It’s that time of year again- time to look back and compare real estate sales from the past 2 years. The media is always touting that the real estate market is back, but how accurate is that in Southern York County, Maine? Let’s compare 2012 sales to 2013 sales to see what the trend is in a few towns.
# Sold Listings 240 268 +12%
Avg. Sq. Ftg. 2,110 2,016
Avg. List Price $485,283 $494,416 +2%
Avg. Sale Price $447,789 $463,607 +3.4%
Avg. Days on Market 180 140 Homes are selling
faster by over a month!
# Sold Listings 105 126 +17%
Avg. Sq. Ftg. 1,708 1,899
Avg. List Price $347,493 $395,588 +12%
Avg. Sale Price $329,547 $376,891 +13%
Avg. Days on Market 144 117 Homes are selling
faster by almost a month!
# Sold Listings 63 66
Avg. Sq. Ftg. 2,070 1,999
Avg. List Price $290,955 $307,226 +5%
Avg. Sale Price $282,220 $296,154 +5%
Avg. Days on Market 109 93 Homes are selling
faster by about 2 weeks
South Berwick, ME
# Sold Listings 63 73 +14%
Avg. Sq. Ftg. 1,993 1,898
Avg. List Price $226,478 $226,935
Avg. Sale Price $218,044 $219,434
Avg. Days on Market 118 103 Homes are selling
faster by about 2 weeks!
# Sold Listings 66 86 +13%
Avg. Sq. Ftg. 1,644 1,855
Avg. List Price $173,202 $197,997 +13%
Avg. Sale Price $167,823 $191,490 +12%
Avg. Days on Market 126 111 Homes are selling
faster by almost 2 weeks!
As you can tell by these stats, the market is up all around and is continuing to trend toward a seller’s market in Southern Maine.
As always, The Fecteau Group is here to answer all of your real estate questions, whether you are buying or selling property. For an in-home consultation on buying or selling, simply fill out the form below.
Did you know there is an actual formula used to determine whether it is a buyer’s, seller’s or balanced real estate market? Surprise! The media (and even some real estate professionals) are all hyped up screaming “seller’s market!” from the rooftops…but does that mean it’s a seller’s market in YOUR town?
First of all, let’s look at the formula to determine the absorption rate. We first find out how many homes sold in a town, in a specific period of time. For my calculations, I am using the past 12 months. We then look at how many homes are currently on the market and determine how long it would take to sell off the current inventory if no other home came on the market. We look at the number of months inventory and can determine if the market is a seller’s market, buyer’s market or balanced. If there is only a few months supply of homes on the market, the supply is low and it is a seller’s market. If there are many months supply, it indicates a buyer’s market. A balanced market is in the middle. Typically a 0-4 month supply of homes is considered a seller’s market, a 5-6 month supply is a balanced market and a 7+ month supply is a buyer’s market.
Now let’s take a look at some towns in Southern Maine.
82 homes sold in the past 12 months
69 homes are currently available on the market
There is a 10 month supply of homes, indicating a buyer’s market in Berwick, ME right now.
74 homes sold in the past 12 months.
47 homes are currently available on the market.
There is a 7.6 month supply of homes on the market, indicating a buyer’s market in South Berwick, ME right now.
77 homes sold in the past 12 months.
39 homes are currently available on the market.
There is a 6 month supply of homes on the market, indicating a balanced market in Eliot, ME right now.
126 homes sold in the past 12 months.
85 homes are currently available on the market.
There is a 8 month supply of homes on the market, indicating a buyer’s market in Kittery, ME right now.
285 homes sold in the past 12 months.
259 homes are currently available on the market.
There is an 11 month supply of homes on the market, indicating a buyer’s market in York, ME right now.
We can dive even deeper and look at the supply of homes in a particular price range. While it may be a buyer’s market in the town as a whole, there may be a segment of the market experiencing a seller’s market. If you are thinking about buying or selling, contact me on the form below and I can look at the specific price range you are in to better determine what type of market you are looking to participate in.
