SOUTH PORTLAND, Maine — Maine home sales increased more than 20 percent in November, the second month the state’s residential real estate market has experienced double-digit growth.
During November, Realtors sold 1,058 single-family existing homes, an increase of 23.6 percent from the 856 homes sold during the same month in 2011, according to data from the Maine Real Estate Information System, based in South Portland.
The median sales price of the Maine homes sold in November inched up 1.92 percent to $172,250 when compared with November 2011.
This was the second month of double-digit growth in Maine’s residential real estate market. In October, home sales increased 24.55 percent from the period a year ago.
“The market is heading in a very positive direction,” Tina Lucas, owner of Lucas Real Estate in Portland and president of the Maine Association of Realtors, said in a statement. “However, sellers need to be careful when pricing property, as it remains a buyers’ market.”
Among Maine counties, Washington County saw the biggest percentage increase in home sales during the three-month period between September and November. Realtors in Washington County sold 59 single-family homes during the period, a nearly 64 percent increase from the 36 home sales during the same period the year before.
“The real estate market Down East is improving with the rest of the country,” Billy Milliken, owner of Jonesport Realty, told the Bangor Daily News. “We’ve seen the bottom. Prices have gone above stable and have started to appreciate a little bit, in my opinion.”
The demographics in Washington County are such that 80 percent of Milliken’s clients are people buying second homes, so it’s a market driven by discretionary income.
“In the economy we have been in that did not exist,” he said. “So much of our real estate sales are contingent on what’s happening in the rest of the world. We’re not building factories, fisheries are closed to new participants … we’re not pulling a lot of working families into Washington County.”
Despite those factors, Milliken said he has seen “reasonable sales” in all price ranges.
Other counties that experienced big jumps in November sales include Sagadahoc (45.59 percent), Penobscot (30.86 percent), Franklin (29.31 percent) and Cumberland (28.46 percent). The only counties seeing a drop in home sales were Hancock (-2.98 percent) and Somerset (-16.52).
Nationwide, home sales in November sales were up 12.4 percent and the median sales price increased 10.1 percent, to $180,600, according to the National Association of Realtors.
“Momentum continues to build in the housing market from growing jobs and a bursting out of household formation,” Lawrence Yun, chief economist at the national association, said in a statement. “With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes. Areas impacted by Hurricane Sandy show storm-related disruptions, but overall activity in the Northeast is up, offset by gains in unaffected areas.”
Percentages are meaningless if you are talking 50 homes in WACO or 500 in Oxford. I guess the few working people in WACO better learn to capitalize on the increasing number of seasonal home owners.
The percentages aren’t meaningless in terms of measuring a particular county’s performance compared against their past performance. If two counties had almost identical populations and economic situations, then you might be able to compare raw sales numbers. Aside from the fact that 14 of our 16 counties are relatively rural, they are all different. What’s your rub with Washington County?
By ‘home’, do you mean ‘trailer’?
As opposed to a tenement on Ohio Street?
An enterprising person with big money could come into Washington County and buy most of Calais at very cheap prices compared to most of the nation. Drive up or down any street and the for sale signs far outnumber the street signs.
So in other words rich liberals from away have come in and sucked up some lobstermans house because they couldnt afford to put fuel in the boat
if you want to buy a home inexpensive, well, washington County Maine is the place to go. No work, No Careers, No Culture. there are drugs thou!
Home sales will continue to improve as long as there is a more than adequate inventory of foreclosed/abandoned properties available. All the secondary home sales are great for Washington County. It will help provide a few jobs at the local supermarkets and tax collectors’ offices.
They will also employ painter’s, plumbers, electricians, property caretakers, and carpenters. I bought a home in Lubec on November 30th and hope to do my part helping the local economy. I also will open a business there so it will help the tourist economy as well. These sales will have a huge ripple effect on the local economy.
Amen! And thank you!
Some of the biggest expenditures coming out of Tax Revenue are Schools and safety. These homes will go back on the Tax Roles generating revenue without using schools and very little safety concerns. If they stay vacant no income, blight on neighborhood bringing down values after being trashed by druggies looking for a place to hangout. Lets take the money and send them home 10 months of the year. Show me the money!!
Foreclosure moratorium in place for a year is over. Banks will resume releasing millions of foreclosed homes in the pipeline and in their loan portfolios to the market which will according to realtytrac.com drive prices downward. They do not see a bottom in housing prices yet