Maine Real Estate Info

Foreclosure filings in June were up 61% over the same month last year, according to a firm that tracks foreclosures.

Maine had 276 homes, or one in every 2,504, receive a foreclosure filing in June, according to California-based RealtyTrac’s most recent U.S. Foreclosure Market Report. The June numbers were a 14% increase from May 2008.

Nationally, 252,363 U.S. properties, or one in every 501 households, received a foreclosure filing during June, a 3% decrease from the previous month but a 53% increase from June 2007, according to the report.

Sales of single-family homes in Maine were down 12.39% comparing May 2008 to May 2007, according to a press release from the Maine Association of Realtors.

The decrease from May 2007’s sales was slightly less than the national slump of 14.5%. Regionally, home sales in the Northeast were down 15% in May.

Androscoggin County was down 27.59% in unit sales (an improvement over the 40% down range we’ve been experiencing) and sale prices were off 7.42% over the same period last year.

Median sales prices also declined across the board during the same period — by 5.7% to $182,000 in Maine, by 2.4% to $278,000 in the Northeast, and by 6.8% to $206,700 nationally. 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, 5 of Maine’s 16 counties experienced an increase in the median sales price.

The complete press release is posted at http://www.mainerealtors.com

In an article by MaineBiz.biz, Foreclosure filings in Maine increased 178% in April over the same month last year, according to data released today by RealtyTrac, a California-based firm that tracks the U.S. foreclosure market.

In April, there were 314 foreclosure filings in Maine, up 60% from March and 178% from April 2007, according to the press release.

Nationally, April saw a 4% increase from the previous month and a nearly 65% increase from April 2007. One in every 519 U.S. households received a foreclosure filing during the month.

Now is the time to buy!

According to an April 14 article on Realtytimes.com, “The first quarter of 2008 makes the 24th consecutive quarter that rental prices have escalated nationwide.” Click here to read the rest of the article, “Realty Viewpoint: If You Think You’re Saving Money Renting…Think Again.”

While Your First Home, the first book in the Keller Williams Realty Guide Series, emphasized that, “If you can afford to rent, you can afford to buy,” holds true. This point appears truer now than ever before.

Right now is the best time for new buyers to get out of rental properties and enter the housing market. Interest rates over the last 15 months have gone from 6.2% in January 2007 to 6.7% in July 2007, then down to 5.75 in January 2008. In recent weeks it has gone to about 5.95%. Are Renters taking advantage of our current market conditions and converting to Home Owners? We’ll certainly find out.

This Maine Real Estate Spring market is already showing signs of an up-swing. Massachusetts is already experiencing this as well as other New England States. Keep your eye on our Spring real estate market.

To search for Maine Real Estate, over 25,000 properties, visit one of our Maine MLS sites at:

Meservier.com

MaineRealEstateExperts.com 

MaineMLS.info 

The Maine Association of Realtors has prepared a “4 Facts about Maine Real Estate” to respond to common consumer questions or concerns about buying real estate.

1. All Markets are local

2. Another word for real estate is home

3. There is available mortgage money

4. It’s still the greatest source of wealth-building

1. All Markets are local. Yes, there is national, regional, state and county statistical data, but each will not clearly or fully explain market conditions in a town or neighborhood. Market conditions can also vary based on types of property or whether waterfront or not, for example. What happens with California or

Las Vegas real estate sales is not going to mirror real estate sales conditions in your area of interest. Please get local market information from a local REALTOR®.

As general information, the chart below shows what has happened with median real estate home sales prices statewide in Maine over the past nine years.

2. Another word for real estate is home. Don’t forget the real estate you buy may be where you live or where you vacation. Many buyers are finding properties in Maine that are larger or more affordable than the last time they checked. Don’t miss the opportunity to move into your dream house while there are so many affordable and desirable options.

3. There is available mortgage money. There’s so much press about predatory lending that the story there is money to lend by local and reputable lenders can get lost. Don’t be discouraged by negative press – instead check with a local reputable lender to get the real facts on what you may be able to afford and what your monthly payments may be. Find out if you can pay less monthly by owning than renting.

The fact that predatory lending practices have been halted is great for consumers, not bad.

4. It’s still the greatest source of wealth-building. Real estate like everything else may fluctuate with economic cycles, but over the long term is consistently the asset that provides the greatest wealth to Americans. If you’re renting, check to see what tax opportunities or long-term wealth may be created if you invest in real estate now. If you’ve always wanted to trade up, any loss you may take on a first home may be more than made up by the value added in the second home. Do the math.

