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Waterfront Real Estate in Maine Update

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As spring attempts to makes its way to the state of Maine.. here is a look at how the Maine waterfront real estate market is faring.  As of today from the border with New Hampshire up through the mid coastal housing region of Boothbay Harbor a total of  about 3039 total listings are for sale in the region closer to the coast and just over 600 of these listings are market in the Maine MLS system as being pure waterfront properties.  Of these 600.. the median asking price is $549,000..the average asking price is $825,000.. the highest price property is 6 Million and the lowest is $60,000.

Overall the waterfront market segment has continued to be slow as the 2nd home housing market has died down, but as prices in Maine continue to stabilize I personally have beenn showing more waterfront property as of late and the believe we shall see a stronger recovery in this market going forward.


Waterfront pricing in Maine -2010 vs 2005

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I thought it might be interesting to take a look at Maine waterfront real estate pricing now compared to the peak market conditions in 2005. I decided to analyze the 3 areas I am most familiar with in Maine… the Southern, Greater Portland, and Lower Mid Coastal regions given I am a broker based out of Portland.  This is by no means a comprehensive analysis, but taken as a whole I feel one can get a good sense of where pricing and volume are currently compared with the heyday.

The regions sampled include: Southern, Maine– York, Kittery, Kennebunk, Kennebunkport; Greater Portland – Portland, South Portland, Falmouth & Cape Elizabeth; Mid Coastal – Yarmouth, Brunswick, Bath, Harpswell and Phippsburg.

The Analysis:

Prices on average are higher in Southern Maine and thus fell further with approximately a 20% pricing drop seen compared with 15% in mid coastal regions and 18% in the greater Portland ME marketplace.  Asking prices also continue to remain out of line with reality with median asking prices 30% to high compared to what homes are actually selling for. The List/Sales ratio currently hovers around 93% compared with 96% in 2005

Median Asking Prices 2010 Sold Prices

Southern             1.2 Million                              725K
Portland               899K                                        657K
Coastal                 549K                                      334K

As one can see from the chart below…. transaction volume is well off and at approximately 65% of 2005 results.  Waterfront homes continue to sell and inventories remain stable, but there are simply transactions and the transactions that do close are taking longer  with the current median days on market hovering around 135 compared with 70 or so in 2005.

Total Properties Sold
2010 (9 mos)      2009                       2005
Southern:            31                           39                           66
Portland:             22                           37                           50
Coastal:                64                           80                           117

None of this is necessarily ground breaking news, but prices do not appear to be dropping any further and thus despite the significantly lower volume the marketplace  appears to have stabilized.

This housing data was derived from the MREIS information system for the period of 2005 to 2010 and then interpreted by John Herrigel, an associate Broker with Green Tree Realty in Portland ME.

For additional information please contact me directly at johnherrigel@gmail.com or 207-650-5383.

Thanks for reading!


Maine Waterfront Real Estate, time to buy?

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With the stock market in a free fall, the housing market doing its best to stay afloat, price reductions a plenty, is this a good time to buy Maine waterfront real estate?  With any situation there is never a simple answer, but the prices of some coastal maine homes has certainly caught my attention.  For under 500K you can now find a sweet, in many cases deep waterfront retreat in mid coastal regions such as West Bath, Phippsburg, Georgetown and Harpswell.  Can these prices drop further? Yes, but I just don’t see it happening.  The value is clearly there at these prices and when one purchase a 2nd home on the coast it is generally for the long haul so what are you waiting for?  Interest rates are low,  the economy needs you, us realtors need you, America needs you :)
For detailed housing statistics on many local Maine markets please visit the Maine community pages of MyMaineProperty.com


Maine 2008 year in review by MREIS

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The Maine association of Realtors released their 2008 year in review statistics today.  On average transaction volume was down 20% and pricing was down 7% compared to a year prior for the state as a whole.  This is similar to figures seen for the greater Portland Maine real estate market as well as the lower mid coastal Maine housing markets.  Compared to the nation as a whole Maine transaction volume is off a bit more than avereage,  but the pricing has not fallen as much.  The first time homebuyer market remains strong and the 2nd home market has sufferred the most.


Waterfront Property in Maine pricing 2008

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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


York County Real Estate 2008 Year in Review

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For the year ending 2008, the York County real estate market was hit harder than its counterpart Cumberland to the North. 2009 residential transactions transpired at an average sold price of 270K. This is off about 20% in volume and close to 11% in pricing compared to 2007.  The average days on market is also significantly higher in York vs Cumberland at 129 in 2008 for York vs around 100 for Cumberland.  A factor most likely in the lower prices and longer days on market is the stagnation in Maine waterfront real estate as a large portion of York county is on the water.

For additional info, please contact me directly at 207-650-5383 or john@greentreemaine.com
Thanks for reading,

John