From 2008 to 2009 the national average home sold price was $177,900. Maine's median prices were:
The greatest percentage increase in the total number of residential foreclosures in Maine was in the prime mortgage loan sector. Overall residential foreclosures in the state of Maine increased 43% in 2009.
Maine's State Budget faced a shortfall in FY2009 of between 5.01 and 10 percent as Share of State General Fund. This budget gap, which appears to be ongoing into 2010, can only be closed by raising revenues, cutting spending, tapping into reserves, or securing federal stimulus funding. If revenues are raised by increasing property taxes or instituting or increasing other taxes which affect real estate transfers and mortgaging, this could lower property values.
Currently Maine has one of the highest local residential property tax burdens in the nation, with most households paying between $4,000 and $6,582 annually in property taxes. A further tax burden on Maine residents would further lower real property values, approximately $12-15K for every $1000 in property tax increase.
Home sales in 2009 were 4.9% higher than in 2008, mostly driven by the federal tax credit, which has been extended through April 2010. Sales are expected to rise again in 2010, but the job market is still a concern. Job creation in Maine is the key to a true and sustainable housing market recovery.
Distressed homes are still accounting for a significant percentage of sales, which downwardly distorts the median price of homes in all areas, since they generally sell at a discount relative to traditional homes in the same area.
Currently, in addition to the Federal Tax Credits, the state of Maine is offering its own incentive, called "The Gift Of Green", which gives buyers up to $2,500 in closing costs, plus a $500 credit for a 2 part home energy audit. Buyers who haven't owned their own home for the last three years are encouraged to apply. This incentive program is available to those who apply for MaineHousing's zero point mortgage. There are some other incentive programs available through the Maine State Housing Authority, ie the Midcoast Redevelopment Mortgage, to help those who were most affected by the closing of the Brunswick Naval Air Station, and the Indian Housing Mortgage Insurance Program for homes located on tribal lands.
|ME Rank||US Rank||Metropolitan Area||2016 Pop||2010 Pop||Change||% △|
Since there has been some increase in commercial real estate activity in the Portland region, the job market there looks as if it will soon see some upswing. Also, the housing inventory was approximately 11% lower at the end of 2009 than it was at the end of 2008, a sign that the bottom has been reached in this region. There is much to attract people to the Portland area, with good amenities and shopping, an attractive housing stock with some historic properties as well as recent and new construction, and much natural beauty along the coast of Maine.
The coastal town of Ogunquit offers white sand beaches and natural dunes, which is a rarity on much of the Maine Coast. There's a one mile paved oceanside walkway, a playhouse, good seafood restaurants, and trolleys that run in season from one end of town to the other. Ogunquit is near enough to the Boston area for weekend car trips.
Mt. Desert Island, which encompasses Acadia National Park, as well as the towns of Bar Harbor, Bass Harbor, Southwest Harbor and others, has always been an area of vacation homes. The area is rich in history, with its rusticating trails from one end of the island to the other, its craggy coastline that's still home to some of Maine's fishing industry, and its historic villages. It's a very quiet place to live most times of the year, but summer is the season, and life can be exciting with the influx of seasonal visitors, many of whom have been making the trek to the Island over many generations.
According to the United States Census an estimated 1,331,479 people live in the state of Maine. The state has 30842.92 mi² of land area, which gave it a population density of 43.17 per mi². Here is a list of cities, towns, villages & Census Designated Places with more than 5,000 residents, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.
All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.
|Rank||Geography||County||2016 Pop||2010 Pop||Change||% △||Land mi²||Pop Den mi²|
|27||Old Orchard Beach||York||8,809||8,624||185||2.15%||7.43||1,185.60|
|Old Orchard Beach CDP||York||8,697||8,624||73||0.85%||7.43||1,170.52|
Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.
As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. High local affordability makes the $424,100 ceiling apply statewide for single unit homes. Dual unit homes have a limit of $543,000, triple unit homes have a limit of $656,350 & quadruple unit homes have a limit of $815,650. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions.
The Maine State Housing Authority is an independent authority which helps low and moderate income homebuyers to interact with approved lenders, and offers incentives for homebuyers. The authority also sells MaineHousing Bonds, a great way to invest and keep the money in the state of Maine. The following data is true as of 2010:
Homeowner's insurance policies typically do not cover flooding. Most of the state of Maine is considered to have a very low flooding risk. Counties with relatively elevated risk profiles include:
The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners dont incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the governments costs in the next disaster.
Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.
Most of the state has a very low eathquake risk, but Washington county - the eastmost portion of Maine & York county in the southern tip of the state have a low earthquake risk. Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.
Maine has a very low risk of wildfires, tornadoes, hail & earthquakes.
Maine lenders use judicial foreclosure, which begins with filing the complaint. The redemption period is 90 days. During the foreclosure period or during the redemption period, if the lender accepts money or any trade of value against payment in part or in full of the mortgage debt then that act of acceptance waives the foreclosure period. The borrower can remain in the residence during that period and try to pay off the mortgage. After foreclosure deficiency judgments are permitted.