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Southern Maine 2009 Year in Review

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For the 4 counties followed Cumberland and Sagadahoc posted the best results dropping only 6% and 8% respectively in median prices compared with 2008 figures.  The southernmost  real estate markets of York county lost 14% of their value whilst mid coastal Lincoln county dropped a whopping 17%.  Volume in all 4 counties held strong in 2009 posting similar transaction volumes to those seen in 2008 thanks  to a 2nd half surge resulting from the tax credit and low interest rates.

Despite these price drops home values did stabilize throughout the year. Inventories across the board are currently lower than where they were last year at this time and the median days on market average has dropped in all counties except for Sagadahoc.

Going forward I expect the first half of 2010 to be quite strong as rates remain low and buyers continue to take advantage of the housing tax credit that expires April 3oth.

The complete Maine real estate report can be viewed  at www.mymainepropety.com as well as individual reports on the greater Portland Maine residential markets and the Maine coastal  housing markets.

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