Maine home sales, median prices rise in September

Sales of homes in Maine last month increased by 14% compared to the year before, while the median price increased by 6.7% to $189,900, RE/MAX Integra of New England said Thursday.

Across New England, total sales were up 15% from September 2014 through last month, according to the report, which includes single-family homes and condos.

A different real estate report, released Thursday by the Maine Realtors Association, said sales of just single-family homes in Maine were up more than 17% in September compared to the previous year.

Marie Flaherty, president of the Maine Association of Realtors, said in the report that many sellers have put their homes on the market because of renewed market confidence. Even with new construction in Maine, the existing home market supply is below five-year averages in many areas, she said.

Cumberland and York counties saw the most sales of single-family homes, more than doubling the total in any other county and growing at 20% and 12%, respectively. But other counties saw larger year-over-year growth.

Sales in Washington County increased by 41% from a year earlier, Lincoln County's sales increased 34% and Knox County's sales increased 32%.

"An increased interest in purchasing second homes has helped markets beyond the city limits," Flaherty said in the report. "Stable market conditions and the discussion of increasing interest rates are part of some decisions as well."

"While we're seeing the market slow down, as it typically does after the busy summer season, it's encouraging to see continued year-over-year growth as we move into the fall,"

 

Buying a Home is 35% Less Expensive than Renting !

 

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage throughout the 100 largest metro areas in the United States.
The updated numbers actually show that the range is from an average of 16% in Honolulu (HI), all the way to 55% in Sarasota (FL), and 35% Nationwide!

The other interesting findings in the report include:

• Interest rates have remained low and even though home prices have appreciated around the country (3.9%), they haven’t greatly outpaced rental appreciation (3.7%). “In the past year, these two trends have made homeownership even more affordable compared with renting.”
• Some markets might tip in favor of renting if home prices increase at a greater rate than rents and if – as most economists expect – mortgage rates rise, due to the strengthening economy.
• Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989. 

Bottom Line

Buying a home makes sense socially and financially. Rents are predicted to increase substantially in the next year, so lock in your housing cost with a mortgage payment now.

Exploring Maine Coast by Windjammer

                                    By:Moira McCarthy

                        

Hauling on a windjammer, Bridget Besaw Gorman, courtesy Lewis R. French


Soon, the air will be warmer and the coast of Maine will be ready for you to enjoy. A great way to do that is a windjammer vacation. Each year, more people discover how truly unique and exciting a Maine windjammer vacation can be. Three to six-day themed cruises are designed to suit guests' passions and hobbies while they experience a sailing getaway along the scenic coast of Maine.


The 2015 list of specialty cruises include choices for the mind and body. For instance,  passengers can express their creativity with a writers' workshop or photography course where the scenery is the inspiration. Knitting cruises are popular with fiber artists with a passion for their hobby and the great outdoors.

For the fitness lover, you can spend the week learning ways to improve your health and limber up by doing yoga on the deck of a windjammer! Or, for the dreamer in you, stargaze the night sky with an astronomy cruise.

Maine is known for its foodie scene. The windjammers' on-the-water chefs have galley kitchens where they turn out  incredible fare for their guests. Many ships have gourmet, wine, beer or even chocolate tasting cruises on tap for 2015, featuring guest chefs from award-winning restaurants, handpicked wines, craft beers and locally made chocolates.


For the wildlife watcher and naturalist - Wildlife watching is an adventure in Maine and seeking out the elusive whale is a hard task for most, but schooner captains seem to have all the luck finding finback, humpback and minke whales, and other marine life. While out on a cruise, guests are likely to see seals sunning themselves on the rocky coast, pelagic birds and eagles soaring overhead, and puffin colonies.


For the adventurer - Be completely immersed in sea life with experiential sailing instruction. Guests have the opportunity to steer, plot a course, stitch a ditty bag, and if interested, go aloft to stow the topsails. Become part of the crew and even participate in schooner races.


Travel beyond Penobscot Bay - Venture to the less visited ports and sail beyond the traditional Penobscot Bay territory. There are cruises that visit Boothbay Harbor and Down East, and even travel to Gloucester to participate in the Gloucester Schooner Race. Another vessel does unique excursion trips around Acadia National Park, where guests can explore the park by guided bus tour after sailing around the rocky coast of Mount Desert Island.


The 2015 season also includes cruises themed around pirates, lighthouses, foliage, Bastille Day, music, geology and more. For more info on specialty cruises, visit www.SailMaineCoast.com for more details and to book a cruise.