This Month In Real Estate

Did you know …

  • 56 percent of buyers used their savings as a down payment last year? This was up from 52 percent in 2007.
  • 213 out of 330 markets in the United States were undervalued in the third quarter of 2008?
  • The $780 billion economic stimulus package was signed by President Obama contained 35 percent in tax cuts and 65 percent in spending?
  • Consumers can no longer access their Experian FICO credit scores as of February 14?

Maine Real Estate – Home Prices On The Rise

Eight out of 10 economists agree that real estate home prices will rise in the next five years according to NAR, The National Association of REALTORS®,  in a national television ad titled, “Buyer Strength.”  Bravo to NAR  for seeing the value in The Keller Center for Research at Baylor University by using their statistics. Keller Williams Realty is the fastest growing real estate company.

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Meservier & Associates of Keller Williams Realty Mid Maine offers exclusive buyer and seller representation. We have been offering Maine real estate services collectively for over 40 years and was the number one Agent team for Keller Williams Realty in Maine for 2008. Come see what we’re doing right!

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 – Highest Percentage of Foriegn-Owned Agricultural Land

Maine has a higher percentage of foreign-owned agricultural land than any other state in the country, as well as 16% of all foreign-held agricultural land in the country, according to new data from the U.S. Department of Agriculture. The majority of the foreign-held agricultural land in Maine consists of forest and timberland totaling 3,270,362 acres.

Here’s a list of the 10 states with the highest proportion of foreign-held agricultural land to privately-held agricultural land as of February 28, 2007.

 

State

Privately held agricultural land (acres)

Foreign held agricultural land (acres)

% foreign held

Maine

17,955,835

3,323,846

18.5%

Hawaii

1,803,038

168,008

9.3%

Alabama

28,760,792

1,710,681

5.9%

Washington

22,014,053

1,266,103

5.8%

Georgia

30,823,101

1,620,304

5.3%

Louisiana

23,870,712

1,242,078

5.2%

Nevada

9,753,158

504,823

5.2%

Florida

21,849,568

1,000,207

4.6%

Michigan

24,098,445

761,808

3.2%

Arizona

7,833,746

246,710

3.1%

Source: U.S. Department of Agriculture’s Farm Service Agency

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

Maine Real Estate – Notable Statistics

 The Maine Real Estate Commission (MREC) has compiled statistics of license counts for three years (note – they count from June to June – not regular calendar year).  The number of Agency licenses comparing June 2008 with June 2006 is DOWN 94; number of Designed Brokers is DOWN 180; number of Brokers is UP 112; Associate Broker is UP 353; and number of Sales Agents is DOWN 1563 licensees (783 sales agents in June 2008 compared with 2346 in June 2006).  Statistics for NEW Licenses Issued (all types) in those time periods show a total DECREASE of 840 new licensees comparing June 2008 (1197) to June 2006 (2037).