Mooers Realty Maine Real Estate Blog
Maine Real Estate Market Report | How Are Single Family Houses Selling?
Welcome to the round up, the Maine real estate market report on how single family homes are selling.
This blog post is a snap shot of listing, selling activity in Maine. But remember, the state of Maine is one tall, wide area to sum up in one cut and dry current real estate market report. In the beginning of the blog post on the real estate market, the inventory will be discussed and then the listing prices, the actual sale dollar amount figures.
There is a sharp contrast when putting a small rural northern, western, eastern section of sparse, rural small town market area under the microscope snap shot lens.
So so different than the market activity in the Portland, Lewiston, Biddeford, etc areas where more population, larger pay checks shake things up. How not the same percolation in each real estate market segment. Each region behaves uniquely today.
When talking single family home sales in southern Maine's handful of cities and their metro ring of listing sales activity. There is a sharp contrast when put along side the small community rural statistics found further inland. As you spread out and push north away from the coast and inland.
The numbers, the stats for a current Maine real estate market summary move the recording needle wildly.
But through out the state, you will find today 10,446 residential listings currently on the market. When you peel off the under contract, continue to show segment of the housing inventory, the weigh in number today is 9390 residential listings. The list today September 14, 2019 shows 4351 of these statewide listings feature three bedrooms.
As the property listing fields are played with, here is what happens in a look of the entire state of Maine real estate market today.
The number of homes for sale with a garage to go with the three bedrooms reduces the inventory to 2765 residential listings. The number of houses for sale in Maine today that are single family three bedrooms places with a garage and at least two baths shows 1538 properties up for grabs. If you dial in ranch style single family home only with the three bedrooms, two baths, garage, a Christmas season fireplace to light up, the number of those houses for sale in Maine today drops to 391. Santa likes this house segment best for easy entry to wooosh... stop, slide, drop. The bonus if you've been moderately good is besides loot your chimney gets cleaned with just a twinkle of the eye. From the guy in red velvet and lined in fur with the boisterous reindeers tap dancing on your roof.
Now isn't this a more user friendly practical application of how is the single family market shaping up in the Maine real estate world?
I use to be a Maine broadcaster and so many of the rip and read reports coming off the AP or UPI wire services were dry as a desert. Sleep causing sing song same ole same ole.
Meaningless and lost in the jumble of numbers. Except for the summation that the market change from today to a year ago today was even, up or down so many percentage points.
You and I hear all the time "the dow jones average is trading up or down or stuck dead even". Maybe a few stock stand outs and why the spike up or down in what their shares are trading at. But so much you don't get and it takes time and study.
I think you need more than one general report because there are so many pocket markets and just looking at the sum of the parts loses the reporting of each real estate market segment's activity.
Like weather, one forecast is not going to cut it for the entire state of Maine. There are three weather zones for the sixteen counties for example. Each covers what is happening, what to expect for Northern, Interior, Southern sections of the Maine weather discussion. But along the coast, what happens outdoors for weather changes just as it does in the Highlands of Vacaitonland.
The Maine real estate market report to be accurate has a lot more differences going on to report on to be fair, accurate and concise.
So it is worthwhile to read and study. So no one jumps to the wrong generalized summation that gets broad brush applied to coat the entire state of Maine
People are way way too busy for anything else. They don't really care for the nitty gritty on all sixteen counties, over 400 small towns and a handful of cities that makes up the Maine real estate market report today or any day. That much information is not able to be sized up in a sentence of two. Especially the average listing price, the it all boils down to this one house sold figure for the entire state of Maine. Portland Maine real estate market reporting just does not work for Rumford, Eagle Lake, Machiasport or Veazie list and sell.
Learning about the days on market, absorption rate for residential listings, how big the inventory size is in all the marketing area segments.
Like how critical the correct weather forecast is for someone farming, a general going into battle. The temperature of the local real estate market directs how to maneuver from listing, pricing, marketing to get to an actual closing. But which chapter are we in, where are we in the Maine real estate market location book exactly? It is like a big box store, aisle five, end cap, bottom shelf.
The current, local real estate market report for Maine. It's huge for the agent, broker, the buyer and seller too for being up to speed. The best adjustment of "sales". To catch the Maine real estate market wind that is out there to harness.
Prices, sales volume of listings, the sale to original price ratio is huge.
