The following information was provided by the Maine Association of Realtors. The data reflects properties reported as sold in the Multiple Listing Service within the time periods indicated.
South Portland—- Sales of Maine real estate continued to drop in October 2007, while prices for single-familiy, existing homes dipped a slight 1.95 percent. Realtors reported 1,041 sales across Maine last October. Thats down 12.23 percent compared to 1,186 sales during the month of October 2006.
The median sales price for a single-family existing home was $188,500 in October, down slightly from $192,250 one year ago. The median sales price indicates that half of the homes were sold for more and half sold for less.
The National Associaton of Realtors found that nationally, sales of existing single family homes dropped 20.8 percent in October. The national median price of a single family existing home decreased by 6.3 percent in one year to $2 05,700.
Regionally, in the Northeast, sales were down by 12.6 percent. The Regional median sales price rose 1.3 percent to $205,700.
This data backs up the idea that its now more important then ever to price a home appropriatly to the market and to commission it appropriatly. Its also a great time for buyers as there are far more choices and lower prices.
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of October only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the months of August, September and October of 2006 & 2007.
Statewide October Only Chart
Units Sold ‘06 Units Sold ‘07 Change MSP ‘06 MSP ‘07 %Change
1186 1041 -12.23% $192,250 $188,500 -1.95%
