Maine Real Estate 2006 Year in Review

Posted on February 22, 2010

Mission
“To Educate and Elaborate on this Great State”

Table of Contents

1. Housing Statistics

2. Commentary: Stabilizing Conditions

3. Case Study: 2006 Year End Analysis

4. “From Away”: Controversial Property Tax proposal

5. Featured…..

“You have freedom of choice, but not freedom from choice.”

Housing Statistics:

Sold Properties by County – Dec 2006 (Dec 2005):

# Sold Avg. Price Avg. Days on Market

York 205 (237) 319K (286K) 122 (96)

Cumberland 300 (299) 283K (284K) 95 (88)

Sagadahoc 28 (45) 193K (240K) 103 (98)

Lincoln 30 (37) 326K (323K) 187 (147)

Total Housing Inventories and Net Change by County:

1/25/07 12/30/06 Net Change

York 2567 2556 11

Cumberland 2389 2461 -72

Sagadahoc 286 341 -55

Lincoln 583 666 -83

Commentary

Buying activity continued to remain strong through the holiday months and into early 2007. After multiple months of sharp inventory decline perhaps an equilibrium in the short run has been found. The ratio of new listings to sold listings was near 1 to 1 for December and price levels are seeing some volatility month to month, but overall are very similar to where they were 1 year prior. 2007 will see healthy commercial and residential markets, a slower pace of new development and construction and a greater number of foreclosed properties on the market.

Case Study: 2006 Year End Analysis

Inventories levels: A steady increase throughout the year, peaking in August/September, levels incrementally increased on a quarter by quarter analysis.

1st Qtr to 4th Qtr % Change in Inventories

York Cum Sag Lin

26% 17% 14% 25%

Homes Sold: Following national trends, the pace of homes sold dropped supporting the rise in inventories above.

Number Homes Sold

York Cum Sag Lin

2005 3472 4445 447 497

2006 2885 4020 443 425

Change -17% -10% -1% -14%

Average Prices: Contrary to overall statewide and national statistics, coastal real estate prices continue to creep upward with moderate quarterly volatility due to seasonal buying and waterfront vs. non-waterfront property sales within a given quarter.

Average Price Sold (000′s)

York Cum Sag Lincoln

1st Qtr 273 291 216 237

2nd Qtr 280 294 231 290

3rd Qtr 285 317 222 266

4th Qtr 311 305 204 308

2006 287 302 218 275

Visit http://www.mymaineproperty.com/maine-housing-statistics.html for full data sets

“From Away” – Property Tax Proposal

Listening to Governor John Baldacci speak yesterday at the MEREDA conference in Portland, his sincere desire to find a REAL solution to escalating property taxes is evident. (Although the majority of his time was spent explaining his radical education proposal). The property tax proposal in its most basic form creates a constitutional amendment that puts a valuation freeze on property tax increases for year round residents only, ultimately shifting the tax burden in local municipalities to 2nd home residents and local businesses.

Featured….

Maine Company: CEI – Coastal Enterprises Inc.

With a mission to help create economically and environmentally healthy communities in which all people, especially those with low incomes, can reach their full potential. CEI is a non-profit and private community development corporation founded in 1977 to develop job-creating natural resources and small business ventures in primarily rural regions of Maine. Visit: http://www.ceimaine.org

Site to Visit: http://www.MainePropertyBlog.com

Being an informative newsletter that is not intended to promote myself directly the site above is my own creation. I believe it has great value. A daily to bi-daily blog entry on all aspects of Maine and National real estate. Statistics, developments, current events and more. I encourage you to check it out and please let me know what you think.

Restaurant: Sushi Venues in Portland

If you’ve got that craving! Sapporo – On Commercial Street and my personal favorite with fresh, creative rolls and friendly service. Fuji – Right in the heart of the Old Port on Exchange Street, great lunch specials and quick service. Visit: http://www.fujimaine.com BenKay – Recently remodeled and on the east end of Commercial street in the hottest real estate development neighborhood. Visit: http://www.sushiman.com

Quotable Quotes:

“I looked along the San Juan Islands and the coast of California, but I couldn’t find the palette of green, granite and dark blue that you can only find in Maine.” Parker Stevenson

All information contained herein is deemed accurate when facts are stated. All opinions are that of the author. We apologize for any inaccuracies, offenses or misrepresentations If you know of any interested party who would like to receive this newsletter, please have them send an email to jherrigel@greentreemaine.com

Next Issue: Mid-Late February

www.MyMaineProperty.com
www.MainePropertyBlog.com

**All housing data has been derived from the Maine IDX MREIS System

Author: John Herrigel
Article Source: EzineArticles.com
Provided by: Canada duty rate

Comments

Leave a Reply




Powered by Yahoo! Answers