Today's Maine real estate professional can not just trust his gut and Jedi Ninja instincts to be cat like sharp all the time. The numbers, accurate fresh figures don't lie and tell the tale. Knowing the active median list price, the sold median sale price. Don't like the DOM (days on market) or other catchy abbreviations that let your eyes gloss over and put you to sleep.
Bone up. Study and learn what those graph climb and declines signal for the current Maine real estate market . The one just left, the one ahead I am sailing into ready or not. With a listing that needs to sell quickly, I have to study the market that is. Folks life's are involved and time is money.
Here's the statewide Maine real estate listings link to search every nook and cranny crevice of the current market inventory.
A home for sale in Maine in Northern Maine with an average sold price tag reading $70,000 in big numbers could translate to over $210,000 for the same sticks and bricks in the Portland area. So when someone asks "hows the market for selling my Maine home?" You have to ask, where is it located and let me sneak a peak at the sold comparables, the current listing inventory that looks like and competes with it. Which county in Maine is the real estate house property located in again?
But Maine is not just single family homes for sale, more than residential listings to gawk and paw over for the bet fit. The greatest bang for the buck. Not just homes with the real estate silent salesmen planted in the front lawn to share with buyers on the hunt.
With all this land in Maine, the handful of people in pockets here and there, let's study the acreage for sale. Today, the peer into the glass globe shows from the Maine Listings portal 6630 land listings. The froth removed on the top, when you remove the sale pending and continue to show acreage listings. It shows the scales weighing in at 6654 land units today. And 5010 of those Maine land listings fall in the forty acres or under category. Plus 1647 land listings in that size acreage group feature waterfront of some type tied to it.
Today, there are 519 multi unit apartment rental houses for sale in Maine today.
Just 144 of this group are the duplex, two family variety of apartment housing. That is not a lot for a state this big huh? True, not everyone wants to be a landlord.
I had one home buyer looking for more than his price range provided for "luxury" when told to consider an apartment unit helping make the monthly mortgage payments. "I'd rather have a root canal daily or a colonoscopy than deal with all the horror stories landlords whine about today".
Okay, back into the Maine real estate market numbers that slice and dice and size up the dollar numbers.
Today there are a total of 17350 listings for sale in Maine. Of these 4835 are under contract or sale pending status. Looking for something to do? There are 338 open houses happening while rain is forecast across much of the state this weekend. The front doors are open and come on in. (We find open house on demand works best instead of limited hours here and there... try out the kind of open house where you can leave your shoes on. Visit the real estate video link for as fast a pace, as many properties as you can gobble up.)
The real estate numbers show 30,372 new listings for sale in Maine year to date in 2019.
Over half of those, 17,451 listings sold this year as of today's date. Here is the latest real estate market report for sale results from the Maine Association of REALTORS group. It shows in Maine, sales are up .16 percent from July 2018 compared to July 2019 year to date. In the northeast, sales dipped 4.3% are what the National Association of REALTORS reports. But the prices for the listing sales were up 4.5% in the northeast.
The median price of houses for sale in Maine over the last year in York County properties went from $279,900 to $299,000. This represents a 6.82% increase in the sticker shock. While up in the other direction, in Aroostook County. The median house sale pricein the "crown of Maine" climbed from $89,500 to $97,000. The jump shows an increase over the last year reporting number of 8.38% when comparing 2018 to 2019 year to date.
Statewide, the increase in sale prices on single family homes reminds me of a Denny's or McDonald's breakfast special ... it increased 2.22 %.
(Hey, am I the only one that remembers the 2-2-2?)
Knox County was the only one that had negative numbers showing when the real estate sales numbers were run through the adding machine.
The tally shows a drop in price from $249,000 to $230,000 for single family residential housing statistics.
This shift in numbers from the rest of the sixteen counties shows a decline of 7.63%.
The Maine real estate market report up to date for inquiring minds!
Study the numbers, here is more on the most recent Maine Listings real estate activity report. But remember, Maine property listing sales are more than just houses being moved down to hop off the multiple listing conveyor belt. Land with owner financing, mom and pop business listings, multi family apartment houses, lake lots are all part of the list, twist and selling Maine real estate!
What are you thinking of buying or selling? More than just single family houses being listing and sold in Maine's landscape.