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Greetings!
Designers want me to dress like Spring, in billowing things. I don't feel like Spring. I feel like a warm red Autumn.
- Marilyn Monroe
Welcome to October! Sales of single family homes across the Maine continued strong through September. YTD unit sales are up 15.3% over the first 3 quarters of 2012 and the median price of $175,000 represents a 3.5% improvement. Cumberland County, which represents nearly 30% of all sales in the state, continued to lead the way. Unit sales were up 16.7% and pricing was up an impressive 7.8% on a YTD basis. Results in York County are also positive, with sales and prices up 16.5% and 2.3% respectively. Amid this good news, inventory levels have been slowing increasing, as the graph below illustrates. Although YTD sales are still strong, sales in the month of September were slightly below the level of September 2012 and combined with a higher inventory level resulted in an increased absorption rate - the number of months to sell existing inventory at current sales rates.  7 months of inventory is the highest level since March of 2013. The percentage of homes under contract also declined modestly in September. Going forward it will be important to gauge whether this is a temporary aberration or a leading indicator. As always, sales details of local towns can be found on our website. Select the Communities tab and follow the link to the community that is of interest to you.
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Fed Continues Bond Purchases Mortage Rates Stabilize Below 5%
The Fed recently announced they would continue their current pace of purchasing bonds until the economy is stronger. This came as a bit of a surprise. The bond purchasing program has been part of an overall stimulus package and is the primary reason that mortgage interest rates have been at historic lows.
The assumption that there would be a reduction in bond purchases had caused 30 year mortgage rates to spike upward over the last few months.
For the time being, this is good news for home buyers. But do not expect the low rates to last.
Forecasts from The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors have each projected that the 30 year fixed rate mortgage will have interest rates in excess of 5% by this time next year. Read More
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Living On the Waterfront Meet the Owners - Tour South Portland
For over a decade, Cathy and Chris Brigham have enjoyed calling 8 Achorage Place and South Portland home.
In this short interview with Laura they reflect on what makes their townhome and the local community so special - not only to them - but to anyone thinking about starting a new chapter in their lives.
On a recent beautiful summer day our very own Julia Langham put together this tour of South Portland, checking out some of Cathy & Chris's favorite spots.
Read More...Watch Videos
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Progress at Thompson's Point Announcement to Move Suburban Propane
Remember the $100 million revitalization plan for Thomspson's Point? Well, progress is being made, albeit in small steps.
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Within the last few days the site's developer, Forefront Partners, announced that it has finalized an agreement to relocate the Suburban Propane.
The deal will allow for a 3,500-seat arena and event center and a parking garage to be built next to the train tracks, making it easier for passengers entering Portland via the Amtrak Downeaster to disembark and directly enter the facility. Read More |
Selling in 2013? Get a Custom Valuation Online
If you are still thinking about selling your home this year, the fall season still offers many opportunities. Contrary to popular believe, home sales do not fall of the edge of the earth during the fourth quarter. In 2012, sales in Cumberland County during this period represented 27% of the annual total. In 2011 the amount was 24%.
Although increasing slightly over the last several months, the level of good, salable housing inventory is still low. The rate of homes under contract in September was 27% - slightly lower than August.
Pricing has also continued to improve steadily during the year. As of August the 3-month rolling median price is up 4.9% statewide and 8.3% in Cumberland County.
So, if you would like to get your home on the market this year, there are two major things to consider: 1) What is the market value of my home and 2) What will my agent do to aggressively market my home.
Regarding point one, we can provide you with a comprehensive market review of your home online. Visit My Homes Value on our website and complete the form.
Regarding point two, we can guarantee the best online exposure featuring HDR photography and real video tours that highlight everything special about your home. Visit our YouTube Channel for some recent examples.
Or better yet.....give us a call.
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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,
Laura & Michael Sosnowski
Maine Home Connection
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Welcome
We hope you enjoy our monthly Newsletter. Laura provides a quick overview.  | |
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Featured Properties
Windham: $297,900
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Falmouth: $475,000
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Neighborhood Spotlight
Cape Elizabeth
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There is not enough inventory available in Cape Elizabeth! Through September there have been 97 single family home sales compared to 102 during the first 9 months of 2012.
The under-contract rate is 38% - one of the highest in southern Maine. At this time there are 58 homes on the market with a DOM stat of 21.
The median price is also up - and quite a bit. YTD pricing is $441,000 versus $361,000 last year. The median price of homes currently for sale is $658,500.
In 2012 there were 7 sales priced above $1 million. This year there have been 12 - at a 18.3% higher price. For more information visit online at
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Home Search Create A Custom Search
Looking online for a home, condo or land? Use our Home & Lifestyle Search that displays homes and detailed neighborhood info on an interactive spatial map.
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View HomesFind the perfect fit of home and neighborhood. Video tutorials are available.
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Oceanfront Homes
Owned Waterfront
There are currently 804 single family homes for sale in Maine with owned oceanfront. The level of sales has been relatively consistent for the last two years - 170 sales in 2012 and 172 in 2013.
The mix of properties has changed slightly in 2013, where homes priced above $500,000 now represent 66% of the total compared to 55% the year before.
Cumberland and York Counties represent 52% of the total of all homes sold, yet has the highest selling prices by a wide margin. Waterfront home sales in these two counties were 47% higher than the rest of the state. That is a significant premium.
Common Searches:
Watefront Map Overview
Greater Portland
Harpswell
Old Orchard Area
Kennebunks - York
Camden - Rockport
Boothbay - Boothbay Harbor
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World View
The largest building in the world just opened in - where else - but China.
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New Century Global CenterChengdu, China It's big enough to hold 20 Sydney Opera Houses, or 3 Pentagons. The building is so big, about 329 football fields could fit inside.
Take a Video Tour
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Who Couldn't Use a Nap?
Naps can be tricky. The time of day, the length, the location, and your current sleep schedule all influence the effectiveness of the nap you take.
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The best time to take a nap is between 1:00pm-4:00pm.
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