The first quarter of 2010 has seen a significant improvement in Maine home sales. Statewide single family sales are up 27% over the first three months of 2009.  In Cumberland County sales have increased 39%.

Pricing, however, is a much more difficult number to wrap your arms around, especially as it pertains to individual towns, and more specifically, individual homes.  Statewide the median home price rose year-over-year from $155,000 in 2009 to $160,800 in 2010, representing nearly a 4% increase.  The average price was $197,706, representing a 9% quarterly improvement.  In Cumberland County the median price was unchanged at $210,000, yet the average priced increased 3% to $255,355 during the same time period. 

These improvements, however, must be tempered by the fact that the first quarter of 2009 was one of the worst on record for Maine real estate.

Nonetheless, Maine continues to outperform many other parts of the nation where sales increases are much more limited and include a higher percentage of foreclosures and short sales.  In many markets prices continue to decline.

As the spring market accelerates there are many excellent values available, as evidenced by just some of the great homes we are marketing.  We invite you to virtually visit our featured properties included in this newsletter and at our website.

It also appears that with the expiration of the Home Buyer Tax Credit there might be an increase in activity in the "middle market"  This is a direct reflection of improved consumer confidence.

As always, if you are in need of any specific market information, just let us know and we can prepare just about any type of customized report.

Enjoy!