Portland ME Real Estate Analysis for Homes and Condos » Cumberland County

Portland Maine Homes September 2011 Housing Report

admin — Mon, 12 Sep 2011 17:44:53 +0000

In the real estate market for single family homes in Portland Maine, the month of August saw 43 homes sold at a median sales price of 215K after sitting on the market for 61 days. This represents a volume decrease of 2% compared with August 2010. The median sales price was down 2% compared with a year prior and 4% month over month. Stable volume and some lower pricing year over year reflect increasing value in the greater Portland area as buyers continued to purchase over the summer months.

With summer winding to a close, it is fair season in Maine. Check out the Cumberland Co. Fair September 25^th to October 1^st to see agricultural exhibits from the greater Portland area, and more.

This report was compiled by John Herrigel, a local Maine real estate broker with Green Tree Realty. For more info on greater Portland area real estate and area neighborhoods like East End Portland Maine real estate markets please visit www.mymaineproperty.com or contact John directly at 207-650-5383 or via email at johnherrigel@gmail.com

Falmouth Maine 2nd Quarter 2011 Housing Market Update

admin — Wed, 20 Jul 2011 23:18:20 +0000

The real estate market for homes in Falmouth, ME has remained relatively stable during the second quarter of 2011. Since the second quarter of 2010, the median home price has seen a slight decrease of 3% from 396K to 388K. Year over year transaction volume is down 29% from 69 to 49 homes sold. While this is a decrease in sales, transaction volume is similar to its 2009 level, reflecting the success of last year’s tax credit program for home buyers.

One area of special interest in the Falmouth home market is the Falmouth Foreside neighborhood. Located just 10 minutes north of Portland’s Old Port district; Falmouth Foreside offers top schools, recreational facilities and more. If you are looking for a beautiful waterfront home, check out Falmouth, Maine real estate.

This report was compiled by John Herrigel, a southern Maine real estate broker. For more info on the local Portland area real estate markets please check out MyMaineProperty.com – the Herrigel Group or contact me directly at 207-650-5383 or via email at johnherrigel@gmail.com

Portland Market Update and Distressed Properties

admin — Thu, 03 Mar 2011 11:58:32 +0000

How is the Portland real estate market faring? How many properties in Portland are considered distressed? What really is a short sale and how does it work? We hear all the time about how bad foreclosures are on a national scale, but the local markets here in Portland Maine are actually doing quite well overall. With data I was given from my friends at RealtyStore.com the other day I got to see a pretty clear picture of the current Maine foreclosure situation.

As of the end of February, the county of Cumberland had approximately 60 active foreclosure listings out of a total inventory of 2,000 plus properties, of which 11 of these 60 were shadowed, meaning they are not being actively listed with a real estate agent. However, foreclosed properties tell only part of the story as a large amount of listed homes and condos are in a short sale status…. I estimate at least 50 to 75 out of the total 325 current listings in Portland Maine.

A short sale is when the seller owes more on the mortgage than the current market value of the property and ultimately they do not have sufficient funds to cover the difference meaning that they must convince the bank to take a loss and forgive them this difference.. a process that can go smoothly, but often does not!

Thanks for reading and check back soon!

Cumberland County January 2009 real estate results

admin — Fri, 20 Feb 2009 22:16:40 +0000

The Cumberland County real estate market, home to Portland Maine posted dismal figures for the month ending January 2009. 101 transactions took place, down from 172 a year prior and 183 a month prior, representing a volume drop of approximately 40+%. Average sold pricing for the month clocked in at 261K, about 5% less than a year prior. The days on market ticked down a bit however with the average home sitting on the market for about 95 days in January 2009 relative to 111 a year ago.

Thanks for reading,

John

Maine Buyers Agent