Portland, Southern & Coastal Maine Real Estate News and Housing Statistics - Portland ME Homes » Cumberland County Maine

Cumberland County Foreclosure Update

jherrigel — Mon, 28 Feb 2011 21:12:55 +0000

As winter continues to rear its ugly head here in the great state of Maine.. I though tit might be interesting to take a look at how the foreclosure world was faring in Cumberland County, home of Portland Maine, and the largest county in the state.Â Thanks to my friends at RealtyStore.com I was able to get some fantastic information and accurate data on how many actual foreclosure listings are currently available.

As of 2/23/2011… 62 total foreclosure properties in Maine are for sale and listed at a median sales price of $129,000. Of these 62 properties… 41 are bank owned, 10 are owned by the government and there are 11 shadow listings, meaning they are not being actively listed.

Luckily Maine has fared significantly better than other parts of the county and although foreclosures due exist they are definitely not the norm!

2010 Year in Review for Greater Portland and Coastal Maine

jherrigel — Fri, 21 Jan 2011 14:31:18 +0000

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.Â 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%

Southern Maine 2009 Year in Review

jherrigel — Tue, 26 Jan 2010 15:13:49 +0000

For the 4 counties followed Cumberland and Sagadahoc posted the best results dropping only 6% and 8% respectively in median prices compared with 2008 figures.Â The southernmostÂ real estate markets of York county lost 14% of their value whilst mid coastal Lincoln county dropped a whopping 17%.Â Volume in all 4 counties held strong in 2009 posting similar transaction volumes to those seen in 2008 thanksÂ to a 2nd half surge resulting from the tax credit and low interest rates.

Despite these price drops home values did stabilize throughout the year. Inventories across the board are currently lower than where they were last year at this time and the median days on market average has dropped in all counties except for Sagadahoc.

Going forward I expect the first half of 2010 to be quite strong as rates remain low and buyers continue to take advantage of the housing tax credit that expires April 3oth.

The complete Maine real estate report can be viewedÂ at www.mymainepropety.com as well as individual reports on the greater Portland Maine residential markets and the Maine coastalÂ housing markets.

November 2009 Southern Maine Housing Report

jherrigel — Mon, 21 Dec 2009 15:02:07 +0000

The month of November marked another great month for the southern ME real estate housing markets, specifically Cumberland and York counties.Â Transaction volume was up 44% and 55% respectively whilst median prices month over month continued lower, off 6% and 12%.

Pricing continues to stabilize month over month with little to no price depreciation seen for the past 6 months.Â Â The month of December thus far has been pretty quiet however, but assuming interest rates remain low and that the harsh winter storms don’t hammer us too too badly I believe in the new year we will continue to see strong rebounding of volume and pricing inÂ all market segments including the single family, condo and multi unit markets.

Inventories for the southern Maine markets are lower than they were a year prior and many individual towns, including Portland Maine even sawÂ a bit of price appreciation month over month in November.

For more detailed Maine housing statistics and analysi please contact me directly at 207-650-5383 or via email john@greentremaine.com or sign up for a complemantary Maine real estate buyers packet.

Coastal and Southern Maine Home Report Jan 2009

jherrigel — Fri, 20 Feb 2009 22:09:28 +0000

Alas January did not post the numbers that anybody who wantsÂ real estate markets to appreciate would like to see.Â 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.Â 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!Â 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.Â Keep an eye out for the Maine Association of Realtors figures that should be released soon.

Thanks for reading,

John

Cumberland County 2008 Year in Review

jherrigel — Mon, 19 Jan 2009 21:02:44 +0000

Ending 2008 Cumberland County Maine saw 3060 transactions occur at an average price of 275K. This is down from 3703 at a price of 302K in 2007 representing a volume and pricing drop of 17% and 9% respectively.Â Thus the southern Maine real estate markets are not immune to the economic/housing/financial crisis that has rocked this nation although less than a 10% drop is better than most areas in the nation and hopefully with lower interest rates and come spring fever, Maine along with the rest of the country will pull itself out of this mess.

For complete Maine real estate housing data please go to www.mymaineproperty.com

Portland Maine Real Estate 2008 Year in Review

jherrigel — Wed, 14 Jan 2009 18:22:16 +0000

2008 was not such a bad year relative to other markets in the nation. Portland Maine Real Estate saw 406 homes and 247 condos sell. This is down approximately 15% from 2007 transaction volume levels.Â The average sold prices for home and condos in Portland Maine were 268K and 225K respectively, whilst the median prices were 227K and 208K.Â These prices are off about 8% on average from 2007 figures. Thus the real estate in Southern Maine is holding its own better than many other regions in the nation. For more information and additional housing statistics on Portland Maine, please visit www.PortlandMaineHome.com or www.myMaineProperty.com or contact me directly at john@greentreemaine.com.Â Thanks for reading.
Here are a couple year by year graphs for the Home and Condo Markets.

Portland SF Home Average and Median Prices

Portland Condo Average and Median Prices

October Home Sales report for Southern Maine

jherrigel — Sat, 22 Nov 2008 12:47:03 +0000

The month ending October 31st 2008 saw little change from current market trends in the Southern Maine real estate markets..Â On average the transaction volume remains down 10% from a year prior and average sold prices are 10-15% off last years numbers.Â However on a month over month analysis the average pricing appears to have leveled off.Â This past month saw a significant increase in days on market averages for 3 out of the 4 counties followed pointing towards a slow road ahead.Â Significant decreases in inventory levels did occur as well this past month as parties traditionally take their homes off the market for the coming winter season.

Maine Housing Statistics:
Sold Properties by County â€“ Sep 08 (Sep 07) (% Change):
Â Â Â Â Â Â Â Â # SoldÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Avg. PriceÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Avg. Days on MarketÂ
YorkÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â 185 (210)(-12%)Â Â Â Â Â Â Â Â Â Â 262K (286K)(-8%)Â Â Â Â Â Â Â Â Â Â Â Â 137 (152) (-10%)
CumberlandÂ Â Â Â Â 259 (280)(-8%)Â Â Â Â Â Â Â Â Â Â Â 269K (312K)(-14%)Â Â Â Â Â Â Â Â Â Â Â Â 119 (91) (31%)
SagadahocÂ Â Â Â Â Â 36 (35)(3%)Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 212K (236K)(-10%)Â Â Â Â Â Â Â Â Â Â Â Â Â 114(97) (18%)
LincolnÂ Â Â Â Â Â Â Â Â Â Â 32 (44)(-27%)Â Â Â Â Â Â Â Â Â Â Â Â Â 300K (286K) (5%)Â Â Â Â Â Â Â Â Â Â Â 215 (192) (12%)
Thanks for reading about real estate in Southern Maine