Central Maine Blog

April 24th, 2009 7:52 AM

MAINE MEDIAN HOME PRICE LOWERS IN MARCH

Buyers attracted to homes priced $50,000 and under in some counties SOUTH PORTLAND (April 24, 2009) - Sales of single-family existing homes decreased 14.15 percent during the month of March 2009 compared with March 2008. According to the Maine Real Estate Information System, Inc., 558 homes were sold, and the median sales price lowered to $150,000. The median sales price indicates that half of the homes sold for more and half sold for less.

The median home price is impacted by the larger than usual volume of lowest-price properties being sold, especially those in the under $50,000 range – such as camps in rural areas and single-family homes with significant fix-up potential. There are presently 281 Maine single-family residential properties listed for $50,000 or under.

An increase in first-time buyers is expected to continue, especially due to the tax credit which can provide up to $8,000 for first-time buyers purchasing by December 1, 2009. For more info: http://yourpieceofmaine.com.

The National Association of Realtors (NAR) reports nationwide sales of single-family existing homes were down 5.7 percent from last March. The median sales price decreased 11.5 percent to $174,900. Regionally, sales in the Northeast were 22.5 percent lower, with a regional median sales price decrease of 18.4 percent to $231,700.

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of March only, statewide. The second chart compares the number of existing, single-family homes sold (Units) and Median Sales Price (MSP) during the months of January, February and March 2008 and 2009.

MARCH ONLY CHART

March 1-31, 2008 – March 1-31, 2009

County # Units Sold # Units Sold % MSP MSP %

2008 2009 Change 2008 2009 Change

STATEWIDE 650 558 -14.15% $187,250 $150,000 -19.89%

ROLLING QUARTER CHART

From January 1, 2008 – March 31, 2008 and January 1, 2009 – March 31, 2009

County # Units Sold # Units Sold % MSP MSP %

2008 2009 Change 2008 2009 Change

STATEWIDE 1700 1399 -17.71% $188,000 $155,000 -17.55%

Androscoggin 107 87 -18.69% $152,000 $118,000 -22.37%

Aroostook 43 46 6.98% $88,500 $99,000 11.86%

Cumberland 430 327 -23.95% $239,450 $210,000 -12.30%

Franklin 39 22 -43.59% $174,000 $63,500 -63.51%

Hancock 65 55 -15.38% $214,701 $158,000 -26.41%

Kennebec 160 128 -20.00% $140,400 $117,700 -16.17%

Knox 58 37 -36.21% $211,000 $175,000 -17.06%

Lincoln 49 33 -32.65% $227,000 $155,000 -31.72%

Oxford 80 60 -25.00% $164,500 $133,500 -18.84%

Penobscot 202 179 -11.39% $134,403 $117,000 -12.95%

Piscataquis 20 28 40.00% $124,000 $33,000 -73.39%

Sagadahoc 43 46 6.98% $179,900 $165,500 -8.00%

Somerset 50 48 -4.00% $81,250 $72,500 -10.77%

Waldo 61 40 -34.43% $170,000 $152,000 -10.59%

Washington 9 11 22.22% $136,000 $35,700 -73.75%

York 284 252 -11.27% $228,950 $179,950 -21.40%

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 4,600 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the System within the time periods indicated.  It does not reflect foreclosures sold at Auction.

Posted by Rachel Anderson on April 24th, 2009 7:52 AMPost a Comment (0)

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