The Maine Newsletter 4.7

The Southern and Coastal Maine Real Estate Newsletter – Volume 4.7 - John Herrigel

Mission
“To Educate and Elaborate on this Great State”

Table of Contents
1. Housing Statistics:
2. Commentary:  Spectacular Spring Ending
3. Case Study:   Portland Maine residential Snapshot
4. Featured…..       

"You have freedom of choice, but not freedom from choice."
                                                                                                                       
Housing Statistics:
Sold Properties by County – June 09 (June 08) (% Change):
                       # Sold                           Avg. Price                       Avg. Days o3n Market 
York                268 (196)(37%)          239K (271K)(-12%)         120 (124)(-3%)
Cumberland   318 (328)(-3%)            265K (274K)(-3%)           95 (77)(23%)
Sagadahoc       28 (36)(-22%)              266K (241K)(10%)         162 (148)(9%)
Lincoln            33 (20)(65%)               314K (250K)(26%)         189 (212)(-11%)
           
Total Housing Inventories and Net Change by County:
                            7/21/09        6/10/09            Net Change
York                    2941           2773                    168
Cumberland       3124           2874                    250
Sagadahoc          471              414                      57
Lincoln                863             801                      62

Commentary:  Spectacular Spring Ending
For the month ending June 2009 the southern and coastal Maine real estate markets posted their strongest results in well over a year.  Significant gains can be seen all across the board.   Transaction volume was up a whopping 37% in York, whilst Cumberland saw just a 3% decrease compared to recent 10%-20% drops for both counties.  Large pricing increases were seen in the coastal counties of Sagadahoc and Lincoln (10% and 26% respectively) perhaps signaling a return of the 2nd home buyer to this market segment.  Inventories rose in all 4 counties, not ideal, but not necessarily out of character for this time of year.   First time homebuyer incentives (8K from the federal government and now 5K from Maine state housing), the return of low interest rates and a strong 2nd quarter earnings season all point to stronger months going forward.

Case Study:  Portland Maine Snap Shot
Here is a look at the current residential market conditions as well as a brief historical analysis of Portland Maine, the largest city in the state. Overall pricing has been resilient despite a significant drop in transaction volume.

Featured…

Maine Company: Gulf of Maine Research Institute, Portland
A non-profit marine science center located in Portland combining science, education and community programs to help realize the natural potential of the Gulf of Maine bioregion.  Visit them online at www.gmri.org/ 

Sites to Visit: www.thehaul.wordpress.com
Learn how to lobster and follow the exploits of a recreational lobsterman and lobsterwomen in Portland Harbor

Restaurant: Holbrooks, Cundy’s Harbor, Harpswell
Accessible by boat or by car Holbrooks offers the quintessential Maine dining experience. Enjoy a lobster roll and beer as you watch the local lobster men off load their catch for the day.  Phone: 207-729-9050

Quotable Quotes:   “Do you want my one-word secret of happiness - It's growth - mental, financial, you name it.”  Harold Geneeen

All information contained herein is deemed accurate when facts are stated. All opinions are that of the author.  We apologize for any inaccuracies, offenses or misrepresentations
If you know of any interested party who would like to receive this newsletter, please have them send an email to jherrigel@greentreemaine.com
 
Thanks for reading.

Next Issue:  Mid Aug
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Disclaimers:
“Based on information from the Maine Real Estate Information System, Inc. for the period (6/1/2009) through (6/30/2009). Provided by an individual user of MREIS. MREIS has not reviewed the contents and does not make any representations, warranties or guarantees regarding the accuracy, timeliness or completeness of any statistical information and data provided.” Rev 8.06