Greetings!

Through the month of August, the housing market in Maine has continued to improve. During the first eight months of 2012 a total of 7,386 single family homes have been sold at a median price of $169,000 representing an increase over 2011 of 15.9% and 2.4% respectively. In fact, the median price for the month itself was $199,199 - the highest it has been for any individual month over the last two years. 

In southern Maine, specifically Cumberland County, unit sales are up 15.6% YTD while pricing is down slightly (1.3%) to $238,500. Some trends we are following this year include:   

 

 

Despite the steady improvements in sales volume each month, it is important to remember that the current sales level is consistent with monthly totals dating back to 1999 and 2000. We are about 40% below those levels and it will still take some time before we approach them again, even if interest rates continue at their unprecedentedly low rates. 

Portland Awards Grow

It's a pretty common occurrence to see Portland included on some sort of "best-of" list, especially during the last several years as the number of surveys and lists has grown dramatically.

In the last 13 years the city has been named on 35 "best place" lists produced by magazines and websites which keep track of such things. In 2012 alone Portland was included on five new lists including Forbes.com as a top 10 location for job prospects and GoLocal as a top 10 of New England's best cities.  

For those of us who live here (or are thinking about moving here), these lists can be both flattering and fun - but what do they really mean? For most companies that create lists it all comes back to advertising, especially on the Internet. Readers like lists - they generate "clicks" and drive traffic.  

Although each survey includes its own very specific criteria, there is much that is subjective - and the overall importance of each citation can be questionable. Yet with so many references to Portland on the web, the exposure is probably good for the overall area in many ways.

Although no one has moved here because of any particular list, local businesses no doubt benefit from so many people thinking about the city as a prospective home or vacation destination. It's more a "Top of Mind" phenomenon.

For a complete list visit: National Recognition.

Waterfront Sales Improve

We were recently contacted by a potential home buyer inquiring about vacation and second homes, especially those along the Maine coast. The focus was pricing - and whether the market had reached the bottom.

 

If we zero in on waterfront homes, it is clear that the market has improved dramatically in this segment in 2012. Through August of this year sales of homes with "owned" waterfront along either the ocean or a lake were up compared to 2011.

 

In the price segment of less than $500,000 sales were 562 compared to 404 representing a significant increase of 39%. Sales of waterfront homes in excess of $500,000 in 2012 were 150 compared to 127 in 2011. Although this increase of 18% was not as dramatic as the lower priced segment, it was still significant.  

 

Read More  

Condo Sales Better in 2012

Editor's Note

Thank you for your continued support. As with everything we do we constantly strive to set a standard of professionalism uncommon in our industry.

We would love to hear your comments and suggestions as to what you would like to read in the weeks and months ahead. Email us anytime at: Info@MaineHomeConnecction.com.  Or visit our Facebook page for current updates and market trends.

If you are thinking of buying or selling - or know of someone who is, it would be our privilege to assist them.

Sincerely,

Maine Home Connection