johnherrigel's Blog: Southern Maine Real Estate

Up here in Portland Maine it seems a slight change is in the air with regard to the seller’s willingness to simply roll over to any and all of a buyer’s whim’s.  Perhaps feeling a bit more confident in their pricing and the overall stability of the markets many of my recent offers have resulted in counter offers from the seller at much closer to their asking prices than where they would have countered at a half a year prior.

The Maine first time home buyer market continues to be the driving force within the region helped along by the housing tax credit and lower interest rates, Maine State Housing just lowered their rate again to 4.75%!!!  As of late this segment has picked up even more steam with multiple offer situations, offers above asking and a…

The greater Portland residential real estate market continues to chug along as evidenced by the recent monthly housing statistics on Falmouth and Cape Elizabeth.  In Falmouth, 20 homes sold in October, up 25% from a year prior and month over month volume was down just 2 transactions.  In Cape, 13 homes sold compared with just 5 a year prior and and up from 11 in September.  Median pricing fluctuated a bit for the two communities as Cape was flat compared to a year prior, but Falmouth was off about 35%. The median days on market for both communities continues to remain stable and in both of these towns inventory levels have dropped a bit relative to the previous month. 

Thus the Southern Maine real estate housing markets based on greater Portland and…

With Fall foliage in full swing here in  Maine....just the facts and a little commentary on how the residential real estate markets in the greater Portland region fared for the 3 month Qtr ending September 30th, 2009.

Total transaction volume for the 5 communities including Portland, South Portland, Westbrook, Falmouth and Cape Elizabeth clocked in at 431 compared with 399 in 2008, a 7% increase year over year.

The average median price for these transactions was 238K compared with 266K in 2008, representing a 12% decrease from year prior.  The markets however do seem to have found a bottom after the intense economic crisis with median prices down a bit from the start of the year, more of which can be attributed to the  1st time home buyers purchasing a…

The month ending June 2009 saw extremely strong southern Maine residential housing numbers for the 4 counties I follow, York, Cumberland, home of Portland Maine, Sagadahoc and Lincoln counties.  York saw a 36% increase in transaction volume, the first increase in well over a year, whilst Cumberland only decreased by 3%. Lincoln saw a 66% increase and Sagadahoc had a 22% decrease but sample sizes are small in these mid coastal real estate communiities.   Pricing in York and Cumberland were down 12% and 3% respectively, but month over month have been on the rise to holding steady since January.  Sagadahoc and Lincoln saw significant pricing increases this past month, a strong sign that the critical market segment of 2nd home buyers is returning to this…

For the month ending June 2009, the Portland ME real estate markets fared well with 65 transactions closing at a median price point of 205K.  The compares with 89 at 215K a year prior. A 5% drop in pricing year over year, less than the southern maine real estate norm of about 10% or so though.  Going forward the Maine state housing gift of green for 5K coupled with the 8K federal tax credit should continue to propel the markets in good directions.    Portlands East and West End real estate markets continue to remaine good holders of value as well.  Thanks for reading, John

Currently in the town of Westbrook, there are approximately 100 homes for sale as of late June 2009.  The Westbrook Maine real estate markets have had a great spring season with almost 70 homes having sold so far at a median price of 187K. In 2008, about 200 homes sold in Westbrook Maine at a median price of 191K. This southern maine real estate community continues to grow along with the entire greater Portland region. 

As we move into the late spring/early summer season, Real Estate in  Southern Maine, specifially Portland Maine has posted some fairly strong results. In May, 54 homes sold in Portland Maine at a median price of 233K representing a decrease of still 25% in volume from a year prior but an increase of 15% over April figures as well as an increase of 15% in median pricing year over year.  The current inventory of homes for sale in Portland Maine has jumped a bit, currently at 450ish compared with 410 or so a month prior.    Hopefully as the economy continues to improve, this southern Maine market including South Portland real estate will stay strong and grow stronger.
 

Thanks for reading,
John

The month of April showed encouraging signs for the Southern Maine real estate markets. Overall pricing is still down and transaction volume is lower, but month over month the days on market decreased for the region as a whole and the average pricing was up compared to March figures in 3 out of the 4 counties followed that include the larger cities of Portland Maine and Bath Maine

Going forward the first time homebuyer will remain the key to helping bring the state of Maine along with the entire country out of the real estate doldrums!