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Hi folks, I thought I'd put this out here to spark some comments:
Prices for single family, existing homes dipped 1.95% in from October 2007 to October 2006. In figures reported today by MREIS (Maine Real Estate Information System, Inc.), REALTORS reported 1041 sales in Maine in October, compared to 1186 sales during October 2006, a drop of 12.23 percent.
The median sales price for such a home was 188,500 in October, down from 192,250 in October 2006. The median sales price is defined as the figure where 50% of the homes sold for more and 50% sold for less.
Nationally the National Association of REALTORS reported that sales of single family existing homes dropped 20.8% in October 2007 as compared to October 2006. The national median existing single family home price dropped 6.3% in October to 258,700.
Regionally in the Northeast, sales were down 12.6 percent, but the regional median sales price actually increased rose to 258,700, a gain of 1.3%.
One might infer that Maine and New England, while declining in both prices and units, is holding up much better than the country as a whole. I have figures for each of our 16 counties for the rolling quarters of 8/1/06 to 10/31/06 vs. 8/1/07 to 10/31/07 and would be glad to share them as requested!
I believe it's pretty typical for prices to drop in the winter months when sales slow. But, those of you in the know, how soon in the spring do you expect a little resurgence in market conditions? What do your stats say?
That is good news! Talking to my realtor friends up this way, they have concurred that sellers aren't dropping their asking price right now ,but if the economy declines the prices will go down.
A good deal was had last week when a 650 sq. ft. home (old camp that had been fixed up), on 3 acres went into foreclosure and the winning bid was
$10,000. New 1000 gal. septic (2 years old), and a 4 tile well. So there is still money to be made in this downturn.
That is good news! Talking to my realtor friends up this way, they have concurred that sellers aren't dropping their asking price right now ,but if the economy declines the prices will go down.
A good deal was had last week when a 650 sq. ft. home (old camp that had been fixed up), on 3 acres went into foreclosure and the winning bid was
$10,000. New 1000 gal. septic (2 years old), and a 4 tile well. So there is still money to be made in this downturn.
I was told that the legal minimum size for a septic is 1250 gallons. Hmm.
I have seen a lot of these small cabins, I would think that many of them are in foreclosure.
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Penobscot County - Rolling Quarter 2007 vs. 2006
