Cape Elizabeth Maine Real Estate

Home Sales & Residential Property Pricing 

Cape Elizabeth is a small suburb of Portland that consists of waterfront enclaves, exclusive subdivisions and neighborhood communities. It's geography is dominated by the ocean and large tracts of protected wetlands and conservation areas. With little room for major new construction, most home sales consist of resales.

2011 Sales Results

Although single family home sales declined in 2011 compared to 2010, the actual sales level was relatively consistent with the last few years.  Prices were basically flat, as a decline of only .6% was recorded, indicating some stablization in selling prices..

The medain price of $382,500 was one of the highest in the greater Portland area, reflecting the exclusive nature of the community. Single family home sales represented 86.5% of all real estate sales.

Condo sales were 14 compared to 19 the previous year.  Pricing of $299,780 was up 27.1%, which was impacted by the mix of properties sold rather than any significant increase in overall condo prices.

2012 Sales Results

The chart below compares real estate sales for the most recent three month period compared to a similar time period a year earlier.  As illustrated, recent sales of single family homes are below levls of the previous period and pricing is also lower, although this is impacted more by mix than by changes in overall market prices.  

The inventory postion in Cape Elizabeth is currently a bit better than some neighboring towns and cities, although there is still over 40 weeks of single family homes available for sale.  More disturbing, however, is the fact that only 17 homes have sold during this 90 period compared to 31 during a similar period in the previous year.

The Cape Elizabeth real estate market, like all markets across the country, is affected by many factors.  It is a relatively small market and often month-to-month results yield wide fluctuations.  Reviewing sales data on a three-month rolling average attempts to moderate the affects of seasonality, cyclicality and macroeconomics.

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