Maine Real Estate Market: When Will My Home Value Return?

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Maine Real Estate Market: When will Home Values Return?

There are plenty of reasons to be excited about the future of Maine’s real estate market. In fact, when you consider the recent numbers released by the Maine Association of Realtors, the numbers provide plenty of opportunity for optimism.

Single-family home sales, in the first six months of 2010, jumped 27.6 percent over the same period the year prior. In total, there were 5,130 homes sold in Maine from January through June. After the debacle of 2009, these numbers are excellent good news.

Home Sales Up, But Home Prices Remaining Stagnant

Although single-family home sales were up significantly, the only downside to the good news is the fact that selling prices haven’t recovered. Overall, the statewide median sales price in Maine is $167,000. Although that’s a slight increase over 2009, some counties throughout Maine actually saw their home values decrease during this time.

The sign of the times, both in Maine as well as many other parts of the country, is that most buyers of today are looking for less expensive homes. In Maine, most buyers have been gravitating towards homes that cost less than $200,000, leaving many motivated sellers of higher-priced properties in a lurch. If you are a seller, you may very well have to lower your price if you expect it to move in today’s Maine real estate market.

Although the median sales price is down, the Fiserv Case-Shiller Indexes are still estimating that the peak home values experienced in 2007-2008 will return to this state by 2013-2014. In addition, new home construction is increasing this year, as reported by Camden National Bank.

How Foreclosures Continue to Affect Home Values

Regarding foreclosures in Maine, lenders seized 93,000 properties in July – which is an increase of nine percent from a year before, and a six percent increase from the month before. These numbers represent that nearly one out of every 2,000 homes in Maine received a foreclosure notice.

New England, overall, currently has a rate of foreclosure about half that of the national average, and for Maine and Vermont, the rate of foreclosure was about one-quarter of the national average.

Although home sales were up from 2009, the expiration of the federal tax credit did cause a decline in sales for both May and June. Maine was not unlike any other part of the country where home sales fell sharply in June after surging due to the expiration of the tax credit.

Overall, if you are a homeowner in Maine, you can expect to see your home value return by 2013-2014. Although homes selling for more than $200,000 are not selling as quickly as their lower-priced counterparts, the robust economy and stable housing market spells relief for homeowners everywhere.


Largest Cities in Maine

1. Portland 64,249   6. Brunswick 21,172
2. Lewiston 35,690 7. Biddeford 20,942
3. Bangor 31,473 8. Sanford 20,806
4. South Portland 23,324 9. Augusta 18,560
5. Auburn 23,203 10. Scarborough 16,970

 

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