Old Orchard Beach Real Estate

Community Profile and Home for Sale

For over 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.

Convenient Location

The 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 center.

Southern Maine Resources and Features

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Unlike most most towns and cities in Maine, there are more condos sold annually in Old Orchard than single family homes and 2009 was no exception. Median prices for both homes and condos are in the high to mid $100,000s.

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.

Single family home sales in Old Orchard Beach were up in 2009.  Total unit sales were 66 compared to 53 in 2008, representing a increase of 24.5%.  Median sale prices were down 15.0%.  Condo sales, which represent 55.2% of the total market, were up 7.6% for number of units but median pricing was down 12.1%.

Days on market in Old Orchard Beach was some of the longest in the local market.  Single family homes were on the market a median of 72 days and a average of 128 days.  Condos were on the market a median of 84 days and an average of 141 days. 

Real estate values have demostrated consistency during the last several years, as illustrated in the home sales statistics for 2008, 2007, 2006 and 2005.

Like many other are local communities, there is a considerable amount of inventory available - both single family homes and condos.  The absorbtion rate, which is a measure of how long it will take to sell all homes on the market, reflects 44.1 weeks for single family homes and 134 weeks for condos.