Real Estate... How's the Market?
Camden Hills Realty reporting...
The focus of this report is on Knox and Waldo Counties. It is based on the statistical information gathered from The Maine Real Estate Information System for residential home sales. Below is a snap shot of how things are lining up locally summarized by John Burgess, broker/owner at Camden Hills Realty.
January through May of 2012, residential home sales in Knox & Waldo County totaled 235 units compared to the previous year’s 237 units sold. It is important to note that in a strong housing market, an additional 100 units potentially can be sold. As an example, in 2004 there were about 350 units sold in a comparative time frame.
The median sales price was $165,000 through the first part of this year which was up about 5% over last year. The market volume was just over $53M. The average sale was about $229,000. The statistics point to a 6% decline in dollar volume compared to 2011. The average sales price was down as well by 6%. The declines were a function of the mix not declining market conditions.
With regard to sales 68% of the activity fell below the $250,000 range; 22% of the sales were between $250,000 and $499,000; and 10% of the sales were over $500,000. It is interesting to note that only 3 homes sold for over $1M dollars in the two counties since the beginning of the year.
Camden lead the way with 33 plus units sold followed by Belfast (24) and Rockport (23). Sales in the rest of the communities were fairly evenly dispersed. Location, location, location still drives real estate purchases with price and patience being two additional key ingredients leading to a sale.
Recognize it remains a buyer’s market. Lower demand is set against bloated inventories. There are almost 2500 properties listed for sale in Knox and Waldo Counties alone. The buyer is going to come from the Internet. More than 85% of potential buyers search the Internet for listings. Location and price are in their initial search. As sellers, you can’t change your location but you can price your property right and make good use of the technology through your Realtor.
At Camden Hills Realty, we project a cautious optimism based on the trending being relatively stable. We don’t see the market slipping backwards, nor do we see it roaring back.
Price, patience and get the best agent you can find…. Steady as she goes.