Scarborough Maine Real Estate Home Sales & Market Values Scarborough is a growing suburb of Greater Portland and includes many subdivisions of new and existing homes. With close proximity to the Portland business district, local shopping and the ocean, the area includes new construction developments and many recently built newer and elegant homes. 2008 Real Estate Sales & Values - September YTD   Prop # of Sold Price Days on Mkt Inventory Type Units Median Average Med Avg Units Weeks                         S-Family   135   $329,500 $349,928   61 83   165 43.7 Condo 19 $215,000 $234,626 48 59 28 46.0 Multi   -   - -   - -   5   Land 21 $135,000 $135,861 55 125 52   The housing market in Scarborough has been somewhat resiliant through the first three quarters of 2008.  Although individual homes sales are down %, prices have remained stable.  In 2007 the median price was $332,500 compared to $329,500 in 2008. Condo sales, traditionally a small portion of the market, remain steady as 19 properties have sold, compared to 22 during a similar period in 2008. New construction has been an important aspect of the Scarborough real estate market for the last several years.  New subdivisions and some high-density neigborhoods have been popular.  During the last six months to a year, new housing starts have been down significantly. The available inventory in Scaroborough is high.  Currently there are 165 homes on the market and 59 condos - well above normal levels.  The absorbtion rate, which is a meaure of how much inventory exists verus sales is 43.7 for single family homes and 46.0 for condos, some of the highest levels in the greater Portland area. Like most statistics, the absorption rate is not an exact science, but rather is indicative of market trends and inventory levels.  It provides a useful insight into the overall status of the local real estate maket. 2007 Real Estate Sales & Values - Full Year   Prop # of Sold Price Days on Mkt % of List Type Units Median Average Med Avg Med Avg                         S-Family   222   $333,750 $362,139   63 81   95% 96% Condo 30 $208.000 $316,567 98 145 98% 96% Multi   -   - -   - -   - - Land 35 $100,000 $115,106 119 130 83% 88%                         The housing market in Scarborough demonstrated resiliency in 2007. In an overall difficlut market single family home sales were nearly on par with 2006 sales at 222 units. Pricing adjustments were realized as the median and average price dropped 7% and 6% respecitively. Condo sales were essentially flat as 30 units were sold in 2007 compared to 31 in 2006. Land sales were up significantly as 10 addtional parcels were sold. Days on Market for single family homes was 63 in 2007 compared to 52 days in 2006. Condos took considerably longer to sell at 98 days, but overall Scarborough is not a high-demand condo/townhome market.  Southern Maine Information Resources   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.       Relocation to Scarborough & Southern Maine If you are considering a move to Scarborough or the Southern Maine area, be sure to take advantage of our online Relocation Services, a comprehensive guide to interactive relocation tools. Our services include access to local market information, neighborhood and school comparisons and a wealth of proven home buying advice. If you are interested in receiving automatic email alerts of properties that match your predetermined buying requirements, you might want to consider our Market Watch feature. This is a great way to stay current with the market whether you are buying now or in the future.