, Falmouth and the West End, here is what the numbers reveal for average sq footage, cost/sq. footage, taxes and days on market for these high end Southern Maine communities.

                                                                                   Averages 
                          Properties     Sq Footage     Cost/Sq. Foot       Taxes        Days on Market
South Portland         8                  2991               $202                   $5,362          107
West End                7                  3035               $242                   $7,024            85
Falmouth                49                 3100               $212                   $5,675           141
Cape Elizabeth        15                  2674              $239                   $6,315             61

Falmouth has a high number of new construction listings with 20 out of the 49 accounted for not having been built yet. The West End consists primarily of town homes in this price range whilst Cape Elizabeth and South Portland are a mix of older traditional homes coupled with newer contemporary construction.