Understanding pricing in Maine's Central and Southern Markets

Real Estate Agent with Meservier & Associates of The Bean Group

While the headline from the Maine Associations of Realtors yesterday showed an uptick of 9% in sales we continue to see price pressures statewide with medium sale price down 3.66%  Both Cumberland County and Androscoggi nCounty were down. What this mean sand where do we go from here? It means homes must be aggressively priced to sell. BUYERS MUST KNOW THEY ARE GETTING A STEAL WHEN THEY BUY IN THIS MARKET! I believe and I hope I am wrong that we will see another 5% decline in prices, along with normal seasonal decrease in sales after November 1, 2012. In short, this is likely the new normal whether we like it or not. Eventually prices will further stabilize and maybe even increase inthe long term.?  Obviously a better economy, improved unemployment numbers, and less uncertainty are needed, but most of all-we need more Capital-more loan products, looser underwriting standards and so forth. Once more capital-be it private capital, government insured and/or alternative bank lending products come to the market, housing will improve.

Comments (1)

Andrew Mooers | 207.532.6573
Northern Maine Real Estate-Aroostook County Broker

In a rural state like Maine with 11 people per square mile in northern sections, 44 in southern, it is not just homes, houses that make the headlines. Tons of land listings in Maine get sold, no bank, cash sales and attractive owner financing involved creating neat annuities for the owners. Lucky Maine is not just homes, houses that get peddled and waterfront properties are hot, jumping, selling like hotcakes. It is so much lower priced, so four season outdoor beautiful in Maine, Vacationland.

Aug 23, 2012 11:21 PM