Maine Real Estate Information blog

Here’s a look at how the percent of personal income generated from the private sector has changed in each of Maine’s counties between 1970 and 2006, the latest data available. The counties are ranked by the highest share of personal income in 2006.

Private sector share of personal income by county, 1970 to 2006

Source: Maine Heritage Policy Center, U.S. Department of Commerce’s Bureau of Economic Analysis

In a press release to the media, MREIS reports the median home sales price in Maine dropped 7.69% in August 2008; with a statewide median sales price of $180,000 compared to $195,000 last August. The median sales price indicates that half of the homes were sold for more and half sold for less. There were 955 home sales in August 2008, down 32.98% from August 2007. Nationally, single-family home sales declined by 9.6% in August.  NAR reported a national median sales price drop of 9.7% to $201,900.

Full Report:  MAINE REAL ESTATE MEDIAN HOME PRICE DOWN IN AUGUST SOUTH PORTLAND (September 24, 2008) - The median home sales price in Maine dropped 7.69 percent in August 2008; with a statewide median sales price of $180,000 compared to $195,000 last August. The median sales price indicates that half of the homes were sold for more and half sold for less. According to the Maine Real Estate Information System, Inc., Realtors reported 955 home sales last month, down 32.98 percent from August 2007. Nationally, single-family home sales declined by 9.6 percent in August. The National Association of Realtors (NAR) reported a national median sales price drop of 9.7 percent to $201,900.
In the regional Northeast, sales decreased 15 percent from one year ago. The regional median sales price dipped 3.8 percent to $271,000. Jim Fitzgerald of Coldwell Banker Residential Brokerage in Kennebunk says the real estate rule used to be, “Location, Location, Location. Now it’s Location, Price and Condition. There are plenty of buyers out there, but the days of ‘let’s try a higher price and then we can bring it down later’ is not a strategy worthy of any consideration. Foremost in the seller’s head should be, ‘for what price will it sell, and should we put it on the market for a little less than that?’” Joan Maloney Chrane of RE/MAX Riverside in Topsham says, “Working with a Realtor gives you an advantage–they advise where to market, what incentives to offer and what is proper pricing. Realtors are also a tremendous resource for short sale and foreclosure education.” Below are two charts showing statistics for Maine and its 16 counties. The first chart lists
statistics for the month of August only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of June, July and August of 2007 and 2008.

Maine Real Estate Statistics –August 2008 Housing Report—9/24/08—

AUGUST ONLY CHART
From August 1-31, 2007 and August 1-31, 2008
STATEWIDE:  # Units Sold 2007 (1425)  # Units Sold 2008 (955)  % Change (-32.98%)  MSP 2007 ($195,000)  MSP 2008($180,000)  % Change(-7.69%)

ROLLING QUARTER CHART
From June 1, 2007 – August 31, 2007 and June 1, 2008 – August 31, 2008
STATEWIDE: 3988 2983 -25.20% $197,714 $186,000 -5.92%
County:
Androscoggin 276 225 -18.48% $163,000 $151,000 -7.36%
Aroostook 113 96 -15.04% $86,000 $96,000 11.63%
Cumberland 991 766 -22.70% $259,000 $242,250 -6.47%
Franklin 94 64 -31.91% $141,000 $134,200 -4.82%
Hancock 156 114 -26.92% $193,750 $211,936 9.39%
Kennebec 362 288 -20.44% $152,000 $139,950 -7.93%
Knox 178 108 -39.33% $208,500 $200,000 -4.08%
Lincoln 142 78 -45.07% $217,500 $184,250 -15.29%
Oxford 169 107 -36.69% $156,000 $150,000 -3.85%
Penobscot 478 335 -29.92% $146,600 $141,000 -3.82%
Piscataquis 72 48 -33.33% $122,500 $94,000 -23.27%
Sagadahoc 120 85 -29.17% $212,250 $194,500 -8.36%
Somerset 95 100 5.26% $123,000 $123,250 0.20%
Waldo 105 68 -35.24% $163,000 $166,500 2.15%
Washington 12 17 41.67% $120,000 $135,000 12.50%
York 625 484 -22.56% $240,000 $225,000 -6.25%

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 5,100 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the System within the time periods indicated.

A Portland-based real estate firm has secured a government contract to manage a federal housing assistance program for Navy personnel leaving the Brunswick Naval Air Station.

