What your home is worth today is exactly that. The value of your home this day, not yesterday, not next week, not next year. The value of your home changes and sometimes by a great deal. Those of you that have been in the same home since 2005 have seen that same home’s value change dramatically. First it took a big drop in 2007-2008, and then it started to climb in 2012-2013. Same house, same address, same neighborhood, different value. One of the toughest things to do is put a value on a home in an ever changing market.
One of the things that realtors do is look at trends, nationwide, statewide, and local to help determine home values. Obviously local trends are most important, but national and statewide trends do effect values. In order to spot trends, it is important to pay attention to the data that is available to you.
I am going to share some data that I use to spot trends. As of April 7 in the State of Maine there are 25,213 single family homes listed for sale and 3,045 that are under contract. In Cumberland County, there are 2,940 single family homes listed and 814 under contract. In 2014, there have been 8,467 new listing and 3,396 sold single family homes in the State of Maine and 1,810 new listings and 860 sold single family homes in Cumberland County. This is important information to have when determining home values.
While state and county info is valuable in determining home value, the most relevant data is local. In Windham the median original listing price for a home in 2014 was $224,900 and the median sale (MS) price was $217,000 with 41 sold. In Gorham, the median original listing (MOL) price was $232,000 and the median sale price was $218,500 with 40 sold. In Raymond, the MOL price was $189,000 and the MS price was $179,000 with 13 sold. In Gray, the MOL price was $224,900 and the MS price was $210,000 with 19 sold. The median original list price is the price at which there were an equal number of homes listed at a higher and lower listing price. The median sold price is that price at which an equal number of homes sold at a higher and lower price.
Some more data that I use is the number of homes sold.
Windham Gorham Raymond Gray
Sold thru 4/1/2014 39 40 12 18
Sold thru 4/1/2013 44 28 7 14
Total Sold 2013 254 208 42 113
Total sold thru 4/1/2012 35 23 8 17
Total sold 2012 218 196 71 81
Now you have some good data to start looking for trends. My advice, as always, is contact a real estate professional to help you find the trends and determine your home’s value today.
Rick is a Realtor, real estate author, and long- time Windham resident. You can contact Rick with any of your real estate questions or needs at columnist@TheWindhamEagle.com.