SALES UP 39 PERCENT for MAINE REAL ESTATE

SOUTH PORTLAND (November 23, 2009) — For a fifth consecutive month, sales of singlefamily
existing homes increased dramatically in the state of Maine. Realtors sold 1,247 homes
across Maine’s 16 counties – a jump of 39.02 percent since last October. According to the
Maine Real Estate Information System, the median sales price dipped 3.51 percent in the past
12 months to $165,000. The median sales price indicates that half of the homes sold for more
and half sold for less.
The National Association of Realtors today reports a nationwide home sales increase of 21.4
percent since October 2008. The national median existing sales price of $173,100 reflects a
dip of 6.8 percent. In the regional Northeast, sales rose 27.7 percent. The regional median
sales price declined 2.6 percent to $235,400.
REALTOR Sharon Millett of Coldwell Banker Millett Realty in Auburn says, “It’s very
encouraging to see strong continued growth in sales for the past five months in Maine. Buyers
are responding positively to the first time homebuyer tax credit of $8,000 and now that it has
just been expanded to $6,500 for all buyers, we expect this trend to continue and grow.”
With the current uptick in activity, Millett says, “Buyers really want to find a home now,
which makes it the perfect time for sellers to list their property for sale.”

MAINE REAL ESTATE SALES UP 39 PERCENTSOUTH PORTLAND (November 23, 2009) — For a fifth consecutive month, sales of singlefamilyexisting homes increased dramatically in the state of Maine. Realtors sold 1,247 homesacross Maine’s 16 counties – a jump of 39.02 percent since last October. According to theMaine Real Estate Information System, the median sales price dipped 3.51 percent in the past12 months to $165,000. The median sales price indicates that half of the homes sold for moreand half sold for less.The National Association of Realtors today reports a nationwide home sales increase of 21.4percent since October 2008. The national median existing sales price of $173,100 reflects adip of 6.8 percent. In the regional Northeast, sales rose 27.7 percent. The regional mediansales price declined 2.6 percent to $235,400.REALTOR Sharon Millett of Coldwell Banker Millett Realty in Auburn says, “It’s veryencouraging to see strong continued growth in sales for the past five months in Maine. Buyersare responding positively to the first time homebuyer tax credit of $8,000 and now that it hasjust been expanded to $6,500 for all buyers, we expect this trend to continue and grow.”With the current uptick in activity, Millett says, “Buyers really want to find a home now,which makes it the perfect time for sellers to list their property for sale.”

Maine Real Estate – Maine Receives Fed Money to Buy Foreclosed homes

Maine has received $19.6 million in federal funds to help communities buy and resell homes in foreclosure, according to the Portland Press Herald.

The funds are part of an effort to prevent communities and neighborhoods hardest hit by foreclosures from deteriorating. Which communities will benefit from the program is not known yet, but Michael Baran, acting director of Maine’s Office of Community Development, told the newspaper that Sanford will be a likely beneficiary.

The program is expected to help more than 150 moderate-income Maine families buy homes from the municipalities, which in turn will stabilize real estate values by taking properties off the market.

 

Maine Real Estate – Maine Housing Press Release – September 2008 Statistics

MREIS PRESS RELEASE:  In a press release to the media today, MREIS reports 928 homes were sold statewide in September 2008 statewide compared to September 2007’s statistic of 1,028 homes, a decrease of dipped 9.73 percent.  Maine’s median sales price for a single-family existing home is $177,750 in September 2008, down 6.45% from one year ago. The median sales price indicates that half of the homes were sold for more and half sold for less.  Nationwide, NAR reports single-family existing home sales were up 3.8% in September compared with the prior year; and the national median sales price of $190,600 represents an 8.6% decline. Regionally, sales in the Northeast are 7.7% lower than a year ago.  The regional median sales price was $246,800 – a decrease of 5.4 percent. 

Here’s a look at the year-over-year change in median sales price (MSP) in Maine’s 16 counties during the three month period between July and September.

