Bangor, ME - Newest Figures for New Home Sales Suggest Market Decrease is Subsiding
Posted on: Feb 06, 2012 09:12:47 AM
Sales of new homes in the Bangor, ME market fell year-over-year in November, but the decline was less than the year-over-year decline in October. New home sales moved from two a year earlier to one after the figure moved from five in October 2010 to two in October 2011.
A total of 36 new homes were sold during the 12 months that ended in November, down from 37 for the year that ended in October.
New home sales were 2.8% of total sales a year earlier, and this percentage saw a decline as new home sales this year made up one of the 57 total sales. Following a year-over-year increase in October, sales of new and existing homes sank year-over-year in November.
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The average price of new homes rose to $204,081 from last year's $137,716. This was on the heels of a 61.2% gain in October year-over-year.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in November 2011. Single-family homes continued to account for all of new home sales.
Bangor, ME - Newest Figures for New Home Sales Suggest Market Decrease is Subsiding
Posted on: Feb 06, 2012 09:12:47 AM
Sales of new homes in the Bangor, ME market fell year-over-year in November, but the decline was less than the year-over-year decline in October. New home sales moved from two a year earlier to one after the figure moved from five in October 2010 to two in October 2011.
A total of 36 new homes were sold during the 12 months that ended in November, down from 37 for the year that ended in October.
New home sales were 2.8% of total sales a year earlier, and this percentage saw a decline as new home sales this year made up one of the 57 total sales. Following a year-over-year increase in October, sales of new and existing homes sank year-over-year in November.
The average price of new homes rose to $204,081 from last year's $137,716. This was on the heels of a 61.2% gain in October year-over-year.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in November 2011. Single-family homes continued to account for all of new home sales.
Foreclosures and real estate owned (REO) sales did not look to be a burden on the market. Combined, foreclosures plus REO sales accounted for 16.1% of existing home sales. They made up 13.0% in November 2010. The percentage of existing home sales involving foreclosures declined to 1.8% in November from 5.8% a year earlier while REO sales as a percentage of existing home sales increased to 14.3% from 7.2%.
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Source: Housing Intelligence