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Maine Real Estate

Home Sales Statistics 2012 - Statewide 

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 2011 Home Sales

 
  2012
  2011
  % Change

Selected Counties Units Price
  Units Price  Units  Price
          
All Maine11,608
$170,000
 9,965 $165,000 16.3
 3.0
          
Cumberland2,995$225,000 2,523$224,900 18.5 NA
York
1,995$215,000 1,953$215,000 17.3 4.1
Sagadahoc
335$172,000 335$172,000 18.4
 7.5
Androscoggin767$139,500 767$133,500 16.0
 4.7
Lincoln
375$184,900
 356$184,950 29.4
 8.7
Knox
397$182,000 397$182,000 19.9
 (3.0)
Kennebec
994
$130,200 1,350$144,750 20.0 4.9
          
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. 

  
 Single Family Median Prices: 2005 - 2012
 Market Updates
 Maine Home Prices
    
 Footer-Bird Portland
 Footer-Bird South Portland
 Footer-Bird Falmouth
 Footer-Bird Cape Elizabeth
 Footer-Bird Scarborough
 Footer-Bird Cumberland
 Footer-Bird  Yarmouth
 Footer-Bird Old Orchard Beach
    


 
 
Maine Sales History
YearUnitsPrice
   
 201211,594$170,000
 20119,965$165,000
 201010,292$169,000
 200910,593$164,000
 20089,782$180,000
 200712,140$194,000
 200613,539$193,000
 200514,592$191,150
   

Maine Home SalesMaine Home Sales History

Maine Condo SalesMaine Condo Sales


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Historical Perspective

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%.

Local Communities

Towns, 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.

Understanding the differences is critical to any buying or selling decision. View our commentary on the selected local towns or request a customized report.

NL_ReprtDownload prior and current year homes sales statistics. If you do not find what you are looking for, we can prepare custom reports.


View Historical Reports at:

Maine Home Sales
Reports Archive
 

 AnnualSales-2012
   
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