HousingPredictor.com Forecasts Increased Sales, Lower Home Prices in 2012 for Portland, Maine

I'm quite optimistic about the local real estate market recovery given that Portland and Southern Maine's unemployment at approximately 6% is below the national figures of 9%+.

Interestingly, while comparing economists outlooks and reading local real estate industry statistics I came across HousingPredictor.com numbers for their 2012 outlook. To no surprise at all, and according to HousingPredictor.com, Maine is "turning out to be one of the safest bets" in the real estate market looking ahead in 2012. The news is certainly in line with recent statistics reported on historical numbers. HousingPredictor.com is forecasting that sales volume will continue to increase locally, which we have seen in the year over year figures reported by the Maine Association of Realtors, yet home prices will dip slightly in 2012, as they project the following decreases in the major cities/regions - Portland -2.6%, Lewiston -2.8%, and Bangor -3.4%. Very understandable as low interest rates encourage first time home buyers to purchase properties traditionally lower in price coupled with the fact that distressed properties continue to put downward pressure on existing home prices.

Per statistics released by the Maine Association of Realtors and Maine Real Estate Information System, Inc., the State of Maine saw a 9.6% increase in home sales volume in November 2011 compared to November 2010 with little change (+0.59%) in the median sales price of homes sold. The statistics marked a five month positive streak of sales volume increases in Maine home sales. In comparison, the National Association of Realtors reported national figures of 12.9% increase in home sales nationwide coupled with a median sales price decline of 4.0% for the same year over year comparison for November.

Cumberland County (Portland, South Portland, Falmouth, Scarborough) saw a 5.76% increase in home sales for the rolling quarter year over year (September - November 2011 versus September - November 2010) coupled with a 1.77% decline in the median sales price down slightly to $222,000. Similarly, York County (Saco, Kennebunk, York, Kittery) experienced a 10.67% increase in home sales volume for the same period with a slight increase of 0.92% in the median sales price to $220,000.

For more information on available homes for sale or to start your very own search, please visit FindMaineHomesNow.com