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Real Estate Market in Maine Levels Off
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Thursday, 27 July 2006

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Maine real estate sales prices rose by less than 3 percent in the first six months of the year, another sign that the state's once-hot real estate market is leveling off. The median sales prices of $194,500 represented an increase of 2.9 percent over a year ago.

Maine's real estate has sizzled in recent years, with big jumps in housing prices, multiple offers on houses and fast sales. Home prices went up 15 percent in 2002, 12 percent in 2003 and 12 percent again in 2004, according to the Maine Real Estate Information System.

The median sales price, however, still rose by 9 percent in 2005. Home sales for the first half of 2006 were flat in Cumberland County and down 6 percent in York County. Sales rose by 3 percent in Penobscot County and by less than 1 percent in Kennebec County.

Home sales rose by more than 20 percent in Aroostook, Franklin, Piscataquis and Sagadahoc counties. Home prices, meanwhile, were flat in Cumberland County and down by 2 percent in York County from January through June.
The priciest homes in the state were in Cumberland County, where the median sales price was $249,000. Aroostook County had the cheapest homes, with a median sales price of $75,000.

By M. Sese
http://realestatepress.org

 
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