Old Orchard Beach Maine Real EstateCommunity Profile and Home Sales Update
Yarmouthover 100 years, Old Orchard Beach has remained high on the list of most popular summer resorts on the East Coast. With its seven miles of fine sand beaches, seaside amusement park, family and fine dining restaurants, numerous lodging options (including hotels, motels, bed & breakfasts and family campgrounds), and 396 foot pier boasting over 20 shops and boutiques, Old Orchard Beach continues to attract tourists from all over the United States, Canada and abroad.
Located just south of Scarborough Old Orchard Beach starts at Pine Point Beach in Scarborough, and ends at Camp Ellis where the Saco River flows into the Atlantic Ocean. Old Orchard Beach’s 9,000 residents enjoy a friendly small town atmosphere and the convenience of municipal services normally associated with larger cities. Beachfront CommunityThe cities of Biddeford, Saco and Scarborough are immediate neighbors, offering a variety of services and shopping. The Southern Maine Medical Center in Biddeford provides quality medical care for the region. In nearby Prout's Neck is the Winslow Homer studio where the artist worked at the turn of the century. New England's largest salt marsh is off Route 9 in nearby Scarborough providing guided walks and canoe tours. A few miles north is Portland, Maine's largest city, with a full array of stores, shops, and dozens of galleries and restaurants. The Old Port is a showcase for artists, musicians, actors and craftsmen, and its waterfront has bloomed into a business and shopping , flavor. Southern Maine Resources and Features | | Our Quality of Life Reports include detailed neighborhood and town statistics on local demographics, the environment, cost of living, wealth distribution, finance and income and crime. You can also access Educational information highlighted by town, school district and individual schools. | | | | |  | | Maine is a large and beautiful state. Our report, A Quick Tour of Maine includes a brief summary of Maine from its most northern and remote parts all the way to Southern Maine, the business and residential hub of the state. Reprinted with permission from Downeast Magazine, you can also download a copy. | | | | |  | | Home Market Sales & Statistics are available for YTD 2007, 2006, 2005 and 2004. If you do not see results from the particular town or city you are interested in, we can prepare any custom report you might need. | | | | |
Old Orchard Beach Real Estate Sales
Unlike most most towns and cities in Maine, there are more condos sold annually in Old Orchard than single family homes and 2011 was no exception. It is the only local market where the median selling price of condos regularly outpaces that of homes.
The city is also undergoing a bit of a transformation, as efforts are underway to tone down the honky tonk reputation of The Pier and to recapture some of the seaside town's Victorian-era charm. The focus is on creating an inviting atmosphere for families, and while The Pier is still home to amusement rides, carnival games, arcades, bars and food stands. One of the town's stated goals is to become a year-round resort community.
Condo sales of 81 units represented an increase of 28.6% over 2010, but still trail the high water market of 206 sales in 2005 but a considerable amount.
After several years of declining prices, both single family homes and condos recorded improvement in median selling prices in 2011, signaling a moderation in declining home values, provided the inventory levels can be reduced.
2011 vs 2010 Sales Comparison | | |
Prop
Type |
| Median Selling Prices
2011 | 2010 | | Unit Sales
2011 | 2010 |
| Prices
% Chg |
| Units
% Chg | | | | | | | | | | |
| Homes | | $174,900 | $170,000 | | 61 | 75 | | 2.9 | | (18.7) | | Condo | | $205,000 | $212,000 | | 81 | 63 | | 3.3 | | 28.6 | | Multi | | $232,500 | $150,000 | | 10 | 6 | | 55.0 | | 66.6 | | Land | | $67,750 | $37,500 | | 4 | 3 | | 80.7 | | 33.3 | | | | | | | | | | | | |
|
The chart below compares real estate sales for the most recent three month period compared to a similar time period a year earlier. As illustrated, recent sales of single family homes are below levls of the previous period and pricing is also lower. | | 2012 vs 2011 Sales - 3 Month Rolling Avg (Nov-Jan) | | |
Prop
Type |
| Median Prices 3 Mos
2011 | 2010 | | Unit Sales 3 Mos
2011 | 2010 |
| Current
Inventory |
| Inv
Weeks | | | | | | | | | | |
| Homes | | $164,450 | $138,250 | | 14 | 12 | | 52 | | 48.1 | | Condo | | $178,750 | $228,450 | | 18 | 10 | | 93 | | 67.4 |
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The Old Orchard Beach real estate market, like all markets across the country, is affected by many factors. It is a relatively small market and often month-to-month results yield wide fluctuations. Reviewing sales data on a three-month rolling average attempts to moderate the affects of seasonality, cyclicality and macroeconomics.
Sales during this three month period are better than the previous year, yet inventory levels are very high, especially for condos at just over 67 weeks. Buyers have a decided advantage, and will so for the foreseeable future. |
