We hope everyone enjoyed the summer - how good was it!

Right now we are updating all of our online reports and graphs for the first three quarters of 2010.  Soon we will have complete data for local towns and counties available for download on our website.

In the meantime, below are some general sales statistics that you might find interesting.

In Cumberland County through September 30th 2,014 homes were sold in 2010 compared to 1,872 in 2009, representing and increase of 7.4%.  From a price perspective, results in 2010 were better than 2009.  The median selling increased from $219,900 to $225,050 or 2.3%. 

In most cases people find this surprising, especially given all the negative news out and about.  But, it is important to keep in mind that 2009 was one of the worst years on record in Maine and that the inventory of homes on the market is still high.  In fact,  there are currently 11 months of inventory available, and this rate has remained unchanged for the last six months or so.  Also of concern is the fact that the number of homes "pending" has dropped compared to 2009, which is indicative of a slower 4th quarter.

Closer to home, using the city of Portland as a more focused example, 321 homes have sold so far in 2010 at a median price of $220,000.  In 2009 318 homes were sold at a median price of $215,000 - very small increases.  Like Cumberland County, the inventory is high and properties under contract are below 2009 rates.

Looking forward to October and the balance of the year, it will be interesting to see if confidence in the market continues to develop.

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.