Real Estate Thursday - 2011 in Review | Blogs

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Real Estate Thursday - 2011 in Review
Real Estate Thursday - 2011 in Review

2011 was an interesting year in real estate.  I called it the year of transition.  Overall homes sales were up throughout the year from the year before.  It was encouraging to see signs that the real estate market was improving month over month especially in Maine.

The average sale price would remain unchanged or dip a bit over the 12 months but overall values were still competitive.  Buyers were able to take advantage of the great values, low interest rate and wonderful selection of homes.

Real estate listings consisted of a variety of homes including foreclosures, short sales, estate sales and traditional non distressed properties allowing for a diverse group of buyers from investors to owner occupied home owners.

Unofficial Statistics from the 2011 real estate sales show the following: (MREIS will release the official stats the 3rd week of January which will have any corrections not currently showing in the Maine MLS):

Entire State of Maine

 

Single Family Homes -  9942 homes sold with an average sale price of $213,771
Condominiums -  1066 condos sold throughout the state with an average sale price of $215,138
Mobile Homes - 479 mobile homes (on their own land) sold with an average sale price of $67,221
Multi Family Homes - 569 multi family homes consisting of 2 or more units sold with an average sale price of $159,702
Land - 1523 parcels of land sold with an average sale price $75,289

Cumberland County

 

Single Family Homes - 2520 single family Homes sold with an average sale price of $286,337
Condominiums - 464 condos sold with an average sale price of $224,045
Mobile Homes - 47 mobile homes sold with an average sale price of $88,478
Multi Family Homes - 178 multi family homes consisting of 2 or more units sold with an average sale price of $257,626
Land - 238 parcels of land sold with an average sale price of $99,852

York County

 

Single Family Homes - 1662 single family homes sold with an average sale price of $267,629
Condominiums - 326 condos sold with an average sale price $226,011
Mobile Homes - 47 mobile homes sold with an average sale price of $84,698
Multi Family Homes - 106 multi family homes consisting of 2 or more units sold with an average sale price of $154,448
Land - 172 parcels of land sold with an average sale price of $87,683

City of Saco

 

Single Family Homes - 142 single family homes sold with an average sale price of $260,378
Condominiums - 23 condos sold with an average sale price of $173,650
Mobile Homes - 1 mobile home sold with a sale price of $95,000
Multi Family Homes - 19 multi family homes consisting of 2 or more units with an average sale price of $210,342
Land - 14 parcels of land sold with an average sale price of $87,642

City of Biddeford

 

Single Family Homes - 116 single family homes sold with an average sale price of $280,644
Condominiums - 5 condos sold with an average sale price of $142,600
Multi Family Homes - 29 multi family homes sold with an average sale price of $99,557
Land - 9 parcels of land sold with an average sale price of $75,166

City of Portland

 

Single Family Homes - 373 single family homes sold with an average sale price of $250,515
Condominiums - 189 condos sold with an average sale price of $243,247
Multi Family Homes - 106 multi family homes consisting of 2 or more units with an average sale price of $292,518
Land - 11 parcels of land sold with an average sale price of $85,754

When you look at the above please keep in mind that this is the average and not the median sale price. What is the difference?

The average sale price is determined by adding all the sale prices and dividing by the number of sales. This number can be skewed by a very low or high price, called outsiders. Sometimes it's appropriate to discard the outsiders and recalculate the average without them. If the number of sales is small, the average sale price can be pretty meaningless.

The median price might be more useful. The number of properties that sold for more than the median price is the same as the number of properties that sold below the median price. Another way to look at this would be to list all sale prices in order from high to low. The price in the middle of the list is the median.  When MREIS sends out their housing report it will be based on the median and not the average.

As you can see a lot of real estate transferred ownership throughout 2011. Real estate values truly are location specific and the above is general numbers based on counties and states. If you are interested in knowing what is going on in your specific neighborhood please request a local market report here. Want to know what your home is worth? - request a competitive market analysis report here .

As a buyer there are numerous sites to visit to look up properties.  For a direct link to the multiple listing IDX site which has the most up to date information on homes for sale visit www.MaineMLSHomeSearch.com

Hampton and Robbins is excited to see what 2012 has in store.  If the first 2 weeks of January is any indication it will be a great year in real estate.

Tiffany Hampton is a Mom of 3, Community Activist, Social Media Adventurer and Successful Real Estate Agent with Century 21 Samia Realty.  Have a real estate question or need, I would love to hear from you.  Visit our real estate service sites www.BeReadyToBuy.com or www.C21SellsMaine.com.  For more information about me or the Southern Maine Community please visit www.SouthernMaineLife.com or email Tiffany.Hampton@Century21.com.

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