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.

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.

Sign up for my Maine newsletter here.

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

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

August Southern Maine home prices on rise

Posted on September 25, 2007
Filed Under Maine housing statistics, Maine real estate news, Southern Maine real estate | Leave a Comment

Despite chaos in the national and local credit and financial markets, Maine posted strong results for the month of August with healthy transaction volume in all 4 counties, increasing 16%  and 11% in York and Cumberland respectively from a year prior.  Average prices were also up in all 4 counties followed as inventories decreased in 3 out of the 4 markets for the first time in many months.  Relocation and retirement buyers throughout the area continue to help Maine fare better than most other parts of the country. See the complete Southern Maine report here.

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.

Portland Maine Residential market update

Posted on August 8, 2007
Filed Under Portland Maine real estate, Maine housing statistics, Southern Maine real estate | Leave a Comment

As of August 8th, 2007 there is a total inventory of 490 residential properties that can be broken down into 259 single family homes with an average asking price of 380K and 231 condos with an average asking price of 318K, since my last analysis a few months ago, it seems inventory levels have risen by about 10%, not ideal but not extremely outrageous either.  As I continue to read about new developments in the area moving forward, a new and exciting  24 unit condo complex on the corner of High and Danforth as well as a new proposed plan for the Jordan Meat facility, I am optimistic Portland real estate will continue to move forward and remain a good solid investment.  Recently having hired an assistant to do market research for me, if you are looking for a great overview on all there is to do in Portland Maine from the Arts, to Restaurants, to Education, to the Old Port, I urge you to take a look at the Portland Maine overview. 

Spring Home Sale Price Decreases

Posted on July 28, 2007
Filed Under General Maine Real Estate, Maine housing statistics, Maine real estate news, Southern Maine real estate | Leave a Comment

Southern Maine Housing transaction volume remained down holding steady for the 2nd month in a row at 82% of its 2006 levels.   Average prices were down in 3 out of the 4 counties with a cumulative weighted sales price drop of  2% overall, but one should take note in York County 10 properties sold for over 1 Million in June; an abnormally high number.  Removing these from the equation brings the average sales price in York down to 282K and more in line with the other 3 counties.  The net result then being a 5-7% overall price drop for southern Maine real estate in June

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

 

Bath Maine Housing Statistics released

Posted on July 17, 2007
Filed Under General Maine Real Estate, Maine housing statistics, Bath Maine real estate | Leave a Comment

Having enjoyed putting together the housing statistics on Portland Maine, here are some current statistics on the Bath Maine real estate markets.  To date there are 120 or so properties on the market, with all but 15 being Single family homes.  There are an additional 32 multi unit properties for sale right now as well.  Given 126 total homes sold in 2006 for an everage price of around 180K, the inventory is extremely unhealthy and high right now as the market absorbtion rate is around 1 year. I personally can’t believe how many great deals there are in houses under 150K out there right now, yet nobody seems to be buying. In 2005 the average Days on market was 69 for residential. In 2006 it was about 85, thus far in 2007 it is at 120!  For all the housing statistics on Bath Maine as well as tons of fresh, new overview information recently compilied, check out the new improved real estate in Bath Maine  page on my site.

— keep looking »