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.
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%)
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.
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
Posted on July 14, 2007
Filed Under General Maine Real Estate, Maine investment real estate, Maine real estate news, Maine real estate development | Leave a Comment
The verdict is in once again, 48th out of 50 on best places to do business. Well at least it can’t get much worse. The only states outranking us were Louisiana and West Virgina. Coming as no big surprise since as 2 years prior we tallied a 46th ranking in the same pole. Broken down into 5 categories, the one area we did rank in the 25, a 16th in quality of life, so just because nobody wants to do move their business here, plenty still want to relocate and retire in Maine. We ranked 27th on labor (educational attainment, net migration and projected population growth), 30th in economic climate (current job, income and gross state product growth, unemployment and the presence of large employers), 42nd in growth prospects (projected job,…income and GSP growth, business openings and closings, and venture capital investment), 43rd on business costs (labor, energy and taxes) and we bottom out at 46th on regulatory environment (regulatory and tort climate, incentives, transportation and bond ratings)
Oh well, the Maine Lobster will have its day.. Read the complete story here
Posted on May 31, 2007
Filed Under General Maine Real Estate, Maine investment real estate, Portland Maine real estate, Maine real estate news | Leave a Comment
Inventory, Pricing, Demand
Statistics for April show the continued trends of rising inventories yet increasing prices, a quandary for traditional Supply/Demand economics. Prices were up in 3 out of the 4 counties followed with a 6.7% increase in Cumberland. The number of properties sold increased in Lincoln and York, remained flat in Sagadahoc but saw a strong decline in Cumberland partially attributed to the Portland younger buyer’s inability to secure loans due to increasingly stringent lending practices for higher risk financing. A general sense of “blah” seems to have clouded the markets in April, yet investor and consumer sentiment seem to point toward improving market conditions for late spring.
Read the entire Maine Newsletter here.
Posted on May 11, 2007
Filed Under General Maine Real Estate, Maine real estate news, Maine real estate development | Leave a Comment
Posted on May 5, 2007
Filed Under General Maine Real Estate, Maine real estate news, Maine real estate law | Leave a Comment
I had written in a previous posting about shoreland zoning changes and the public outcry against them. From the Maine Association of Realtors here is an update.
LD 1477 is the Department’s bill and is sponsored by Rep Koffman, chair of Natural Resources Committee. LD 1014 is Senator Kevin Raye’s bill. Hearings on both bills ave been held and were very well attended by members of MAR and members of the property rights group known as PRAM. The legislators were very attentive to all the concerns expressed. A compromise appears to be in the works which would reduce the feeding, staging and roosting areas currently shown as green areas on the maps to just roosting areas. The old feeding and staging areas would appear as purple on new maps. The roosting areas (new green) would stay at the 250 foot setback rule, with cutting restrictions (Impacting view—which we oppose). The new purple feeding and staging areas would go from current 250 to 75 with view cutting restrictions or 100 feet with no cutting restrictions beyond current timber cutting in a shoreland area restrictions.
The DEP offered (not in the current bill) to change the inland wading bird restrictions to match current law of 250 setbacks from wetlands, and 100 feet from shores of lakes and ponds (also current law). The DEP bill makes the new provisions retroactive to June 8, 2006 to protect transactions which occurred last summer. LD 1014 is not retroactive, but Senator Raye agrees with that change. Senator Raye’s bill also grandfathers lots existing of record on September 8, 2006. That provision is likely not to pass. He also seeks setbacks of 150 feet rather than 250 feet which we would support but does not seem to have the support of the committee.
Posted on April 3, 2007
Filed Under General Maine Real Estate, Maine real estate news | Leave a Comment
Spring inventories are on the rise. In York and Cumberland county transaction and pricing levels are close to the same levels seen a year prior. The sharp decline in transactions for Sagadahoc and Lincoln counties is disconcerting, a trend partially attributed to the lagging 2nd home market perhaps. The Maine Association of Realtors recently reported February ‘07 single family sold home prices on average rose 4.84% over Feb 06. The recent turmoil in the mortgage markets will temper housing momentum nationwide, but the Maine market will fare better than average as spring temps will once again bring Maine out of its long winter slumber.
