Half Time Report: Real Estate thru 6 Months
There is good news and bad news in the numbers. Statewide there are 30,000 properties currently on the market. There have been 8459 completed transactions year to date..
Camden Hills Realty’s review of the numbers projects that the real estate industry in Maine could see unit sales of single family home sales approaching pre-great recession highs. We project roughly 14,000 single family homes sales to take place statewide.
The other news is our local market (Knox County and Waldo County) is showing single family homes sales being "flat" to last year thru 6 months. Knox has seen 170 single family sales. Waldo reports 150 transactions. The bright side of "flat" is “pending sales” are up. There are 135 pending transactions in the pipeline. Closings are likely being delayed by new regulatory pressures associated with the lending climate.
What else is going on?? In markets that are jobs driven we are seeing healthy gains. Southern Maine would be an example. York and Cumberland Counties look strong that activity has not translated to our local mid-coast markets (yet).
Our local markets are not jobs driven. Real Estate purchases tend to be discretionary…. An “I don’t have to buy, you don’t have to sell” mentality. Jobs creation is not a local driving factor. Traditionally strong second homes and retirement markets are still trying to gain traction which will be an important ingredient in our growth and turn-around.
We forecast in 2014, Knox will finish flat to 2013 about 150 units short of the pre-recession high. Waldo will also finish flat to last year, a 100 sales short of the pre-recession high. The two counties will be 250 units below the peak combined with the year ending with 800 to 850 single family transactions in total.
"Flat" points to stability in the housing market from which to grow. The message locally is we are moving in the right direction but it is still a buyer’s market making it important to be alert to price and value.
If you like to see an analysis of your specific community let us know. We would be happy to pull the information together for you. Contact Camden Hills Realty at email@example.com