Maine Real Estate Report for May
I'm late with the May Market Report. Had I known just how many of you look for this report every month I would have been more diligent about getting it up on the blog at the beginning of the month. Thank you for your emails and please accept my apologies. We're more than halfway through the month of June and I'm just getting to it now which I thought was going to be a market report in itself.
Driving into the office I was writing this in my head and planned to say that it has been so busy in our market that I simply didn't have time to write blog posts. I was going to run the numbers and print those statistics here to show you exactly how the market had turned for the better.
Well, I guess that's why we need to look at the numbers. For the month of May in 2006 there were 60 closed sides of residential properties in Lincoln County with a total value of just over $15 million. This year, 2007, there were only 40 closed sides of residential units with a value of just under $12 million.
So why do we perceive that market has changed? Recently we've seen several "multiple offer" situations, that is when more than one party at a time is offering on the same property. Often this will cause a property to sell for more than the original asking price. Recently we have seen no offers coming through with contingencies that prevent the sale form moving forward until after the Buyers home has sold. These are all signs of a good market. But, the biggest reason we perceive a better market is because we have been busy. Very busy. At this point in 2006 Newcastle Square Realty had closed 43 sides for $11,300,000 in sales. This year Newcastle Square has closed 61 sides for a total of $18,200,000 and leads all agencies in Lincoln County in sales. There is not another agency on the Pemaquid peninsula that has closed even $5 million worth of sales!
What this means is that the 15 professional brokers affiliated with Newcastle Square work 70 hour weeks and have totally unbalanced personal lives. Most of us walk around with cell phones glued to our ears, trying to send a fax while we check email and look for the keys for our next showing. Very unhealthy. But ask yourself this; when you wish to sell or buy what may be one of your biggest assets, who do you want working for you? A highly successful workaholic? Or do you want to see your real estate broker sitting for hours in the local coffee shop or advertising their part time job in the paper?
This remains a challenging environment for selling property. Don't you want to work with the very best? Call today, we're in the office.
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