Prices for single family, existing homes decreased 4.62% in December 2007 compared to December 2006. In figures reported yesterday by MREIS (Maine Real Estate Information System, Inc.), REALTORS reported 745 sales in Maine in December 2007, compared to 971 sales during December 2006, a drop of 23.27 percent. The median sales price for such a home was 186,000 in December, down from 195,000 in December 2006. The median sales price is defined as the figure where 50% of the homes sold for more and 50% sold for less. 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 21.6% in December 2007 as compared to December 2006. The national median existing single family home price dropped 6.5% in December.
Regionally in the Northeast, sales were down 22.4 percent, and the regional median sales price decreased to 258,600, a drop of 8.9%.
Now, more than ever, if you are looking to buy or sell real estate in Southern Maine in 2008 you need a trusted company with the resources to market your property professionally, not only in the local market, but also nationally and internationally. Join the over 1,000,000 visitors each month at http://www.newenglandmoves.com/ and see what the buzz is all about. Ask me why the Portland office at Coldwell Banker Residential Brokerage increased the number of transactions by 19% in 2007 in the midst of all the doom and gloom in the industry.
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