Central Maine Blog

FOR IMMEDIATE RELEASE:  SOUTH PORTLAND (November 24, 2008)—Sales of single-family existing homes in Maine were down over 13 percent in October. According to the Maine Real Estate Information System, Inc., Realtors sold 897 homes last month, compared to 1,041 homes sold in October 2007.

The statewide median sales price dipped 9.28 percent to $171,000. The median sales price indicates that half of the homes were sold for more and half sold for less.  Nationwide, sales of single-family existing homes remained unchanged from one year ago. The National Association of Realtors reported a national median sales price of $181,800 in October, a drop of 11.2 percent. In the regional Northeast, home sales dipped 9.8 percent last month. The regional median sales price also decreased 9.8 percent to $241,700.

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

OCTOBER ONLY CHART

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

County # Units Sold # Units Sold % MSP MSP %

2007 2008 Change 2007 2008 Change

STATEWIDE 1041 897 -13.83% $188,500 $171,000 -9.28%

ROLLING QUARTER CHART

From August 1, 2007 – October 31, 2007 and August 1, 2008 – October 31, 2008

County # Units Sold # Units Sold % MSP MSP %

2007 2008 Change 2007 2008 Change

STATEWIDE 3494 2780 -20.44% $191,200 $176,000 -7.95%

Androscoggin 230 197 -14.35% $162,650 $144,000 -11.47%

Aroostook 115 100 -13.04% $80,000 $97,800 22.25%

Cumberland 792 628 -20.71% $254,943 $230,750 -9.49%

Franklin 104 70 -32.69% $141,000 $122,500 -13.12%

Hancock 160 121 -24.38% $200,000 $235,000 17.50%

Kennebec 311 286 -8.04% $155,000 $136,000 -12.26%

Knox 140 91 -35.00% $204,031 $165,000 -19.13%

Lincoln 130 86 -33.85% $237,500 $197,450 -16.86%

Oxford 170 128 -24.71% $143,750 $146,000 1.57%

Penobscot 373 289 -22.52% $140,000 $137,900 -1.50%

Piscataquis 68 45 -33.82% $128,500 $108,000 -15.95%

Sagadahoc 107 65 -39.25% $189,000 $182,000 -3.70%

Somerset 106 99 -6.60% $120,000 $120,000 0.00%

Waldo 124 94 -24.19% $204,250 $163,000 -20.20%

Washington 14 18 28.57% $110,000 $61,220 -44.35%

York 550 463 -15.82% $239,950 $219,900 -8.36%

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 5,200 licensees inputting active and sold property listing data. Statistics reflect properties reported as sold in the System within the time periods indicated.