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Maine Current Market

By
Real Estate Agent with Coldwell Banker Plourde Real Estate

MAINE REAL ESTATE MEDIAN PRICES DOWN 5.7% IN MAY

SOUTH PORTLAND (June 26, 2008)-Sales of single-family homes in Maine declined during May.  According to the Maine Real Estate Information System, Inc., a total of 969 single-family existing homes changed hands during the month, a 12.39 percent decrease from May 2007's sales figure of 1,106 homes sold.

The median sales price for those homes was down 5.7 percent to $182,000. The median sales price indicates that half the homes were sold for more and half sold for less. However, during the rolling quarter sales period, which includes the months of March, April and May combined, five of Maine's 16 counties experienced an increase in the median sales price.

Nationally, single-family home sales are 14.5 percent lower than in May 2007. According to the National Association of Realtors (NAR), the national median existing single-family home price dipped 6.8 percent in the past year to $206,700. Home sales in the Northeast were down 15 percent. The regional median sales price decreased 2.4 percent to $278,000.

Following are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of May only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during March, April and May of 2007 and 2008.

MAY ONLY CHART

From May 1-31, 2007 and May 1-31, 2008

County # Units Sold # Units Sold % MSP MSP %

2007 2008 Change 2007 2008 Change

STATEWIDE 1106 969 -12.39% $193,000 $182,000 -5.70%

ROLLING QUARTER CHART

From March 1, 2007 - May 31, 2007 and March 1, 2008 - May 31, 2008

County # Units Sold # Units Sold % MSP MSP %

2007 2008 Change 2007 2008 Change

STATEWIDE 2935 2327 -20.72% $195,000 $182,500 -6.41%

Androscoggin 232 168 -27.59% $161,750 $149,750 -7.42%

Aroostook 82 64 -21.95% $83,185 $89,250 7.29%

Cumberland 779 602 -22.72% $245,500 $233,688 -4.81%

Franklin 58 42 -27.59% $124,950 $136,000 8.84%

Hancock 116 81 -30.17% $212,750 $178,500 -16.10%

Kennebec 261 207 -20.69% $146,000 $143,500 -1.71%

Knox 99 92 -7.07% $225,000 $186,000 -17.33%

Lincoln 80 71 -11.25% $239,100 $190,000 -20.54%

Oxford 128 102 -20.31% $135,000 $150,500 11.48%

Penobscot 303 275 -9.24% $146,500 $136,300 -6.96%

Piscataquis 36 27 -25.00% $90,798 $75,000 -17.40%

Sagadahoc 80 64 -20.00% $210,000 $189,500 -9.76%

Somerset 85 72 -15.29% $109,900 $95,500 -13.10%

Waldo 73 65 -10.96% $146,200 $160,000 9.44%

Washington 18 12 -33.33% $90,990 $137,500 51.12%

York 505 383 -24.16% $230,500 $225,000 -2.39%

Source: Maine Real Estate Information System, Inc. Note: MREIS, a subsidiary of the Maine Association of REALTORS, is a statewide Multiple Listing Service with over 5,800 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the System within the time periods indicated.