MAINE REAL ESTATE QUARTERLY STATISTICS

Maine real estate monthly report.

LookinMaine real estate monthly report.

Lookin’ alive, Maine! The past quarter has seen a perkier market in all but one county. (‘Sup, Sagadahoc? I thought Bath Iron Works was on a hiring binge.)

The first three columns of that table address the number of houses sold this quarter versus the same quarter a year ago–it’s a measure of how easy (or hard) it is to get out from under a house you don’t want.

But the second three columns remind you that opportunity is not equal. These columns address any change in the average sale price, this quarter over the same quarter a year back. A big change in that average price can mean a couple things:

1: A big, expensive house sold, and its price is pushing the average around. Check the “volume” columns — a small volume of sales leaves the average price vulnerable to weirdo sales.

2: Sellers are SICK OF THIS AND GETTING OUT OF HERE EVEN IF WE TAKE A BATH ON THE PRICE! This  might explain Lincoln County, where the number of sales is up, but the price is way down.

When you look at the populous counties (York, Cumberland, Kennebec) you find smaller swings from quarter to quarter: A high “n” (number of data points) produces a more reliable signal of where people are going.

 

WHICH REMODELING PROJECTS WASTE THE LEAST MONEY? 

[pd] wikimedia

[pd] wikimedia

The annual home improvement survey is out, and once again the steel door tops the list of home improvements that will lose you the least money when you sell.

Clients often ask me if they should remodel the bathroom or replace the counter tops when they prepare their house to sell. They ask other agents that, too. Which is why the National Association of Realtors publishes an annual study of which home improvements buyers will pay extra for.

Yeah, none. Realtors across the country chime in, and they/we are pretty clear on this: None.

Even the steel entry door is a disappointment, with brokers estimating that buyers will pay $1,122 for your new $1162 door. Fiberglass door? Forget it. The “R” on that “I” is only 71%.

A kitchen remodel, which runs $20,000 to $50,000, nets only about 75% of your cost–at the high end! The cheaper your remodel, the smaller fraction you’ll recoup.

Most of the least-losing improvements are external: Fresh siding, garage doors, and the dearly loved steel entry door are up there. In New England, the door and even a new deck break into positive payback territory! Add two! Surround your house with decks, and make millions!

Additions–family rooms, sun rooms, and garages–are the biggest money dumps. Home office remodels are for chumps. New roofs are a ghastly miscalculation.

Here’s the thing: First impressions matter tremendously–as they should when you’re purchasing a giant consumer product with 1,000 hidden pieces that might or might not make your next 20 years a long, slow dance of regret. …Right?

So yes, no new windows. But wash the heck out of whatever windows you have. No new kitchen, but paint elderly cabinets white. If you add a sunroom ($76,000) plan on half your ROI coming back as pure joy, because it’s not going to come back as money.

If you must, if you really must, you can replace the entry door.

Check out the full list of survey items here.