Maine’s per capita personal income increased 5.1% last year, to $33,722, according to prelimiary data released last week by the U.S. Bureau of Economic Analysis. Here’s a look at per capita personal income growth in the rest of New England, ranked by percent change.     2006 2007 Percent change Rank of percent change   Connecticut $50,762 $54,117 6.6% 4   Massachusetts $46,299 $49,082 6.0% 8   Rhode Island $37,523 $39,463 5.2% 23   Vermont $34,871 $36,670 5.2% 25   Maine $32,095 $33,722 5.1% 27   New Hampshire $39,753 $41,512 4.4% 39               New England $44,327 $46,948 5.9% 2 of 8 regions   United States $36,714 $38,611 5.2% N/A               Source: U.S. Bureau of Economic Analysis

Maine waterfront vacation rental available through this new website at http://mainewaterfrontrental.com/

Search the online calendar then call or email to reserve your time in the water. Hurry…now is the time to start planning for your lakefront cottage vacation rental.

Keller Williams Realty Mid Maine - 34 Center Street Auburn, Maine 04210. 

Sales of single-family homes fell 28% last month compared to January 2007, according to the Maine Association of Realtors. In January 2007, 688 homes were sold in Maine compared to just 495 last month. The median sales price for homes sold in January also dipped just over 2%, from $189,200 in January 2007 to $185,000 last month. The Maine Association of Realtors said in a press release that record snow fall could impact home sales.

Meanwhile, national home sales were down 22.4% from January 2007, and the median sales price for an existing single-family home dipped 5.1% to $198,700, according to the National Association of Realtors.

County Units sold
2006-07 Units sold
2007-08 % Change Statewide 2,656 2,131 -19.77% Piscataquis 71 31 -56.34% Franklin 83 46 -44.58% Washington 17 10 -41.18% Kennebec 272 186 -31.62% Cumberland 640 476 -25.63% Knox 92 70 -23.91% Lincoln 78 60 -23.08% Somerset 80 65 -18.75% Sagadahoc 66 54 -18.18% York 406 333 -17.98% Androscoggin 179 149 -16.76% Hancock 123 105 -14.63% Penobscot 290 269 -7.24% Oxford 108 108 0.00% Waldo 73 81 10.96% Aroostook 78 88 12.82%

PRESS RELEASE:  In a press release to the Maine media today, MREIS reports single-family real estate sales decreased over 28% during January 2008, compared with January 2007, with a total of 495 homes being sold. Statewide median sales prices for those homes dipped just over 2% to a median sales price of $185,000. The median sales price indicates that half of the homes were sold for more and half sold for less.  While prices decreased overall, several Maine Counties experienced double-digit price gains during the month of January. Nationwide, real estate sales were down 22.4% from January 2007.  According to NAR, the median existing single-family home price dipped 5.1% to $198,700. The Northeastern United States experienced a 25.7% regional decrease in sales.  However, NAR reported that prices rose 3.1% to $270,800 in the past year.

The good: The University of Maine’s Advanced Engineered Wood Composites Center in Orono this week unveiled a new composite-coated, blast-resistant building, which the U.S. military has reportedly shown much interest.

The bad: Maine’s 2007 lobster catch dropped 23% from the previous year, according to preliminary numbers released this week by the state’s Department of Marine Resources. Maine lobstermen landed 56 million pounds of lobster last year, with a total value of $248.5 million, compared with the 16.6 million pounds worth nearly $300 million landed last year, according to the Bangor Daily News.

The caffeinated beer: Maine Attorney General Steven Rowe recently joined attorney generals from five other states in demanding information from Anheuser-Busch Cos. and Miller Brewing Co. as part of a probe into whether the companies are targeting underage drinkers in their marketing efforts for caffeinated alcoholic beverages, according to the Associated Press. The companies deny the claim, and are reportedly complying with the subpoenas, the AP said.<.

Mt. Abram, a ski area in Greenwood, is up for sale with a price tag of $1.8 million.The 44-trail ski mountain went up for sale last month with no publicity, the Portland Press Herald reported. “We think the time is right,” Mt. Abram owner Josh Burns told the paper. “We’ve done a lot to the mountain. We think new owners can come in and take it to the next level.” Burns bought the 644-acre property in 2000 at a foreclosure auction for $325,000 plus back taxes, and has invested around $900,000 into the ski area, including refurbishing facilities and installing a new chair lift.

Dan Greenstein, who is listing the property at  CB Richard Ellis/The Boulos Co., told the paper that cash flow from skiing will support the $1.8 million purchase price. The property is being marketed to ski operators throughout the Northeast and eastern Canada.

If you have any interest, Please call:       Meservier & Associates of Keller Williams Realty Mid Maine, 34 Center Street Auburn, Maine 04210  207-784-2525

These Articles came out in today’s Mainebiz.biz “The Daily”.
 

Lobster catches fall in 2007
The amount of lobster caught in Maine in 2007 dropped nearly 23% from the previous year.

