Eliot/Kittery, ME Real Estate - March 2008 Market Update

You might not believe it, BUT, the National Association of Realtors stated recently that sales of existing homes rose to a 5.03 million annual rate in February which is an unexpected 2.9% increase. Why? The answer is that sales are being spurred by lower prices. Falling prices improve affordability and encourage people to make purchases.

In addition to existing home sales, new construction homes for sale at the end of February dropped to 471,000 units (in the US), the fewest since July 2005.

Rising sales and lower prices have also stimulated the mortgage market. This is due in part to recent Federal Reserve actions that have allowed the 30-year fixed mortgage to remain near 6% and the 15-year fixed to hang around 5.5%.

Now that your all up to date on the national market. Here's what the real estate market looks like in the Kittery/Eliot, Maine area:

1. 12 homes sold in March of 2008. All were single family homes,
2. 23 homes are pending with active contracts in March in the Kittery/Eliot area,
3. There are 165 active listings in Kittery and Eliot, and
4. Year-to-date, 28 homes have sold in the Eliot/Kittery area.

Not to bad huh?

Since prices and rates are low and sales are starting to turn around, now is the time to buy to get the best value. If you or someone you know is thinking of buying, investing or moving up, give me a call. If you wait, it may be too late!

If you're interested in receiving new home listings by email, or getting an over-the-net price opinion on your home, call or email me today or check out my websites http://www.seacoasthomesforyou.com/ or http://www.getfreepropertyvalues.com/ .