2012 was good year for Maine real estate. Both sales volume and median selling prices were improved over 2011 statewide and it appears that this trend will be sustainable into 2013.
Single family home sales across the state were 11,594, representing a significant increase of 16.3%. Most counties, especially in Southern Maine, reported similar increases. Most individual towns and cities reported similar unit gains, while pricing was much more variable among many local communities.
Cumberland and York Counties are the two largest real estate segments in Maine and typically combine to represent 40% of the market. Both counties experienced strong growth in 2012 and exceed the state average, as volume was up 18.5% in Cumberland County and 17.3% in York County. These increases, however, are after several years of marginal or declining sales. In 2005 home sales in Maine peeked at 14,592 units and dropped to as low as 9,965 in 2011.
The chart below highlights sales in 2012 and comparisons to 2011 for the entire state and selected counties of Southern Maine.
2012 vs 201 Home Sales
All housing data has been compiled from research by Maine Home Connection using information from the Maine Real Estate Information System (MREIS).
Cumberland County is far and away the state's largest real estate segment. Sales in 2005 reached a high of 3,536 single family homes and dropped to a low of 2,424 in 2008. Excluding a slight dip in 2011, sales volume has steadily increased since low point of 2008. Prices during this period have been relatively stable, although significantly lower than the price of level of $250,000 established in 2005.
According to data from MREIS, home sales improved each month in 2012 compared to 2011 and improved over 10% in 8 of the 12 months reported. In 5 months year over year gains were in excess of 20%
During 2012 inventory steadily decreased and interest rates remained low. Homes priced to reflect current market conditions
were sold quickly – often within days. Sellers not reacting to the new
market dynamics found that their homes lingered on the market, often
well above the median DOM statistics.
Homes in the middle and upper price segments are not seeing values approaching the levels that were attainted at the height of the market in 2005 and 2006.
Unit sales of homes price above $500,000 increased 23% in 2012 while the median priced slightly (less than 1%). These homes were discounted from their initial listing price by 86%. Homes price over $1,000,000 were discounted a corresponding 79%.
neighborhoods, school districts and specific home types all vary
considerably in this difficult market. Understanding the differences is
critical to any buying or selling decision.
View our commentary on the
selected local towns or request a customized report. As
always real estate continues to be extremely local and very specific.
the differences is critical to any buying or selling decision. View our
commentary on the selected local towns or request a customized report.
prior and current year homes sales statistics. If you do not find what
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