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.
But, 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.