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Central Maine Real Estate Market Conditions

Total Market Overview
Data Source: Maine State Multiple Listing Service
Period: 10/28/08 - 10/28/09 Rolling 12 months
Compliments of 
The Tanya Busch Team, Keller Williams Realty Mid Maine
No. No. No. No. Avg Avg
County Price Range Active Pending % Expired &  Sold Inventory Act List Avg Sold List/Sale DOM
Listings Listings Pending Withdrawn Listings Level Price Price % Solds
Androscoggin $100-150k 211 66 31% 221 289 8.8 127,136 122,881 97% 113
Androscoggin $151-200k 231 40 17% 195 182 15.2 173,929 166,518 96% 120
Androscoggin $201-250k 98 13 13% 105 65 18.1 232,164 225,244 97% 110
Androscoggin $251-300k 68 5 7% 107 34 24.0 277,644 260,931 94% 232
Androscoggin over $301k 93 5 5% 95 17 65.6 446,076 400,336 90% 139
Cumberland $100-150k 210 69 33% 214 350 7.2 131,771 125,988 96% 104
Cumberland $151-200k 497 148 30% 489 785 7.6 180,088 173,853 97% 92
Cumberland $201-250k 485 129 27% 557 612 9.5 227,871 219,497 96% 93
Cumberland $251-300k 380 67 18% 427 346 13.2 278,751 265,145 95% 114
Cumberland over $301k 1242 152 12% 1356 719 20.7 495,551 463,739 94% 128
Kennebec $100-150k 307 85 28% 232 361 10.2 127,859 122,083 95% 114
Kennebec $151-200k 268 34 13% 235 188 17.1 175,919 167,116 95% 149
Kennebec $201-250k 160 13 8% 160 86 22.3 231,113 217,538 94% 173
Kennebec $251-300k 100 11 11% 100 46 26.1 282,859 255,932 90% 230
Kennebec over $301k 203 6 3% 193 48 50.8 529,958 387,235 73% 207

Central Maine Real Estate Market Overview By County

Androscoggin County

 

The real estate market remains relatively active with the focus being on entry-level homes for first time buyers due in large part to the First Time Home Buyer Tax Credit of $8,000 which expires November 30, 2009.  We are hopeful Congress with extend the credit through June 2010 or even better, expand it to all buyers. That has yet to be determined. Please write your representative if you feel this is important to stimulate the economy.

 

The good news for home sellers in the $100,000 - $150,000 price bracket is that absorption rates have improved since the beginning of the year. In February, we were looking at an eleven month supply of homes on the market and we are now down to 8.8% in this price bracket in Androscoggin County.  However, all other price ranges have increased the number of months supply since early 2009. Days on the market is also a bit longer.

 

On a positive note however, the percentage of home under contract have increased in both the $100,000 – 150,000 range as well as the $150,000 - $200,000 range. And those homes positioned correctly in the market are selling regardless of the price range!

 

 

Kennebec County

 

While the number of “Days on Market” and the supply of homes on the market has increased since the beginning of the year in Kennebec County, the percentage of listings under contract have also increased. The latter is a positive indicator.  Even better: in Kennebec county, prices have held pretty steady over the last eight to nine months.

 

 

Summary

 

The increase in percentage of listings pending indicates an active real estate market.

Interest rates are attractive and the current market is especially favorable to first time home buyers and “move-up” buyers.  If you would like more information about your particular situation, please give us a call! County wide data is useful and price brackets are key but there are fluctuations between towns and we’re also happy to share specific insight with you whether you’re considering selling or just curious about your equity position.