The mid coastal real estate community of Yarmouth Maine posted solid results for the month ending October 2009. 7 transactions take place compared with 5 in 2008, representing a 40% increase although the sample size is very small. Median pricing for October 2009 was 275K compared with 239K in October 2008. The median days on market clocked in at 66 days, 25% lower than in 2008 but a bit higher than the past 3 months for the community. The inventory of residential properties has remained stable with about 70 units on the market. Overall the Yarmouth Maine housing markets are moving along in a stable pattern
Thanks for reading,
John Herrigel
Maine Buyers Agent
In Brunswick Maine in the month of September 19 homes sold a median price of 166K after sitting on the market for 106 days. This compares with 20 homes selling in September 2008 at a median price of 240K after sitting on the market for 81 days. The current inventory rest at 196 homes for sale in Brunswick Maine. Overall the markets have fared well through the summer and early Fall season, despite the naval air station closing.
For more information on real estate in Southern Maine please visit www.mymaineproperty.com or feel free to contact me directly at 207-650-5383 or via email at john@greentreemaine.com
For the 3 months ending August 2009, the Bath Maine residential real estate market saw 25 transactions transpire compared with 18 a year prior, representing a 39% increase in sales volume! The median price however did fall 4% from 145K to 139K. The median days on market dropped significantly from 114 to 62 for the 3 month period. Bath Maine is a great coastal community about 35-45 minutes from Portland and offers much more affodable home prices as the median Portland Maine home sales price for the same period was 203K.
Thanks for reading,
John
For the 2nd quarter ending June 30th, 2009, the Freeport ME real estate markets saw a total of 21 transactions transpire at a median price point of 255K comparing with 25 at 356 a year prior. Thus the volume has held up well but pricing is being dragged down partly by foreclosures, but I think more so as a result of a larger portion of Maine first time home buyers entering the market at lower price points.
The Coastal Maine real estate markets weathered the spring season with less than ideal numbers. The cities of Bath and Brunswick fared better than their coastal penisula counterparts as Phippsburg and Georgetown have had no homes sales in the past 3 months whilst Harpswell has seen a total of 15 for the same time period. The 2nd home market continues to suffer as the stock market limps along and buyers for this market segment are less than apt to purchase waterfront and coastal property.
Going forward look for a slow summer season. Bath and Brunswick will perhaps fare better catering to the first time home buyer population.
The city of Ships, Bath Maine posted suprisingly low numbers in May 2009 with only 4 homes selling at a median price of 132K comparing this with last May however, 3 homes sold then at a median price of 125K. In April 2009, 9 homes had sold and in March 8 had sold, thus perhaps May is a bit of an anomoly and June will be better? Currently there are 115 homes for sale in Bath Maine. Comparing to the mid coastal real estate market of Brunswick next door, 10 homes sold in May at a median price of 184K.
April 2009 residential housing statistics for the mid coastal cities of Bath and Brunswick Maine seem to point towards improving conditions in the overall coastal Maine real estate community. Days on Market averages are trending down and despite year over year price decreases, the month over month pricing trend is upwards.
In April, 14 homes were sold in Brunswick and 9 in Bath compared with14 and 11 respectively in April 2008 and in March 2009, 8 and 7 respetively, thus overall volume year over year was flat but month over month, thanks in large part to the Maine 1st time homebuyer, transaction volume is increasing.
Brunswick Maine had a very slow January like its neighbor Bath in January. Only 2 transactions took place at an average price of 222k. This is down from a total of 11 homes being sold at an averag price of 225K in January 2008 and also way down from December 2008 when 11 residential properties were sold at an average price of 226K. Thus prices are holding strong but the real estate in coastal Maine is moving extremely slowly
For the month ending January 2009 the Bath Maine real estate market saw 2 single family residential transactions occur at a combined average price of 137K with each home sitting on the market for an average of 145 days. In January 2009 transaction volume was marginally higher with 3 properties Bath is 100 homes down from 105 in December.
As the economy and housing markets have taken a nose dive, how has the Maine waterfront real estate market fared….not well. Taking a larger hit than the markets as a whole, in 2008, for the greater Portland Maine housing market and lower mid coastal regions of the state 103 waterfront properties sold at an average price of just over 500K. This contrasts with an average sold price of 636K in 2007, a 15% drop in value. For the state of Maine as a whole prices dropped 7% on average in 2008. Transaction volume fell 30% for waterfront property compared to 20% for residential real estate in general.
