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 March 13, 2008
Filed Under General Maine Real Estate, Southern Maine real estate, Coastal maine real estate | Leave a Comment
In the month of February similar conditions to January were seen in the Southern Maine housing markets. Transaction volume remained down by approximately 25% in York and Cumberland county whilst sample sizes are too small in Sagadahoc and Lincoln to draw strong conclusions from. The average prices remained moderately stable with an overall trend downward albeit for a 4% increase in York. The Days on Market vs a year ago decreased significant, but remain on par with January’s numbers.
View the complete report here.
More information on Coastal Maine communities here.
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.
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 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
Posted on October 11, 2007
Filed Under Portland Maine real estate, Southern Maine real estate | Leave a Comment
Is there a difference between condo pricing and single family home pricing in the Portland Maine real estate markets. Below is an analysis on the current condo market in Portland and to follow will be a single family home analysis for comparison.
Currently in Portland there are 243 condo properties on the market with an average asking price of 294K.
The breakdown of price points is as follows:
Under 200K 200-300K 300-500K 500K +
80 97 43 25
Here is a look at the number of properties sold, the average price and year upon year appreciation for Portland condos. The total appreciation has been 96% for the entire time period.
Year # Sold Avg Price Yearly Appreciation
2007 220 246K 3%
2006 312 239K -5%
2005 368 252K 11%
2004 296 228K 19%
2003 250 192K 15%
2002 220 167K 11%
2001 168 151K 20%
2000 165 126K
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 September 18, 2007
Filed Under Portland Maine real estate, Southern Maine real estate, Cape Elizabeth Real Estate | Leave a Comment
Doing some analysis for a client the other day on the available stock of property in the 500-700K range in the greater Portland Maine real estate markets, specifically Cape Elizabeth, South Portland, Falmouth and the West End, here is what the numbers reveal for average sq footage, cost/sq. footage, taxes and days on market for these high end Southern Maine communities.
Averages
Properties Sq Footage Cost/Sq. Foot Taxes Days on Market
South Portland 8 2991 $202 $5,362 107
West End 7 3035 $242 $7,024 85
Falmouth 49 3100 $212 $5,675 141
Cape Elizabeth 15 2674 $239 $6,315 61
Falmouth has a high number of new construction listings with 20 out of the 49 accounted for not having been built yet. The West End consists primarily of town homes in this price range whilst Cape Elizabeth and South Portland are a mix of older traditional homes coupled with newer contemporary construction.
Posted on August 28, 2007
Filed Under General Maine Real Estate, Southern Maine real estate | Leave a Comment
Despite the extreme volatility seen in the financial markets the 4 Maine counties followed held strong. Appreciation was flat in York and Cumberland whilst Sagadahoc and Lincoln saw minor fluctuation. A 22% increase in units sold in Cumberland county was the high point for southern Maine real estate markets in July. A slight uptick in Days on Market for 3 out of the 4 counties and a small, statistically insignificant inventory increase were seen as well. Look for more significant reductions in homes sold going forward as the lenders look to find a happy medium in their practices. View the full newsletter here.
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.
— keep looking »
