Maine Housing Report:
June 2011
The month of May contineued to produce much of the same sort of results that we have been seeing in the southern and Greater Portland Maine real estate markets as volume was down in most regions, more so in the mid coastal regions whilst pricing continues to remain stable with perhaps even a bit of price appreciation in Portland proper.
September 2010
For the month ending August 2010, the real estate markets in Southern Maine saw slowing housing transaction volume, but continued stabilization of prices in the 4 counties of York, Cumberland, Sagadahoc and Lincoln. A fantastic summer season was had from a weather standpoint, but the real estate markets suffered with home sales volume down in all 4 counties. Median pricing was actually up in all regions as less first time home buyers are in the marketplace. The days on market average rose, but inventories fell. The Portland Maine residential real estate market even saw a 11% bump in prices from August 2010 vs August 2009.
April Home Results strong in Southern Maine
For the month ending May 31st 2010 Transaction volume year over year was significantly up in all regions whilst median pricing saw gains as well. The more densely populated York and Cumberland counties saw 72% and 65% volume increases whilst the mid coastal counties of Sagadahoc and Lincoln posted 36% and 44% gains! The median days on market average decreased in 3 out of the 4 counties and despite inventory growth the overall market remains very strong. With recent interest rate drops as well the housing outlook in Southern ME is positive
2009 Year in Review
Median prices were down approximately 10% for the southern and lower mid coastal Maine markets in comparison to 2008 levels, but despite this comparative drop pricing has remained steady throughout all 4 quarters in 2009. Thanks to a large 2nd half surge in transaction volume all 4 counties followed posted similar transaction volumes to those seen in 2008. The median days on market average was slightly down as well in York, Cumberland and Lincoln Counties in 2009
.Increased Volume in August 2009
The southern Maine real estate markets continue to move forward in encouraging directions. Transaction volume was once again up in 3 out of the 4 counties for August 2009 compared with August 2008. Median prices remain down about 10% relative to a year prior, but the month over month pricing has leveled off and continues to remain consistent. Inventories were flat through the summer months. Going forward watch for increased volume over the short term as 1st time homebuyers work to take advantage of the expiring tax credit, but there are rumors of an extension as well!
Trucking along through July in Southern MaineJ8-27-09
As interest rates remain low, the stock market pushes upwards and the first time home buyer frenzy continues the Maine real estate markets continue to improve. The populated counties of Cumberland and York saw similar transaction volume compared to a year prior whilst the mid coastal region saw double digit growth. Pricing remains down year over year, but is holding steady month over month. A net decrease in inventories was seen as well further pointing towards improving Maine market conditions.
Stronger Southern and Coastal ME Results 7-24-09
With interest rates remaining low and maine first time home buyers cashing in on the federal and state incentives, Maine posted its strongest month in well over a year. The soutnern counties of York and Cumberland are still seeing a bit of price depreciation, I think attributed to the large number of foreclosure/short sale properties, but their volume was up significantly, a very strong sign. In the more coastal communities of Lincoln and Sagadahoc, pricing increased 26% and 10% respectively signaling perhaps a return of the 2nd home buyer to this market segment.
Stronger Soutnern Maine Results in April 2009
Despite year over year pricing drops transaction levels climbed for the 4th consecutive month and average pricing month over month was up in 3 out of the 4 counties followed for the first time this year! Additionally encouraging is that the Days on Market average for the 4 counties followed trended down this month signaling more buyer activity. Inventories however did shoot up this month making this metric important to follow over the coming spring season.
Signs of Real Estate Life in February: 3-20-09
Continued price declines and transaction level decreases have continued in February for 3 out of the 4 counties followed, but it seems renewed optimism is in the air. Relative to January’s dismal figures February’s numbers are stronger for the Southern and Coastal Maine real estate markets. First time home buyers are buying again… taking advantage of low interest rates and the $8000 tax credit stimulus. Inventories continue to remain low helping to keep supply in check and further push demand upwards. As the government programs take root and if financial markets can stabilize look for a healthy, strong spring for Maine real estate.
2008 Housing Analysis: 1-13-09
The southern Maine market lost about 7-10% of its value on average compared with 2007 figures. Transactions volume accelerated its decline in 2008 with an average 1 year drop of 20-25% seen in all 4 counties followed. The days on market continued a 5 year long trend of gradual increases that accelerated significantly in 2008 with the average time for a home on the market in southern Maine topping 100 days and closer to 150 in lower mid coastal regions. Inventory levels have not increased significantly in York or Cumberland county (home to Portland Maine)but did inch upward more modestly in Sagadahoc and Lincoln. The first time home buyer market remains the strongest overall and the 2nd home market is the weakest.
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