Sales results, finance tightening, and foreclosures make for different market conditions than what we saw two years ago. Not all communities have the same conditions, so care is needed when generalities are applied to your market.  Maine has not had the same results as some other states, and is under the nationwide decline.  Below is part of a March 2008 press release from the Maine Association of Realtors:

  • SOUTH PORTLAND (March 24, 2008) – A harsh winter season slowed sales of Maine real estate

    by 20 percent from a year ago during the month of February. Prices, however, only dipped a

    slight two percent, according to the Maine Real Estate Information System, Inc.

  • Realtors sold a total of 555 single-family, existing homes in Maine during the month of February

    2008. One year ago, 698 homes exchanged hands during the same period.

  • The median sales price (MSP) for February home sales was $190,000, a decrease of 2.04 percent

    from February 2007’s MSP of $193,950. The median sales price indicates that half of the homes

    were sold for more and half sold for less.

  • According to the National Association of Realtors (NAR), nationwide sales of existing singlefamily

    homes fell 22.9 percent in February. The median national sales price decreased 8.7

    percent to $193,900.

  • In the regional Northeast, home sales fell 26.4 percent. The regional median sales price rose 0.4

    percent to $264,800