Southern Maine Real Estate Year in Review

By
Real Estate Agent with The Herrigel-Kennedy Group - Portside Real Estate

In 2008 the following the 4 counties in southern and mid coastal maine saw on average a 10% drop in average prices and a 20% plus drop in transaction volume.  Coastal Maine real estate was perhaps hit the hardest as the 2nd home and waterfront property market pretty much dried out.  The first time home buyer market did and does continue to see healthy volume given the astronomically low interest rates coupled with low money down programs still available.  The Maine markets hit their peak in '04/'05, held strong through 2006, began to weaken in 2007 and then dropped considerbly this past year.  Transaction volume is down about 50-60% from the hey day and prices are about where they were in 2005.   To view city by city housing statistics on Southern Maine real estate, please visit my website at www.mymaineproperty.com  I am a buyers broker for the greater Portland and lower mid coastal regions of the state.

 Average Sold Prices (000's)
                  2008    2007   2006         1 year 2 year
York             271   292   287       -7%    -6%
Cumberland  275   300   302       -8%     -9%
Sagadahoc    201   226   218      -11%    -8%
Lincoln          290    281   275       3%       5%

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Rainmaker
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Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Maine is such a highly taxed state I'm not surprised especially with this recession.

 

Patricia Aulson/  Portsmouth NH Real Estate

Jan 15, 2009 08:34 AM #1
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Rainmaker
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John Herrigel

Portland, ME - Real Estate
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