Prices for single family, existing homes dipped 1.95% in from October 2007 to October 2006. In figures reported today by MREIS (Maine Real Estate Information System, Inc.), REALTORS reported 1041 sales in Maine in October, compared to 1186 sales during October 2006, a drop of 12.23 percent.
The median sales price for such a home was 188,500 in October, down from 192,250 in October 2006. The median sales price is defined as the figure where 50% of the homes sold for more and 50% sold for less.
Nationally the National Association of REALTORS reported that sales of single family existing homes dropped 20.8% in October 2007 as compared to October 2006. The national median existing single family home price dropped 6.3% in October to 205,700.
Regionally in the Northeast, sales were down 12.6 percent, but the regional median sales price actually increased rose to 258,700, a gain of 1.3%.
One might infer that Maine and New England, while declining in both prices and units, is holding up much better than the country as a whole.
Keller Williams Realty - Universal Properties - Portland, ME
Southern Maine Real Estate
Every real estate market is local. While the media harps on negativity with everything, the general public needs to remember that real estate like anything (though I question oil prices) follows the standard rules of economics, and supply and demand.
Right now there is a great deal of inventory on the market, however, the amount of property actually "in market" meaning well-priced in the minds of buyers which will sell quickly, is much less than the amount of property "out of market" and over-priced. Supply continues to grow until prices fall and demand returns. In the meantime, those who price their properties well have seen movement and are quick to close.
Dec 06, 2007 07:32 AM
Coldwell Banker Residential Brokerage - Portland, ME
Well said Jeff, I don't know if you remember, but we've met at an open house I had some time ago!
Dec 07, 2007 12:07 PM
Prudential Rubloff - Wheaton, IL
Wheaton IL
Rick, I couldn't agree more with Jeff. Every major paper and news outlet talks about the real estate market on a national level. Not every area is losing ground.
Dec 30, 2007 12:20 PM
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