Fishman Realty Group will manage the Army Corps of Engineers’ Homeowners’ Assistance Program in Brunswick, which allows departing Navy personnel struggling to sell their homes to sell them to the federal government, according to The Times Record in Brunswick. Fishman will be responsible for listing the properties in the program and getting them sold. Fishman officials told the paper that the program will help stabilize the housing market in the Brunswick area when the base closes in 2011, with most of the personnel scheduled to leave in 2010.

So far, five homes in the area already have been sold to the federal government through the assistance program, which was launched here last fall, according to the paper.

Lewiston and Auburn Maine made great strides in the Milken Institute’s annual ranking of the smaller metro cities, while Portland remained relatively steady in the their list of the 200 largest cities in the country.

In the Santa Monica, Calif.-based think tank’s 2008 Best Performing Cities’ Index , released yesterday, both Bangor and Lewiston-Auburn made significant jumps in the ranking of 124 smaller metro areas. The Bangor metro area moved from 149 last year to 82, and the Lewiston-Auburn metro area moved from 127 last year to 84 this year. The rankings are based on wages and salaries growth, job growth and gross domestic product growth in the technology industry.

In the ranking of the 200 largest cities, Portland dropped one place to 158. The city scored highest in its concentration of the technology industry, with a ranking of 72. Portland also ranked 101 in both wages and salaries growth from 2001-2006 and job growth from March 2007 to March 2008, according to the report.

To search for Maine real estate in the twin cities of Androscoggin County, visit our websites for homes for sale in the Auburn and Lewiston area. They are: http://www.HomesForSaleLewistonMaine.com and http://www.HomesForSaleAuburnMaine.com

In a press release to the media today, MREIS reports sales of single-family existing homes in Maine slowed by 17.24% last month — 1,032 in July 2008, down from 1,247 homes sold in July of 2007. The statewide median sales price dipped 3.52% to $192,000 in July. The median sales price indicates that half of the homes were sold for more and half sold for less.  Real estate sales across the country were down 12.4%.  Statistics released by NAR indicate a national median sales price of $210,900 - a decrease of 7.7% over the past 12 months.  NAR reported a regional sales decrease of 11.8% for the Northeast.  The regional median sales price was down 4.9% to $278,700.  The complete press release is posted at mainerealtors.com

One in every 2,710 Maine single-family homes was in at least one stage of foreclosure in July, an almost two-fold increase from the same month last year.

During July, there were 255 foreclosure filings — default notices, auction sale notices and bank repossessions — reported in Maine, a 104% increase from July 2007, according to RealtyTrac, a California company that tracks foreclosures. July’s foreclosure filings, however, represent a 7.6% decrease from June.

Nationally, there were foreclosure filings reported on 272,171 U.S. properties during July, an 8% increase from the previous month and a 55% increase from July 2007. The report also shows one in every 464 U.S. households received a foreclosure filing during the month.

Source - Mainebiz.biz

Search over 30,000 Maine properties for sale (as of today’s date) at www.meservier.com

www.MaineMLS.info

www.MaineRealEstateExperts.com.

We are your Maine real estate connection!

Foreclosures in Maine are on the rise, but the trend does not threaten the state’s financial institutions, according to a study released last week by the Maine Bureau of Financial Institutions.

Maine’s 34 state-chartered banks and credit unions completed 67 foreclosures in 2007, a 29% increase from the 52 foreclosures completed in 2006, according to a press release from the bureau. During the first quarter of 2008, there were 28 completed foreclosures, up from 25 for the prior three months.

The state’s financial institutions held 88,000 mortgage loans between October 2006 and March 2008, according to the study. During that time one loan in 528 was in the process of foreclosure.

More information on the status of residential real estate lending by Maine’s financial institutions is available in the bureau’s 2008 Annual Report to the Legislature.

The collapse of the mortgage market has hammered mortgage giants Fannie Mae and Freddie Mac, both of which are in line for big federal bailouts. Here’s a snapshot of Freddie Mac’s mortgage business in Maine. (Fannie Mae does not break down its numbers by state.)

In 2006, Freddie Mac…

• Invested $1.7 billion in home loans in Maine
• Secured home loans for 11,751 Maine families
• Financed loans for 5,422 low- and moderate-income Maine families
• Helped 137 Maine families avoid foreclosure
• Funded residential loans with an average mortgage of $144,752

Source: Freddie Mac; (2006 was the most recent data available)