Real Estate Information
October 31st 2008 saw little
change from current market
trends in the Southern Maine
Real Estate markets. The transaction
volume for Cumberland
County is down 20% for single
family homes from a year prior
and the median sold prices are
7% off last years figures.
However on a month
over month analysis the average
pricing appears to have
leveled off. Significant decreases
in inventory levels also
occurred this past month, as
parties traditionally take their
homes off the market for the
coming winter season.
Some of the most
desirable towns however are
seeing a smaller decrease in the
number of sales year over year.
Yarmouth experienced a decrease
of only 9% for single
family homes from 2007 to
2008, while Cumberland
homes are selling near level
with last year’s figures.
The hardest hit towns
seem to be those of a more
rural nature. Pownal has seen a
50% decrease in home sales
from the 2007 figures. North
Yarmouth is experiencing a
49% decrease year over year.
North Yarmouth figures may
be somewhat explained by the
level sales in Cumberland
which shares a school district
with North Yarmouth and yet
is closer to Portland. With
prices coming down everywhere
families are choosing
towns with a shorter commute
to jobs, all other factors being
equal.
Despite dismal headlines
touting falling home values
many homeowners in once
hot areas still believe their
home is gaining value or at
least holding its own. And by
hanging onto too-high expectations,
sellers are unwittingly
keeping the market from finding
a bottom. Real estate professionals
across the country
are reporting difficulty convincing
sellers of the true market
value of their homes.
In lending news, Fannie
Mae and Freddie Mac have
announced that they will suspend
foreclosures on occupied
homes until early 2009, as the
government moves to stem the
tide of home losses plaguing
the economy.
I Just thought I would Post some nice shots of Casco bay, Pownal, Falmouth ,Freeport