York Maine Market Analysis November 2008

The general feeling among York, Maine real estate agents during the month of November was that this was a very slow month. Results prove them right.

There were 8 sales of single family homes in York, Maine closed during November 2008. Median prices tend to be more representative since a single high end home can distort the average in such a small sample. Median sales price November 2008 was $384,000, median days on market was 101 days, and median sales price was 96% of list price.

November 2008 sales of 8 single family homes is just over half of the total November 2007 sales, which was 15 single family homes. Median sales November 2007 price was $409,000, median days on market was 81 days, and median sales price was 95% of list price.

What's the forecast? Most agents believe that December 2008 sales will be light relative to the year before also. However, the recent steep drop in mortgage interest rates, from 6.5% on 30 year fixed just a few weeks ago to 5.5% today, coupled with some true bargain pricing, may lure buyers back into the Seacoast real estate waters. York, Maine, with its beautiful beaches, friendly folks, and quaint small town feeling, remains a sought after Seacoast location.

We predict an early Spring and we're not talking weather.