Sales of existing Maine homes rose 5.9% in October, slightly higher than the national gains. Instate, 1,246 homes were sold with a median price of $176,250, a rise of 3.4% from a year ago. With a median price, half of the homes sold for less, and half for more.
Maine Association of Realtors believes a majority of the distressed properties have left the market, which gives a more normal real estate environment. If buyers have a steady job and good credit score, lenders have financing available with low interest rates and favorable affordability which sets aside the uncertainly created by the government shut down and debt ceiling problems in October. The average fixed rate on a 30-year mortgage rose to 4.35%, a full percent higher than in late May of this year.
During September home sales nationally increased 10.97% over the same month in 2012 which brought the median price up to $199,300. In Maine sales were up 25% over the same month a year ago. That brought the statewide median price from $170,000 to $176,000.
But last month the number of buyers signing sales contracts fell to the lowest level in nine months nationally. This decline reflects the higher mortgage rates and rising home prices. Since there is usually a one-to two-month time gap between the signing of the contract and the completed sale, the drop suggests that the final sales will decline further in the coming months.
Data courtesy of Maine Custom Realty of Portland Maine.
Lovely Crystal Lake
Crystal Lake should not be confused with the lake of the same name from Friday the 13th. Jason will not make an appearance at this lovely Maine lake. Instead, you’ll find campers out on kayaks and canoes, fishermen casting off, and families enjoying some time on Wilkies Beach. In the winter, you’ll find people out ice skating!
Down to the south is Camp Gregory, which runs a program for families. You won’t want to miss out on the action at Crystal Lake! No matter what the season, there’s something to do for the lover of nature.
Pine Point Beach, in Scarborough, is a great place to launch a fishing boat, or to just lay in the sand and catch some sun.
One can see working boats, row boats, canoes, kayaks, pleasure boats, as well as sail boats in this marshy area. It’s one of the best places to be during the summer months of Maine to enjoy a little rest and recreation.
The Nonesuch River
The Nonesuch River, located in Scarborough Maine, is a great place to launch a boat and go fishing, or kayaking. People come out to look for clams in the mud, or to just splash around and have a good time. Here’s a spot to launch a boat in an area that’s popular with fishermen.
Here on “It’s a Maine Thing” we like to focus on waterfront regions or areas of great natural beauty. We’ll bring you pictures of rivers, lakes, oceanfront land, and iconic towns and landmarks.
Cape Neddick is the place to go if you want to see the most photographed lighthouse in Maine. Here’s a look at why this is.
If you can get there for sunrise, you’re in for a treat as the sun comes up behind the iconic lighthouse. When you’re done viewing Nubble Light, as it’s called, you’ll want to take a walk along the nearby sandy beaches or drive over to Cape Neddick Harbor.
The coast of Maine is truly an incredible place to visit or call home.
Big things are happening in Maine! The weather is great, the economy is doing good, and the real estate market is recovering! It looks like a seller’s market here in Maine! Stay tuned for pictures and event updates as well as outside resources to help you along when you’re thinking about Maine. It’s a Maine Thing.