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Homes Sales Statistics & Market Values
Recent Maine Sales Results - 2007
On a national basis there is little denying that home sales and market values declined in 2007. The national picture, however, is more of a mosaic of many neighborhoods and communities, each with its own unique characteristics. The adage that real estate is local has never been more true.
Home sales in southern Maine did see a decline in 2007. Unit sales in Cumberland and York counties declined 7.6% and 9.3% respectively. Yet within that aggregate some cities and town remained stable or even recorded modest growth.
 Maine real estate has defined national trends for several important reasons. First and foremost homes prices did not rise dramatically during the boom period of 2005 and as a result have less to drop. Secondly, Maine has experienced comparatively little overbuilding and speculative buying, thus the glut of unsold homes has been minimized. Thirdly, the area has not been as hard hit by foreclosures due to poor lending practices or dramatic unemployment rates.
According to government data, home prices peaked nationally in the second quarter of 2005. The rate of appreciation began slowly dropping until it turned negative in the summer of 2007 for the first time in 13 years. Home price in southern Maine downs, as the graph below demonstrates, have remained relatively stable in most local communities.
Overall the market for the communities of Portland, South Portland, Cape Elizabeth, Falmouth, Old Orchard Beach, Scarborough, Yarmouth, Cumberland and Freeport appears to be improving as we enter 2008.
Sales results for the entire year 2007, compared to 2006, are presented below. Prior year sales statistics are available at 2006 Homes Sales.
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2007 Total Year Sales Statistics
000's Omitted |
|
Percentage Change |
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City or Town |
Type |
Units
Sold |
Med
Price |
Avg
Price |
Med
DOM |
Avg
DOM |
|
|
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| Portland |
SF |
488 |
245 |
281 |
40 |
72 |
|
|
Condo |
287 |
220 |
250 |
73 |
102 |
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|
|
|
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| South Portland |
SF |
271 |
219 |
256 |
43 |
61 |
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|
Condo |
72 |
166 |
204 |
62 |
119 |
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| Cape Elizabeth |
SF |
132 |
375 |
478 |
60 |
80 |
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|
Condo |
17 |
227 |
246 |
72 |
82 |
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|
|
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| Scarborough |
SF |
222 |
334 |
362 |
63 |
81 |
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|
Condo |
30 |
208 |
317 |
98 |
145 |
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| Falmouth |
SF |
168 |
419 |
494 |
58 |
85 |
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|
Condo |
11 |
250 |
325 |
36 |
63 |
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| Old Orchard |
SF |
65 |
220 |
241 |
57 |
105 |
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Condo |
135 |
200 |
229 |
94 |
125 |
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| Freeport |
SF |
86 |
314 |
361 |
88 |
91 |
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Condo |
14 |
176 |
292 |
74 |
190 |
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| Cumberland |
SF |
81 |
345 |
430 |
57 |
79 |
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|
Condo |
19 |
333 |
340 |
116 |
187 |
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| Yarmouth |
SF |
78 |
373 |
426 |
48 |
73 |
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Condo |
17 |
274 |
270 |
54 |
103 |
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| County |
Type |
Units
Sold |
Med
Price |
Avg
Price |
Med
DOM |
Avg
DOM |
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| Cumberland |
SF |
2,980 |
250 |
318 |
60 |
87 |
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Condo |
674 |
210 |
240 |
69 |
106 |
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| York |
SF |
1,954 |
235 |
324 |
80 |
116 |
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Condo |
528 |
205 |
250 |
96 |
140 |
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Units
Sold |
Avg
Price |
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|
|
|
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(14.1) |
1.8 |
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(7.7) |
4.2 |
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(13.1) |
(0.4) |
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5.9 |
9.1 |
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8.2 |
(16.1) |
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(5.6) |
7.0 |
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(2.2) |
(5.7) |
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(3.2) |
(3.1) |
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3.1 |
0.6 |
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10.0 |
10.8 |
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4.8 |
(0.8) |
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0.7 |
(1.3) |
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7.5 |
(13.0) |
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(51.7) |
2.8 |
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(19.0) |
(16.2) |
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(29.6) |
(15.6) |
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(4.9) |
(24.2) |
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(22.7) |
4.2 |
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Units
Sold |
Avg
Price |
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|
|
|
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(7.6) |
(1.5) |
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(9.9) |
(0.8) |
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(9.3) |
4.5 |
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(10.4) |
5.5 |
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| Home Sales & Real Estate Reports - Download Files |
Download prior and current year homes sales statistics. If you do not find what you are looking for, we can prepare custom reports.
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