Hope your summer is going well! It’s hard to believe that August is already here and school will be starting in just a few weeks. Maybe if we’re lucky we will still have a few nice days without rain!
Our friends and family often ask us about the health of the real estate market. People who have recently purchased a home are concerned about its value, while those who are contemplating selling are rightly apprehensive about the prospect of actually getting a sale completed.
Given the current status of Maine’s real estate market, we are reminded of the something said by John F Kennedy years ago and repeated by other more recently:
“When written in Chinese, the word “crisis” is composed of two characters - one represents danger, and the other represents opportunity.”
Recently the word “crisis” has been used frequently in describing the economy, the energy situation, international relations, the real estate market and just about anything that is in a state of flux. When it comes to homes sales in Maine, certain truths are undeniable:
Is the market today difficult – Yes
Are there more homes on the market – Yes
Have home prices dropped – Yes
Yet within this sea of gloom there are positive signs. Homes are still selling, prices have adjusted to reflect the current market rather than plummeting as in other parts of the country and there are tremendous values available for those with the courage to seize the opportunities and make a purchase. On a more long term basis, for those who did recently make a purchase, appreciate over the long haul still looks promising in Maine.
The most current home sales statistics, comparing 2007 and 2008 YTD through July can be viewed in the attached link - July Maine Home Sales. The last column includes the absorption rate, which is essentially the number of weeks of inventory on the market.
Sales results are directly from the Maine Multiple Listing Service. The Absorption Rate is a measure of the amount of inventory on the market.
We have access to all types of market statistics, and if you have any special requests for information, just let us know.
Posted by: Michael Sosnowski
Categories:
Maine Real Estate
Portland