 

County MSP 2007 MSP 2008 % change
Aroostook $77,175 $100,000 29.58%
Hancock $192,000 $235,000 22.40%
Somerset $120,000 $125,000 4.17%
Penobscot $145,000 $141,000 -2.76%
Oxford $145,750 $138,950 -4.67%
York $238,000 $224,900 -5.50%
Cumberland $255,000 $238,825 -6.34%
Knox $208,000 $192,000 -7.69%
Kennebec $155,950 $141,500 -9.27%
Piscataquis $120,000 $108,000 -10.00%
Franklin $142,000 $125,000 -11.97%
Androscoggin $165,000 $145,000 -12.12%
Waldo $185,000 $159,000 -14.05%
Sagadahoc $211,600 $180,000 -14.93%
Lincoln $239,000 $189,750 -20.61%
Washington $110,000 $77,000 -30.00%
       
Statewide $195,000 $182,500 -6.41%

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.

Maine Real Estate July 2008 Home Sales

In a press release to the media today, MREIS reports sales of single-family existing homes in Maine slowed by 17.24% last month — 1,032 in July 2008, down from 1,247 homes sold in July of 2007. The statewide median sales price dipped 3.52% to $192,000 in July. The median sales price indicates that half of the homes were sold for more and half sold for less.  Real estate sales across the country were down 12.4%.  Statistics released by NAR indicate a national median sales price of $210,900 – a decrease of 7.7% over the past 12 months.  NAR reported a regional sales decrease of 11.8% for the Northeast.  The regional median sales price was down 4.9% to $278,700.  The complete press release is posted at mainerealtors.com

Maine Real Estate Foreclosures Continue To Rise

One in every 2,710 Maine single-family homes was in at least one stage of foreclosure in July, an almost two-fold increase from the same month last year.

During July, there were 255 foreclosure filings — default notices, auction sale notices and bank repossessions — reported in Maine, a 104% increase from July 2007, according to RealtyTrac, a California company that tracks foreclosures. July’s foreclosure filings, however, represent a 7.6% decrease from June.

Nationally, there were foreclosure filings reported on 272,171 U.S. properties during July, an 8% increase from the previous month and a 55% increase from July 2007. The report also shows one in every 464 U.S. households received a foreclosure filing during the month.

Source – Mainebiz.biz

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Maine Real Estate Sales Continue A Downward Trend In June

Sales of single-family existing homes in Maine continued to decrease in June 2008. In a press release to the Maine media, MREIS reports 996 homes sold last month, a drop of 24.32% from last June’s sales figure of 1,316 homes. During the past 12 months, Maine’s median sales price decreased nearly six percent to $188,000. The median sales price indicates that half of the homes were sold for more and half sold for less. NAR reports a nationwide sales drop of 14.8% in June. The national median existing single-family home price dropped 6.7% to $213,800.  Regionally, sales in the Northeast fell 15.8% during the past 12 months.  According to NAR, the regional median sales price decreased 12.6% to $256,700. The complete press release will be posted to the MAR site soon.

 
Sales of single-family homes in Maine were down 22% in the first six months of 2008, according to a press release from the Maine Association of Realtors.

There were 4,373 single-family homes sold in Maine during the first half of 2008, 22.4% fewer than the 5,637 sold during the first half of 2007.

The median sales price for homes sold in Maine during the first half of 2008 was $185,000, a 5% decrease from the median sales price of $195,000 during the first half of 2007. However, the median sales price actually climbed in five of Maine’s 16 counties during the first half of 2008.

Here’s a look at the 10 counties that saw the largest fluctuation in median sales price (MSP) during the first half of 2008.

 

County MSP 2007 MSP 2008 % change
Statewide $195,000 $185,000 -5.13%
Washington $95,000 $136,000 43.16%
Waldo $151,875 $165,000 8.64%
Franklin $136,000 $140,000 2.94%
Aroostook $89,000 $91,250 2.53%
Oxford $148,250 $151,500 2.19%
Hancock $212,750 $199,100 -6.42
Sagadahoc $205,000 $190,400 -7.12%
Somerset $107,000 $97,500 -8.88%
Knox $220,000 $196,500 -10.68%
Piscataquis $101,250 $88,350 -12.74%

Source: Maine Association of Realtors