Prices for single family, existing homes increased 1.62% in November 2007 compared to November 2006. In figures reported yesterday by MREIS (Maine Real Estate Information System, Inc.), REALTORS reported 891 sales in Maine in November, compared to 997 sales during November 2006, a drop of 10.63 percent. The median sales price for such a home was 188,000 in November, up from 185,000 in November 2006. The median sales price is defined as the figure where 50% of the homes sold for more and 50% sold for less. While this might seem as bad news to some, Maine is holding up remarkably well when compared to the rest of the country and the region. It is important to note that all figures are for existing single family homes and do not include new construction.
Nationally the National Association of REALTORS reported that sales of single family existing homes dropped 19.9% in November 2007 as compared to November 2006. The national median existing single family home price dropped 3.7% in October to 208,700.
Regionally in the Northeast, sales were down 19.4 percent, and the regional median sales price decreased to 258,300, a loss of 3.2%.
Each day the media is reporting about the crash in the real estate market and buyers are on the fence afraid to jump in, fearing their home will lose value as soon as they close on it. The numbers in Maine point to a different scenario. While units sold are down year over year (at about half the national average), prices are relatively flat. With interest rates at close to historic lows, it might never be a better time to buy that home now, particularly if you plan to stay for some time.
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RE/MAX Shoreline - NH and Maine - Portsmouth, NH
Portsmouth NH Real Estate Preferrable Agent
Hi Rick - I saw the same numbers in the MREIS report as well. The national media continues to report as though we have a national real estate market, and we certainly don't. We don't even have a regional market, meaning New England. Real estate is always local, and the report from MREIS is a great example of that. You can even break that down further to get to the really local real estate markets.
We've done just that here in NH, and our numbers don't match the 'national numbers' painted by the media either. And we all know there are pockets all around the country where their numbers have remained positive over the last couple of years.
Good news for Maine, indeed!
Happy New Year!
Ann
Jan 01, 2008 01:42 AM
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth
Rick, in our North Texas area sales levels dropped 16% year over year, with prices staying flat on the median price. I think we may be out of the woods here by May 2008 but some analysts think the road will be longer to recovery until 2009.
Real estate is so local it is even by neighborhood. It's hard to lump one giant number together, but the media is trying to show trends.
Jan 01, 2008 01:46 AM
Coldwell Banker Residential Brokerage - Portland, ME
Thanks Ann, keep up the good work.
Gary - Seems like your numbers are similar to ours. I think we're in for more of the same in 2008, not a disaster, but not like 2005 either. In other words, a normal, balanced market.
Jan 01, 2008 10:16 AM
Coldwell Banker Residential Brokerage - Plano, TX
Plano Tx Real Estate
Too bad a normal balanced market does not sell. The media has blanketed the whole country doom and gloom.
So many agents in our office had their best year ever.
Happy New Year
dione the home advisor
Jan 01, 2008 02:56 PM
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services
Rick -- glad to hear the news from Maine. It is important that there is more balance to the reporting of what is happening with real estate. As Ann points out, things are good in New Hampshire. We have had some slowing down and prices have come down, but it appears to be a healthy correction overall! Good luck to you in 2008!
Jan 02, 2008 04:31 AM
Coldwell Banker Residential Brokerage - Portland, ME
Dione - Our office was at 125% of it's goal in November (big national companies keep track) and gaining market share in several markets. The buzz and energy is contagious. I did not do as well in 2007 as 2006, but we took time off to go to China and adopt our daughter. I also took too many relocation deals with sapped my income and won't do that again.
Joan - good to hear, your news usually filters its way up here before long!
Jan 03, 2008 09:04 AM
ERA Today Realty, Windham, ME 04062 - Windham, ME
Rick, congratulations on your adopting your daughter. WHat a cherished little treasure you must have.
I was very happy to read that information on the website the other day, also. Good news for us. Hope your market where you are is going well, We are starting to see more calls this week which is the norm for us around here. At least the calls we get now are more serious. Who else is going to want to trudge through this snow? ha ha.
Have a better new year. We all should. Glad to see you still here.
Sue from Maine
ERA Today Realty
Naples, Me.
Jan 05, 2008 04:09 AM
Coldwell Banker Residential Brokerage - Portland, ME
Hi Sue,
Thanks for the kind wishes. Still slow in Portland, single digit temperatures and snowstorms every other day haven't helped!
Jan 05, 2008 01:39 PM
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