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Maine Real Estate For Sale Blog by Cindy Rowe | Your Maine Real Estate Community Blog
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PUBLIC PRESS RELEASE
SOUTH PORTLAND (April 23, 2008) – Continued cold weather in Maine cooled many single-family real estate
sales during the month of March 2008. Prices were down over three percent during the 12-month span and
March sales decreased 28.41 percent, according to the Maine Real Estate Information System, Inc.
Across Maine, 650 homes changed hands during March, down from 908 homes sold in March 2007. The
median sales price for homes sold was $188,000, a decrease of 3.35 percent from a year ago.
The National Association of Realtors (NAR) reported that nationwide single-family home sales were down 18.4
percent in March. The national median sales price declined 8.3 percent to $198,200. In the regional
Northeast, NAR reported a sales decrease of 18.8 percent. However, the median regional sales price rose 4.6
percent to $284,300.
Sharon Millett of Coldwell Banker Millett Realty in Auburn says, “The year got off to a slow start…the
seemingly never ending snow storms hindered buyers. Since mid-March, we have experienced an increase in
the number of buyers active in the market. The combination of very low interest rates, an abundance of homes
on the market and reasonable sale prices are attracting many who have been holding off this winter.”
Douglas M. Erickson of Coldwell Banker Commercial SoundVest Properties in Rockland believes reports of a
national slowdown are causing people to wait. “My response has been [that] the financial experts are advising
that it’s time to buy now.”
Gail Caruso of The Swan Agency Sotheby’s International Realty in Bar Harbor advises that, “This is a buyer’s
market and if a seller is positioned right for this market their property should sell.”
Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the
month of March only, statewide. The second chart compares the number of existing, single-family homes sold
(units) and volume (MSP) during January, February and March of 2007 and 2008.
MARCH ONLY CHART
From March 1-31, 2007 and March 1-31, 2008
County # Units Sold # Units Sold % MSP MSP %
STATEWIDE 908 650 -28.41% $193,750 $187,250 -3.35%
ROLLING QUARTER CHART
From Jan. 1, 2007 – March 31, 2007 and Jan. 1, 2008 – March 31, 2008
County # Units Sold # Units Sold % MSP MSP %
2007 2008 Change 2007 2008 Change
STATEWIDE 2294 1700 -25.89% $191,600 $188,000 -1.88%
Androscoggin 187 107 -42.78% $160,000 $152,000 -5.00%
Aroostook 53 43 -18.87% $79,900 $88,500 10.76%
Cumberland 597 430 -27.97% $245,000 $239,450 -2.27%
Franklin 54 39 -27.78% $149,500 $174,000 16.39%
Hancock 106 65 -38.68% $223,750 $214,701 -4.04%
Kennebec 207 160 -22.71% $143,900 $140,400 -2.43%
Knox 84 58 -30.95% $230,000 $211,000 -8.26%
Lincoln 67 49 -26.87% $213,000 $227,000 6.57%
Oxford 97 80 -17.53% $150,000 $164,500 9.67%
Penobscot 232 202 -12.93% $137,650 $134,403 -2.36%
Piscataquis 40 20 -50.00% $89,798 $124,000 38.09%
Sagadahoc 64 43 -32.81% $200,000 $179,900 -10.05%
Somerset 65 50 -23.08% $91,500 $81,250 -11.20%
Waldo 63 61 -3.17% $175,000 $170,000 -2.86%
Washington 16 9 -43.75% $117,000 $136,000 16.24%
York 362 284 -21.55% $220,000 $228,950 4.07%
