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.
The real estate market in Bath Maine saw continued decreasing transaction volume and lowering home sale prices in 2008. A total of 71 properties were sold in 2008, down from 115 in 2007 or 38%. The average and median prices seen were 165K and 146K that is off 12% from 2007 figures. This great coastal maine real estate market thus currently offers a wonderful oppotunity to purchase property in. For a more detailed housing report or a listing of properties please contact me directly anytime at john@greentreemaine.com
Graph of average and median sold prices by year.
The markets for November in Maine’s mid coastal regions remain slow and quiet. The lower mid coastal towns of Phippsburg, Arrowsic, Georgetown and Harpswell saw 7 transactions took place at an average transaction price of 375K in November. In 2007 12 transactions took place for the same time period with an average price of 575K. The average DOM (Days on Market) for November was over 200compared with 109in 2007.
