Check in with this page from time to time to read about the real estate market, the cultural scene, events, and news in the midcoast.
If you are looking for real estate in the greater midcoast area, please go to the website, Midcoast Maine Real Estate where you can view my Current Listings and Search for any Maine Property.
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The Trend's Your Friend
Friday, 10 February 2012
What may have been construed as “blips” on the economy’s radar screen last fall can now be considered the trend. According to the monthly housing reports from the Maine Association of Realtors, images/mainehousingreport-december2011.pdf, we have seen six consecutive months of year-over-year improvements of existing home sales in Maine. In the broader market, the National Association of Realtors reports the third consecutive month of increasing existing home sales and a drop of almost 10% in inventory.
Supply and demand look to be coming back toward normalcy. The good news in the economy is also evidenced in new three year lows in both December’s and January’s numbers for unemployment and consumer sentiment also has had six months in a row of increases. The best news is that housing prices are still low and at least here in midcoast Maine, there are some great quality homes on the market. As they say on Wall Street, “The trend’s your friend.”
And October Makes Three
Tuesday, 06 December 2011
My Blue Heaven's lyrics referencing "a smiling face, a fireplace, a cosy room, a little nest that nestles where roses bloom" may be apropos since October marks the third month in a row in Maine of year-over-year increases in unit home sales. View the report: images/mainehousingreport-october2011.pdf. This is not surprising considering that every broker I speak with from Camden to Portland is very busy with showings and that the pens are finally being put to paper during a time of the real estate year that is usually quiet. This trend is continuing even between the holidays! This might convince all but the most intractable nay-sayers (media) that we have definitely turned a corner. But when have the pessimists ever prevailed. "I am an optimist. It does not seem too much use being anything else." - Winston Churchill
Strange Days Indeed
Wednesday, 09 November 2011
This has been an unusually busy fall. Normally in October in midcoast Maine we begin to go into real estate dormancy, but buyers/lookers are keeping the schedule humming along and the activity is continuing into November. Maine's housing sale numbers were up in both August - images/mainehousingreport-august2011.pdf and September - images/mainehousingreport-september2011.pdf with 14.74% and 7.56% increases repectively and with September reporting increases in 15 out of 16 counties. Local interest rates are hovering between 4% - 4.5% for a 30 year fixed, no points and the Fed's tool box is almost empty, so these rates may be the best we see. Europe seems to be making progress on what had seemed an intractable debt crisis. The jobs numbers from Washington, while not stellar, are showing an economy that is not slipping into another recession. Buyers are aware of the changing business climate and are beginning to skim the cream of the real estate inventory. Even the mid-range which had been comatose has started to gather attention. Bottom fishers are so focused on finding the exact bottom that they often forget the importance of and consequently don't see the change in the overall trend.
A Silver Lining?
Thursday, 11 August 2011
Mmmmm....let's see....the stock market has burned us badly 3 times in the last ten years, gold is way too high, commodities are too quixotic, bonds don't pay anything and there's no downside left in rates, banks hardly pay anything on CD's, young people don't buy antiques....mmmmm....where can I put some money and actually have something tangible at the end of the day, something with some of the downside risk taken out? Real Estate!?
What's wrong with this picture?
Thursday, 09 June 2011
Clients have been shaken recently by national data regarding housing starts. Housing starts are not existing housing and our midcoast area is a retirement/second home market for which there has been ample interest this spring in the existing inventory of good homes at good prices. Local 0-point 30 year rates are now around 4.75%.
The home sales numbers (see the linked reports below), looked great in February, but not so pretty in March and April. Remember though, the homebuyer credit ended last April 30th, so there was a March and April rush to close sales last year which artificially skewed the numbers higher leaving this year's numbers poor by comparison. The on-the-ground fact remains that most of my colleagues and I are extremely busy with showing requests - much busier than last year at this time. See the Maine Association of Realtors' housing reports here: images/mainehousingreport-march2011.pdf and images/mainehousingreport-april2011.pdf
Which Fix-ups Really Work
Friday, 06 May 2011
Homeowners often ask me what they can do to prepare their property to most effectively and attractively present it to the market. This guide prepared by HomeGain.com not only suggests various easy projects, but also gives you the expected cost/benefit of each job. It makes a handy checklist, as well. See the guide here: images/stories/max_guide.pdf
Maine Housing Report for February
Tuesday, 29 March 2011
The overall statewide numbers aren't that impressive, but look at what's happening in the midcoast. Lincoln, Knox, and Sagadahoc counties (highlighted) are doing their part to get this recovery started. In all three counties, both the number of units sold and the median price are up handsomely. High-end buyers are calling and e-mailing - is it the smart money getting back in? The results highlighted above are rolling quarter comparisons, 2011 vs. 2010.
Price reductions are the order of the day
Saturday, 01 January 2011
Price reductions are still the order of the day, but the pressure on interest rates has reversed due to the poor performance of the dollar. Lincoln County has had a 5.28% increase in unit sales year over year (2010 vs. 2009) and a 3% increase in the median price. Inventory is bound to swell as we move toward spring which should keep a lid on price increases for awhile, but it appears that for buyers, the time is now.
MLS inventory still strong
Wednesday, 01 December 2010
When we are usually quiet (between the holidays) showings are continuing apace. Its not surprising given the interest rate environment and the amount of good inventory on the MLS. The decline in real estate sales began this economic downturn. It may be that improving real estate sales will begin the upturn.
What's happening in midcoast Maine real estate this fall
Friday, 01 October 2010
Much of the interest in midcoast Maine properties, which came alive again in early August, has been focused in the range between $150,000 and $300,000. It is beginning to extend into the $400,000 - $1m market slightly with just a smattering of interest above $1m. There is still a fabulous amount of quality inventory in all price sectors and local bank rates, as of this writing, are milling around 4.625%. Its not surprising that many buyers are keeping us on a 6-7 day work week! Recent data of Maine home sales being down 30% in July is history. Much of what occured before the 'first time home buyer credit' lapsed was simply a shift of sales to an earlier part of the year. Keep an eye on the August and September numbers. What is keeping some buyers from taking advantage of the current climate is the erosion in consumer confidence caused by the endless stream of disheartening news, domestic and foreign. Accentuate the positive and we'll see you here in midcoast Maine soon!
