While home prices in some U.S. markets increased 15-20% annually in the early 2000’s, Maine prices went up around 5% annually. In our cyclical real estate market, what goes up must eventually come down a bit, soMaine didn’t have as far to fall. The market re-set here about 20-25% below its peak in 2006.
In line with the national upward trend, Portland, Maine median sold home prices for the 5 months starting in July were 207k, 198k, 204k, 200k, and 212k respectively. Volume on the other hand has been way up for this area.
So it now seems we have found the approximate bottom of the real estate market, with prices firming up and sellers refusing to go lower than 25% from the peak in 2006 to move their property now..
In short, we are cautiously optimistic that 2010 will be a year of healthy sales volume, as there is a large inventory to choose from, and borrowing costs are as low as they will be for a long time to come.
If you haven’t tried a search for your “dream property recently, you might be interested in having us check the current inventory and prices that meet your personal criteria. Just go to our Customized Property Search page by clicking on the following link:
http://waterfrontpropertiesofmaine.com/customized-property-search.html
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