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 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 26, 2007
Filed Under General Maine Real Estate | Leave a Comment
After an encouraging August, September illustrates the volatility we have and will most likely continue to see in the markets for Southern Maine real estate. For the 4 counties followed transaction volume was off 18% from 2006 and off greater than 28% from 2005 levels. The Average prices of homes rose in both York and Lincoln counties, but fell by 5% in Cumberland and Sagadahoc. The days on Market fluctuated greatly throughout the 4 counties. For the complete report and housing statistics click here.
Posted on September 27, 2007
Filed Under General Maine Real Estate | Leave a Comment
Following suit with the Maine home property statistics for southern Maine real estate the statewide sales volume was up 6.74% for Maine in August. A total of 1,425 homes sold in the month with a median price of 195K, unchanged from a year ago prior. Nationally home sales dropped by 13% and for the Northeast it was down 3.6%. Read the complete report right here.
Posted on September 20, 2007
Filed Under General Maine Real Estate | Leave a Comment
did you know that Maine has a great program for all those real estate owners as well as renters out there.
For a state considered by many to have property taxes that are disproportionately high, the legislatures in Augusta have created a program that enables one to receive up to $2000 back if these two requirements are met:
1) Income must not exceed $80,750 for a person who lived alone; OR, $105,750 for a person who lived with a spouse and/or dependent(s)
2) Your 2006 property tax must have been more than 4% of your 2006 household income; OR, the rent you paid in 2006 must have been more than 20% of your 2006 household income. Find out more by clicking here
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 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.
Posted on August 14, 2007
Filed Under General Maine Real Estate | Leave a Comment
Not necessarily a Maine real estate update but certainly something that pertains to any would be buyer or seller of property in Maine.
A Credit Market update from Garrett Ryan an excellent mortgage broker and friend here in Maine explaining some of the recent changes in the lending market.
“Two big changes that evolved last week were to Jumbo & Alt-A loans. The secondary market has lost it’s appetite for Jumbo loans causing lenders to hold their 417K+ notes instead of bundling them up for the secondary market. To make holding the loans more profitable, lenders implemented rate hikes to all jumbo loans putting the average Jumbo around 7.5% (yikes!) Alt-A loans are a program with a conforming lender, but require less documentation. Such as no income verification, but we will verify employment and assets. About 60-70% of the lenders cancelled their ALT-A programs. My guess is additional lenders will follow suit in the coming weeks.”
Click here to email Garrett Ryan at Maine Mortage or give him a call at 883-5063.
Posted on August 2, 2007
Filed Under General Maine Real Estate, Southern Maine real estate | Leave a Comment
After having dealt with a couple deals involving easement issues, when looking to purchase waterfront real estate or waterview real estate be sure to read the deeds carefully, consult with professionals, never assume and be sure to check with these 3 authorities when looking to obtain permits for easements over resource protection and Shoreland Zoning regions
1) The town hall, specifically the Codes Enforcement Officer (CEO) who can determine if he/she has the authority to issue a permit or if one might need the approval of the local planning board to proceed, a process that can take multiple months.
2) The Department of Environmental Protection will most likely want to take a look at the site as well to determine if a Permit by Rule (quick 2 week version) can be issued or a full permit that can take as long as 2-3 months to obtain will be necessary.
3) The Army Corps of Engineers is the last organization to consult with if any disruption to a marine habitat will occur.
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
— keep looking »
