A housing report from Maine Today. "The number of single-family homes for sale in Maine has hit record levels, industry figures show. More than 26,000 homes currently are on the market, compared to roughly 18,000 at this time last year, and 14,000 in 2004. Inventory has grown by more than 1,000 in just the past month."

"This plentiful supply of homes has outpaced demand in many areas, and that is pushing down prices. In response, sellers are trimming their asking prices, and some real estate agents are becoming more creative to get their properties noticed, particularly in southern Maine."

"An agent in Saco drew traffic to an open house, and put the home under contract, by slashing the price from $249,000 to $199,000. It's no secret that home sales have slowed in much of the country. 'Some sellers haven't come to the reality that it's a buyer's market,' said Realtor Cathy Manchester in Gray. 'They're still trying to get higher appreciations.'"

"Following appraisals from three real estate agents, Bruce Thistle in Windham listed his home last August for $259,000. He finally got it under contract this month, for $216,000. 'A year ago, if you told me I'd sell the house for that price, I would have laughed,' he said."

"Thistle only had one showing during the first six months his home was for sale, even though he dropped the price $9,000 during that period. 'I thought we'd sell it in days,' he said. When Thistle's listing expired in March, he switched Realtors and went with Manchester. She started the process at $240,000 and cut the price three times before finding a buyer."

"In today's market, (realtor) Noah Smith said, sellers need to be realistic about the condition of their homes and the asking price. That's especially true in York County, where inventory has continued to grow in recent weeks. 'Anyone who says the market is leveling off is in denial,' Smith said."

"Thinking about a condo in Center City? So are a lot of other people. But there's trouble ahead, too, industry observers say. Rising construction costs and softening demand could deep-six many of the 2,500 condo units still in the development pipeline, especially at the luxury end of the market, where many experts see an oversupply."

"'Too many developers... want to build luxury from the ground up, and there's a limit to the market,' said Jon Orens (who) is converting 2200 Arch St. to mid-price condos."

"The number of Center City and adjacent properties available for sale in those neighborhoods almost doubled over the last year. Just eight more existing homes priced at $1 million or more sold in the first half of this year versus the same period in 2005, 48 homes (17 condos) compared with 40 homes (13 condos), for an increase of 20 percent, even though the number of high-end homes for sale increased almost 60 percent (185 versus 116 in 2005)."

"HomExpert spokesman James Angstadt said it was difficult to pinpoint how long it took for those homes to sell. 'Many Realtors take a million-dollar property on and off the MLS database a few times to make it appear like a fresh listing,' Angstadt said. 'In turn, this causes the days-on-market number to be inaccurate.'"

"Rumors are rife about condo projects or plans that have been shelved. Veteran downtown developers report being approached to take over projects. 'Most developers are loath to ever admit they're going to cancel a project,' said Kevin Gillen, an economist at the University of Pennsylvania. 'So they constantly talk about 'how things are moving forward behind the scenes,' when in fact they're just waiting to see how the market shakes out before deciding whether to break ground.'"

"'Buyers are saying, 'I can't wait five years. I could be dead,' said Allan Domb, who has been contacted by developers about taking over their projects. Some city experts believe that fewer than half the condo projects proposed will be built. 'The current psychology... is pushing a lot of potential buyers to the sidelines to wait to see what happens,' said National Association of Realtors economist Lawrence Yun."