Unfortunately for sellers, the news isn’t great, and the numbers don’t lie. The good news is that the market is great for buyers! While inventory levels are very high, and interest rates remain low, with home prices having dipped slightly, more sellers are willing to make some concessions which make this the ideal time for buyers. It’s always a great market, it’s just a matter of who is benefiting the most, and today’s market is more beneficial to buyers than sellers typically. Read on…
Maine home sales fell 20% from February 2007 to February 2008, the Maine Association of Realtors said yesterday.
Realtors sold 555 existing, single-family homes last month, compared to 698 homes last February, according to a press release. The median sales price of Maine homes fell 2% during the same period, to $190,000.
Nationally, home sales fell 22.9% from February 2007 to February 2008, and the median sales price fell 8.7%, according to the trade group.
While the average median sales price (MSP) of a home in Maine has dipped only 2% since last year, residents of certain counties are experiencing much larger fluctuations in the value of their homes. Here’s a list of the three counties that have seen the greatest increase in home values and the three counties that have seen the greatest decrease in home values. All the data is available here.
County _MSP 06-07__ MSP 07-08_ % Change
Statewide $192,000 $188,000 -2.08%
Somerset $78,750 $96,500 22.54%
Oxford $146,000 $165,000 13.01%
Lincoln $212,625 $239,000 12.40%
Washington $120,000 $69,900 -41.75%
Sagadahoc $199,950 $167,500 -16.23%
Androscoggin $163,300 $155,000 -5.08%
Source: Maine Association of Realtors
Also…If you want to know what the real estate market is doing in your Maine neighborhood, visit: Maine Market Snapshot .com