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.

Just across the bridge from Bath is the town of Woolwich.  Currently there are 35 homes for sale in Woolwich Maine.  A small community with lot to offer, close to Reed State Park and Popham Beach, right off Rt 1 for access to Maine coastal communities and recreation and still under 45 minutes to Portland.   Overall residential markets have been slow to non-existent in Woolwich with no properties selling in May compared to only 1 a year prior.

The coastal Maine real estate markets in Maine continue to chug along but remain much slower than the southern and greater Portland Maine housing markets.  Phippsburg, Georgetown and Arrowsic, located close to Bath Maine have seen no homes sold in the last 3 months whilst Harpswell has fared a bit better with 6 transactions taking place in May 2009 at a median sold price of 290K.  As the entire economy continues to move through this recession, mid coastal Maine real estate will not see a significant pick up until 2nd home buyers feel comfortable with the overall health of the economy.

For the month ending March 2009, the real estate markets of Bath and Brunswick saw 15 total residential transactions occur compared with 16 a year prior.  The median pricing was actually down a whopping 47% in Bath but only 3% in Brunswick and the Bath number can perhaps be attributed to a small sample size overall.

The coastal Maine real estate markets have been extremely slow through the winter months, but activity on lower priced, first time homebuyer real estate has heated up and many buyers “from away” have started to look again at higher priced offerings.

Alas January did not post the numbers that anybody who wants  real estate markets to appreciate would like to see.  For the southern Maine real estate markets, specifically York and Cumberland county, transaction volume was down 12% and 41% respectively, with only about 100 residential home transactions occurring in Cumberland County, home to Portland Maine.  Pricing continues to trend downward, but not at an alarming rate.

In Maine coastal real estate markets including Sagadahoc and Lincoln country transaction volume was down at even more alarming rates, 30% and 50% respectively!  Given extremely small sample populations it is hard to discern true pricing patterns but it is safe to say prices are also trending downward.

The month of Janurary was cold, snowy and a tough one for Maine real estate.  Keep an eye out for the Maine Association of Realtors figures that should be released soon.

Thanks for reading,

John

For the year ending 2008 I compiled a rough data set of all Maine waterfront real estate around Portland and up through Bath to get a sense of how this sub market was faring.

103 transacations at an average price of 550K compared to 148 at an average price of 636K in 2007 thus representing a price drop of 15% and a transaction volume decrease of 30%.

Conclusion the southern and coastal maine residential real estate market for waterfont property has been hit harder  than the state averages of about 20% less volume and 10% lower prices.

For more information on Greater Portland Maine real estate please visit www.mymaineproperty.com