When many people think if ME they think of lighthouses. But did you know there are also many other historical maritime points of interest along the coast? One of the joys of living here on the seacoast is all of the different kinds of history that surrounds us. One of my favorite things to do around here is visit the many historical forts that helped to protect the coastline from invaders throughout our history. Forts range in age from the Revolutionary war to WWII. If you enjoy boating you can view most of these forts from the water. Some forts are not open to the public, or are only open to view by appointment. Others are only accessible by water such as Fort Gorges in Portland, ME. There are some that are open to the public and accessible by car. No matter which Fort you choose to visit, all of them are sure to provide a great afternoon of history and fun!
Out of all the forts along the coastline, Fort McClary is the personal favorite of Nichole #2. This fort is nestled in Kittery Point, ME on Pepperrell Cove. Durring the summer volunteers re-create different war reenactments on the grounds. They also provide live music events!
Fort Foster on Garish Point also located in Kittery Point, ME is the last of the “old forts” built on the Portsmouth/Kittery coastline. It’s lifespan has seen several war times. This fort has access to beaches and is a great place to picnic with the family.
Fort Stark is located in New Castle, NH right on the NH/ME border. This fort includes a museum that is open on the weekends and provides a historical look at Fort Stark and what its purpose was during war times.
Fort Williams is located about an hour north of the Kittery area in Cape Elizabeth, ME and is a great day trip for those of us who live on the southern coast of ME.
We have just had a price reduction of $100k on 5 Island Ave in Kittery, ME. This is a great property located on Badgers Island and will be within walking distance to Portsmouth, NH once the Memorial Bridge is open later this summer. Don’t miss your opportunity to see this charming home. FMI Visit Our Keller Williams Coastal Realty Web Site .
Attention investors/developers! Unique home on Badgers Island in Kittery with Commercial/Residential opportunities. This house is in need of renovation and TLC with some of the work already done for you with the Stainless and granite kitchen. Must see this home and have vision of what it could be!
If you live in York County, Maine and have heard/wondered about the Great Works Regional Land Trust, you are not alone. Many people have heard of the group, and not too many have taken advantage of the wonderful work the Land Trust is doing.
Recently, I heard about a guided hike through some of the land owned and managed by the land trust. Since it is near where I live in South Berwick, Maine, I decided to check it out. The property we hiked is located in between Route 236 in South Berwick and York Pond. It is referred to as the Rocky Hills/Punkintown land.
Our tour guide was a well-educated Board member who we found to be a wealth of information. He tailored the hike for the audience- from his narrative to his pace. Our trip was a mix of about twenty locals and included a range of abilities. We were also fortunate enough to have the Forester who is managing the Rocky Hills property come along with us. Along the route, which ranged from flat to rolling with only one semi-steep grade, we were taught much about the local history of the area. The forester also taught us how to “read a forest”, deciphering the story of the land by looking for clues. As many times as I have been out in the woods, I have never know how many clues there are to the history of the land.
We learned a little history of the area and Punkintown, saw some “hand quarries”, where settlers came and cut the granite from the earth to build the foundations of their homes, and learned about sustainable forestry/forest management all while getting some exercise on a Sunday morning. Needless to say, I became a member (membership fee is nominal!) and am participating in their Spring fundraiser. It is such a great cause that has given so much back to me since I joined.
The Great Works Regional Land trust has some great properties that are open to the public with nicely maintained trails. After checking out Punkintown and Rocky Hills, I brought the kids to the Orris Falls Conservation Area where we found cellar holes and old tools among the wonderful trails. When the snow finally came, we went snowshoeing at the Bauneg Beg Mountain property. I am so happy to know about these wonderful properties and the great people who are protecting them and sharing them with the community. If you live in The Berwicks, Eliot, Ogunquit, Wells, York or nearby- be sure to check out the Great Works Regional Land Trust. Their website is www.GWRLT.org.
If you’ve ever thought about living in Southern Maine, contact me at www.NicholeFecteau.com as your local Realtor or search for homes at http://Nichole.BestSeacoastHomes.com. Follow me on Facebook by looking up my business page: NicholeFecteauRealtorAtKellerWilliamsCoastalRealty