13th Feb, 2009

Maine Real Estate Sales - Full Year 2008

We have just updated our 2008 full year sales results for southern Maine, and as expected sales in nearly every town and community are below 2007 levels. Prices, contrary to what you might have been led to believe, have not fallen as sharply. Complete sales results and market statistics are available online at our website at: Maine Home Sales – 2008.

Complete reports for 2008, 2007, 2006 and 2005 are also available for download.

Maine Real Estate Sales ReportsBut, all thing being equal, price continues to be a significant issue and fundamental to the success of every property transaction during the last six months and no doubt the foreseeable future.

According to the Maine Real Estate Information System total homes sold in Maine for 2008 were 9,502 compared to 12,014 in 2007, resulting in a decline of 20.9%. The median sales price for those homes decreased by 7.2% percent for all of 2008. Of course, the results by each city and town vary considerably, as our report reflects.

Responses

In studying all the different areas of the country, I have found that areas that have not been over done to the upside in the past few years are not coming down so far. The volume has fall off for many reasons. Lack of funding is a main one, fear, job loss etc. It is almost like physics, if it went up hard it comes down hard, like Florida, where some areas were up 250% in 2-3 years. They are off over 50% in some cases. The area like where I am in Bergen County New Jersey, went up about 50-100% from 2003 to 2006 then we are off about 5-20% from the highs.

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