Southern Maine Spring Stabilization

Posted on June 12, 2008
Filed Under Portland Maine real estate, Maine real estate news, Southern Maine real estate, Coastal maine real estate | Leave a Comment

In May the average sold pricing for York, Cumberland, Sagadahoc and Lincoln county single family real estate markets was down on average 3% to 5% in contrast to the significant price drops Southern and Coastal Maine saw in April.   Comparing May 2008 to May 2006 the current sold prices are 3% higher than 2 years prior whilst Cumberland is off 6%. Current transaction levels in the Southern coastal real estate markets remains significantly lower and continues to trend downward. Spring inventory levels are on the rise and current levels are almost identical to those seen in 2006 whilst about 3% less than those seen in 2007. Optimism as always is in the air within the greater Portland Maine real estate community though.  With the significant energy crisis on hand be ready for   for continued slumping of overall sales.
View all housing statistics for Maine May numbers here.

Southern Maine pricing leveling out

Posted on April 22, 2008
Filed Under Portland Maine real estate, Maine housing statistics, Coastal maine real estate | Leave a Comment

Taking the sold home statistics for the 4 counties followed, since the beginning of the year the average sold price level appears to have leveled out and appears to be statistically stagnant. Minor drops have occurred and will continue, but in Cumberland and York counties which includes the Portland real estate market the current pricing is similar to a year prior and a 6% increase over last years statistics in York county occurred this previous month. The pricing volatility and month to month fluctuations for coastal Maine properties will continue going forward due in large part to the lower transaction levels. Overall the pricing levels seem to have found an equilibrium.

View the complete housing statistic report here.

February Southern Maine housing statistics report

Posted on March 13, 2008
Filed Under General Maine Real Estate, Southern Maine real estate, Coastal maine real estate | Leave a Comment

In the month of February similar conditions to January were seen in the Southern Maine housing markets. Transaction volume remained down by approximately 25% in York and Cumberland county whilst sample sizes are too small in Sagadahoc and Lincoln to draw strong conclusions from. The average prices remained moderately stable with an overall trend downward albeit for a 4% increase in York. The Days on Market vs a year ago decreased significant, but remain on par with January’s numbers.

View the complete report here.
More information on Coastal Maine communities here.

Southern Maine real estate market report 2007

Posted on January 8, 2008
Filed Under Maine housing statistics, Southern Maine real estate, Coastal maine real estate | 1 Comment

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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Bath vs Brunswick real estate prices

Posted on December 31, 2007
Filed Under Portland Maine real estate, Maine housing statistics, Bath Maine real estate, Coastal maine real estate | Leave a Comment

The Iron Works (Bath) vs the Naval Air Station (Brunswick). A comparison of pricing between the 2 mid-coastal Maine towns. With the housing markets sluggish, heading north from Portland about 30 minutes you arrive at Brunswick, home of Bowdoin college and hosting a variety of great restaurants and culture. Traveling another 10 minutes east you hit Bath, nestled on the Kennebec river.

                                 Bath           Brunswick
# Sold 2007              108               227
Avg Sold Price          190K             263K
Current Inventory      97               175
Avg. Asking Price      242K             289K

With twice the inventory and a 38% higher average sold price 3 primary factors for Brunswick’s higher pricing include:
1) Double the size of Bath. (20,000 vs.10,000 approximately)
2) 10 minutes closer to Portland
3) Home to Bowdoin College

Maine October Housing statistics

Posted on November 27, 2007
Filed Under General Maine Real Estate, Maine real estate news, Southern Maine real estate, Coastal maine real estate | Leave a Comment

Following the trend seen last month the total properties sold in the 4 counties remained significantly down from a year prior. Avg. pricing for both Southern Maine (York and Cumberland) and mid coastal Maine (Sagadahoc and Lincoln) remained flat throughout. A slightly higher price in Sagadahoc can be attributed to a small sample size. (Note: York million dollar home sales were removed from data due to abnormal high number, actual avg. sold price was 338K). Days on Market continue to fluctuate greatly throughout all areas followed. Inventories were down significantly in all 4 counties which is typical for this time of year. Get the complete Maine newsletter with housing statistics here.