Preliminary numbers released yesterday by the state’s Department of Marine Resources show that Maine lobstermen landed 56 million pounds of lobster last year, with a total value of $248.5 million, the Bangor Daily News reported. That’s a decrease of 16.6 million pounds, nearly 23%, from 2006, when the amount of lobster totaled 72 million pounds and was worth nearly $300 million.

State officials say such fluctuations in the lobster industry are considered normal, and noted last fall that catches seemed to be lower than the previous year. The department will continue to receive more data on 2007 transactions in the next few months and determine final totals, the paper reported.

Snowe pans lobster gear changes
Sen. Olympia Snowe yesterday criticized a new federal rule that will require lobstermen to buy more expensive gear to help protect whales.

Snowe yesterday presided over a U.S. Senate subcommittee field hearing in Brewer on the requirement. About 160 people at the hearing, mostly fishermen, said the National Marine Fisheries Service didn’t have enough data to support the new requirements and that replacing floating lines with sinking lines would be too expensive, according to the Ellsworth American. “It’s no exaggeration that this could put many lobstermen out of business,” Snowe said, according to the paper.

Snowe said the NMFS should push back the October compliance deadline and conduct more research, but George Lapointe, commissioner of the Maine Department of Marine Resources, said there are no plans to push back the deadline, the paper reported.

“AT HOME IN MAINE”:  Today’s Kennebec Journal reports the Maine State Museum is creating a permanent exhibit “At Home in Maine” depicting the decorative arts in a series of rooms set up to represent different decades from the 1880s to 1966.  The print article (but not online) includes a request for items needed to complete the exhibit:  early 1900s bathroom sink (white, wall-mounted, chrome legs); bathtub dated 1900-1910 (faucets at end, date on underside of tub); small bureau 1950-1960 (42-48 inches tall, light finish); metal painted TV tray; Thanksgiving decorations used before 1966; 40th-50th wedding anniversary gifts; and 1960 or earlier holiday decorations.  Contact museum staff at 287-2301 if you can help.  To read more about the exhibit:  http://kennebecjournal.mainetoday.com/news/local/4775341.html

The good: Biddeford-based Intermat this week received a $12.2 million contract from the U.S. Navy for the research and development of materials for use in submarine-launched ballistic missiles.

The bad: The Maine Consensus Economic Forecasting Commission this week downgraded their 2008 forecast for job and personal income growth in Maine. The five-member commission reduced its job growth estimate from 0.3% to zero percent, and its growth estimate for personal income for the year from 4.4% to 3.5%.

The Blob: The city of Lewiston has been beaten by a large, doughy blob “comprised of grease, flour and rags” that has taken over a major sewer line in the city. At a loss for a solution to combat this menace, a public services employee told WMTW the city has chosen to replace the 170-foot sewer line at a cost of up to $60,000.

This is the type of information we need to know and be able to communicate with our buyers and sellers, says Paul McKee, Team Leader of Keller Williams Realty Mid Maine. The Maine real estate market is holding steady regarding prices, slightly up in 07, but the number of transactions have decreased from the previous year.  Over all, Maine is fairing much better than what you here Nationally and that message needs to made clear to our clients.  Buyers need to know that prices are actually slightly higher, so “give aways” are not happening like they think, and sellers need to know that there are far less people out there making purchases and more properties for those fewer buyers to look at, so their price and the condition of the home needs to be “in the market” to even have a chance of selling now. Keller Williams Realty Mid Maine is located at 34 Center Street in Auburn Maine and they can be reached at 207-784-2525

Read the full press release here:

MEDIA REPORT:  In a press release to the media today, MREIS reports a 10.07% decrease in home sales comparing 2007 to 2006. Maine’s median sales price reached $194,000 in 2007, up 0.77% from 2006.  Median sales price indicates half of the homes were sold for more and half sold for less. During the month of December only, the statewide median sales price decreased 4.62% and sales were down 23.27 percent. Nationally, single-family home sales declined 21.6% and sales prices dipped 6.5% in the month of December.  NAR reported for all of 2007, home sales fell 13% and median sales price decreased 1.8% to $217,800. In the Northeastern United States, sales were 22.4% lower than last December.  The regional median sales price decreased 8.9% to $258,600.  Go to:  http://www.mainerealtors.com/MaineHousingReport-December2007.pdf

MREIS PRESS RELEASE:  In a press release to the media today, MREIS reports that the number of homes sales in Maine in November dropped 10.63% comparing November 2007 to November 2006; and the median sales price increased 1.62%.   NAR reports nationwide single-family home sales decreased 19.9%; and national median existing sales price dipped 3.7% to $208,700.  Home sales in the Northeastern U.S. mirrored national statistics with a 19.4% drop in sales, with median sales decreasing 3.2% to $258,300.  The complete press release is posted at http://www.mainerealtors.com/MaineHousingReport-November2007.pdf