Maine realtors sold 22.56 percent fewer existing single family homes in Nov. 2008 compared to the same month in 2007.
According to the Maine Real Estate Information System, Inc., 690 homes changed hands last month, 201 fewer homes than in Nov. 2007. The median sales price of Maine homes declined 8.29 percent in November, falling to $172,415. The median sales price indicates that half of the homes were sold for more and half sold for less.
Although the numbers are disconcerting on the surface for the state of Maine, according to Newcastle Square Realty executive vice president Jim Cosgrove, the figures should be taken in perspective.
“Home sales run from anywhere for 45-90 days after they go under contact,” Cosgrove said. “So what we are looking at are numbers from September, October. September and October were absolutely horrible months. We had Lehman Bros., (bankruptcy) The election was going on; I have to believe that September, October were the absolute bottom of the market. We are in a down period, but we are currently seeing more inquiries, more foot traffic coming through the door, and more phone calls to the office. It is not much, but I do perceive the tide is starting to turn.”
Nationally, single family existing home sales were 8.8 percent lower in Nov. 2008 than Nov. 2007. According to the National Assn. of Realtors (NAR), the national median sales price declined to 12.8 percent to $180,800.
The NAR also reported a regional sales decline of 18 percent in the northeastern United States. The regional median sales price of $257,700 reflects only a slight dip of .1 percent from Nov. 2007.
In Cosgrove’s opinion, the numbers indicate a buyer’s market, and he added, there is money available.
“I think that the TARP money that is out there, it is starting to dawn on people that there is money out there,” Cosgrove said. “I mean the local banks, DB&T, the First, these guys are ready to loan. It’s a good time to buy property if you have good credit.”
