Hard to not go anywhere in a small Maine town without the question "how's the real estate market ?" asked.
It is not just being friendly or making conversation. Folks want to know how is the real estate market today? Not last year, but maybe can you predict where this one is heading is a follow up inquiry.
Maine is one big vast state so the answer to the question how's the real estate market can be misleading.
How do the local real estate market listings and sales numbers line up?
Hard like most news to sum up in a short, convenience sound bite or video clip with an industry professional. Why so hard? Because the state is the sum of it's parts and one answer to use sizing it up does not work for each of the same sixteen counties in Maine.
So like weather forecasts, one size does not fit all when talking a state as big and diverse economically as Maine. So survey says ... (ding ding ding) more than one pat answer.
Here is the latest real estate press release for Maine property listings and sales as a whole and county by county. The study of the numbers prepared and just reported by the Maine Association Of REALTORS.
The numbers show home sales have been brisk across Maine this fall season. That statewide an increase of 8.05% in the sale of single family residences is what the stats reveal year to date for October 2017 compared to last year YTD.
Not surprising, property sale prices also jumped 6.49 percent to a median sales price (MSP) of $205,000 comparing October 2017 to October 2016. The MSP indicates that half of the homes were sold for more and half sold for less.Because Maine is six hours long, the numbers for one county or metro area when put along side a rural location of Maine show major differences. Especially for values of the property listings sold in Maine that are reflected in a large difference in real estate sale prices.
Overall, Southern Maine has seen a shortage of housing stock in the current inventory of listings.
Northern Maine has an ample supply of affordable housing to pick from, and less economic opportunities for employment is the reason why.
The distance from markets also helps insulate the northern half of Vacationland.
"Statewide in Maine, 1171 properties have been transferred for real estate individual sales this year. This figure as previously stated is up over 8%. But small rural counties like Aroostook show a drop in sales. With 182, down from sale's for 2016 at this time of 186 "units" or a little over 2% reduction in tranfers and 2.35% off on sale prices."
Lincoln County also is down for real estate sales numbers. The figures just released by Maine Listings, the reporting arm of the State REALTORS group reports by 4,4%, and off over 12% off for average price per unit. Sagadahoc County is off over 5%, but price per single family house sale is up over half a percent.
Nationally the The USA Association of Realtors, reports sales of single family existing home sales backed off one percent when comparing this year to last for the same period in October. Sales in the Northeast spiked 4.2 percent.
The real estate market in Maine does not spike up and down wildly like many urban markets do. In small rural real estate market Maine, keeping pace with inflation is often the watched constant. Doing the wrong improvements makes some of the fix up dollars a wash. Not reflected in the sales price when listed, exposed and sold on the open market. And what about all the sales that are not using the MLS, from real estate agents and brokers that don't wear the REALTOR's label pin.
The danger of watching the news reports on anything nationally for real estate is drawing the wrong conclusion.
That the way it is in one market is the same in every real estate market.
Only study of fresh current numbers and asking local real estate professionals for their take on what is happening in the communities they serve is the most reliable news.
Buyers and sellers try to judge the best time to jump into the real estate market.
And it is why we get asked the old familiar question about how is the real estate market when bumped into and a conversation ensures.
There is no bad time as long as what you negotiate for the best a price and financing. It always depends on the motivation of both buyer and seller and supply / demand in the real estate market place.
The condition of the property is key in getting bank underwriters to write up a mortage loan.
If too much work and the long list of updates costs too much time and money for a buyer or seller, those type of properties sit. The days on market time is a dangerous number just like the longer a patient stays under the knife on an operating table increases the risk of a bad surgery outcome.
We don't just list and sell homes, only houses. Land, farms, commercial listings, waterfront properties in Maine. Whatever kind is on the MLS carousel looking for a buyer and seller match up, it operates under the same principles.
Real estate is always being reinvented with new ways to market more fully, with a longer reach, with frequency of the message.
Provide the service to help the buyer and seller through the steps. Pricing, marketing are still the two big factors in how fast a property listing lingers on the market. And outside exposure trumps just fishing in the small local pond of buyers to put together a real estate sale. Thinking of buying or selling a property of any type in Maine? Here to help and it starts with listening to see what the real estate need is and then structuring a solution that works best.
MOOERS REALTY 69 North ST Houlton ME 04730 USA