   October 2007 (October 2006) (Yearly % Change)
                        # Sold                          Avg. Price

York                210(249)(-16%)         286K (290K)(-1%)
Cumberland    280 (357)(-22%)      312K (313K)(0%)
Sagadahoc      35 (31)(12%)            236K (216K)(14%)
Lincoln            44 (45)(-3%)           286K (294K)(-3%)

Portland Maine Single Family Appreciation

Posted on October 24, 2007
Filed Under Portland Maine real estate, Maine housing statistics, Southern Maine real estate, Coastal maine real estate | Leave a Comment

Realizing it has been way to long since my last post and making the effort to post a bit more frequently, here is a direct comparison to the Portland Maine real estate condo posting in the previous entry to this one.  Similar inventory levels are seen for both condos and SF homes, the appreciation to me is surprisingly a bit less for the homes vs. condos, but similar trend through the years are seen in both data set.
Currently in Portland there are 259 single family homes on the market with an average asking price of 378K.
The breakdown of price points is as follows:
Under 200K    200-300K    300-500K    500K +
40           114               71             36

Here is a look at the number of properties sold, the average price and year upon year appreciation for Portland homes.   The total appreciation has been 81% for the entire time period.
Year    # Sold    Avg Price    Yearly Appreciation
2007     404        246K            3%
2006     570        239K           -4%
2005     519        252K            11%
2004     566        228K            15%
2003     498        192K             7%
2002     491        167K            21%
2001     473        151K            10%
2000     479        126K

Will they Develop?

Posted on September 1, 2007
Filed Under Bath Maine real estate, Coastal maine real estate | Leave a Comment

The lower Mid Coast Maine real estate markets currently have numerous housing projects primarily of the condo variety poised and ready to be built, will it happen, when will it happen?  Points East in Wiscasset, 75 cottages and 160 condo’s coupled with a high end marina,  BathPort in Bath, 24 (I believe) luxury units on the Kennebec River and Popham Woods in Phippsburg, 60 or so units on 100 acres of land clost to Popham Beach all  geared towards the Baby Boomer surge from the South. 2nd homes and retirement homes, the price tags on these units are not cheap, ranging from 300K for a one bedroom unit  to $1,000,000 for the largest and best views these 3 projects represent a trend that will continue if the buyers will buy.  To date it seems the sales of the units have been sluggish from word of mouth and rumor, no facts substantiate this opinion but it is my thoughts that the projects will move forward, perhaps a bit slower than expected, the units will sell, perhaps at lower price tags than currently proposed and parties will continue to relocate and retire to the lower mid-coast regions of this great state. 

Lower Mid Coast Maine Waterfront pricing

Posted on August 22, 2007
Filed Under General Maine Real Estate, Maine housing statistics, Coastal maine real estate | Leave a Comment

What does it cost to buy a waterfront home on one of the 3 lower mid coast Maine peninsulas?  In Harpswell, the first peninsula off of Brunswick, there are 60 properties on the market, an average asking price of 650K, an average tax bill of $2,700 and an average time on the market of about 150 days.  Continuing up the coast to Bath and out onto the peninsula of Phippsburg, there are currently 17 properties on the market with an average asking price of 618K, $2,300 tax bill and a days on market average of 175.  As one crosses over the bridge into Woolwich from Bath and heads out into Arrowsic and Georgetown, the average current asking price is 677K for 20 properties on the market with an average tax bill of $2,500 and an average days on market of 133 days.

Southern Maine Real Estate Housing Statistics

Posted on July 23, 2007
Filed Under General Maine Real Estate, Maine housing statistics, Southern Maine real estate, Coastal maine real estate | Leave a Comment

Maine State Housing Authority recently released a newly designed website www.mainehousing.org that offers a wealth or great housing statistics to peruse. Here is the direct link to these statistics.  For a good oveview of the current real estate prices in Southern Maine  this new website seems to do a more indepth job of historical analysis of pricing as well as some interesting ratios than any other site other then my own :) that I have come across.  June Housing statisitics shall be released on this site by the weeks end as well