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. Accross the United States there were considerable differences in real estate sales and median home prices.
Home sales in southern Maine did see a decline as dramatically in 2007 as many other areas of the country experienced. For example, unit sales (individual homes and condos) 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.
Complete home sales statiscs are available at MaineHomeConnection. Visit home sales and market values for results by city or town. Individualized reports are available upon request.
Posted by: Michael Sosnowski
Categories:
Maine Real Estate