Camden Hills Realty Summer Real Estate Snap Shot
The Maine Association of Realtors reported statewide home sales up 9.26% in July. Encouraging news! It reported 1086 homes were sold, which was an increase of 92 units over the previous July. Median sales prices took a small dip of 3.66%.
Camden Hills Realty is focused on Knox and Waldo Counties. “We are delighted with our progress and the increases in sales that we have experienced this year over last year but it still remains a cautious market,” commented John Burgess, broker/owner of Camden Hills Realty. Below is a summer snap shot of the overall housing market for Knox and Waldo Counties…
There were 65 residential transactions in July for all of Knox & Waldo Counties. This compares to July 2011 with 77 transactions. The strength is in the quarter's results, May1st thru July 31st, with a reported 20% increase in units sold (179 units sold this year versus 149 last year). In the same quarter Knox County showed an increase in the median sales price of 2.8% to $183,500, while Waldo reported a gain of 16% to $150,000.
We project that Knox & Waldo County are on track to meet or exceed the previous year’s units sold which will run around 600 units. The activity is steady and encouraging. Area Realtors report that they are busy and interest in real estate this summer has picked up. The heaviest activity being under $250,000.
At Camden Hills Realty, we definitely feel the market has bottomed out. We are now seeing buying opportunities driven by low interest rates, an improving lending climate and competitive inventory levels. Successful transactions begin with pricing properties right, flexibility and compromise on everyone’s part to bring the sale to a close.
John Burgess reporting for Camden Hills Realty.