Maine Real Estate – August 2008 Maine Home Sales Press Release

In a press release to the media, MREIS reports the median home sales price in Maine dropped 7.69% in August 2008; with a statewide median sales price of $180,000 compared to $195,000 last August. The median sales price indicates that half of the homes were sold for more and half sold for less. There were 955 home sales in August 2008, down 32.98% from August 2007. Nationally, single-family home sales declined by 9.6% in August.  NAR reported a national median sales price drop of 9.7% to $201,900.

Full Report:  MAINE REAL ESTATE MEDIAN HOME PRICE DOWN IN AUGUST SOUTH PORTLAND (September 24, 2008) – The median home sales price in Maine dropped 7.69 percent in August 2008; with a statewide median sales price of $180,000 compared to $195,000 last August. The median sales price indicates that half of the homes were sold for more and half sold for less. According to the Maine Real Estate Information System, Inc., Realtors reported 955 home sales last month, down 32.98 percent from August 2007. Nationally, single-family home sales declined by 9.6 percent in August. The National Association of Realtors (NAR) reported a national median sales price drop of 9.7 percent to $201,900.
In the regional Northeast, sales decreased 15 percent from one year ago. The regional median sales price dipped 3.8 percent to $271,000. Jim Fitzgerald of Coldwell Banker Residential Brokerage in Kennebunk says the real estate rule used to be, “Location, Location, Location. Now it’s Location, Price and Condition. There are plenty of buyers out there, but the days of ‘let’s try a higher price and then we can bring it down later’ is not a strategy worthy of any consideration. Foremost in the seller’s head should be, ‘for what price will it sell, and should we put it on the market for a little less than that?’” Joan Maloney Chrane of RE/MAX Riverside in Topsham says, “Working with a Realtor gives you an advantage–they advise where to market, what incentives to offer and what is proper pricing. Realtors are also a tremendous resource for short sale and foreclosure education.” Below are two charts showing statistics for Maine and its 16 counties. The first chart lists
statistics for the month of August only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of June, July and August of 2007 and 2008.

Maine Real Estate Statistics –August 2008 Housing Report—9/24/08—

AUGUST ONLY CHART
From August 1-31, 2007 and August 1-31, 2008
STATEWIDE:  # Units Sold 2007 (1425)  # Units Sold 2008 (955)  % Change (-32.98%)  MSP 2007 ($195,000)  MSP 2008($180,000)  % Change(-7.69%)

ROLLING QUARTER CHART
From June 1, 2007 – August 31, 2007 and June 1, 2008 – August 31, 2008
STATEWIDE: 3988 2983 -25.20% $197,714 $186,000 -5.92%
County:
Androscoggin 276 225 -18.48% $163,000 $151,000 -7.36%
Aroostook 113 96 -15.04% $86,000 $96,000 11.63%
Cumberland 991 766 -22.70% $259,000 $242,250 -6.47%
Franklin 94 64 -31.91% $141,000 $134,200 -4.82%
Hancock 156 114 -26.92% $193,750 $211,936 9.39%
Kennebec 362 288 -20.44% $152,000 $139,950 -7.93%
Knox 178 108 -39.33% $208,500 $200,000 -4.08%
Lincoln 142 78 -45.07% $217,500 $184,250 -15.29%
Oxford 169 107 -36.69% $156,000 $150,000 -3.85%
Penobscot 478 335 -29.92% $146,600 $141,000 -3.82%
Piscataquis 72 48 -33.33% $122,500 $94,000 -23.27%
Sagadahoc 120 85 -29.17% $212,250 $194,500 -8.36%
Somerset 95 100 5.26% $123,000 $123,250 0.20%
Waldo 105 68 -35.24% $163,000 $166,500 2.15%
Washington 12 17 41.67% $120,000 $135,000 12.50%
York 625 484 -22.56% $240,000 $225,000 -6.25%

Source: Maine Real Estate Information System, Inc. Note: MREIS, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 5,100 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the System within the time periods indicated.

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