Cape Elizabeth Maine Real Estate

Home Sales & Market Values 

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

Single family home sales in Cape Elizabeth in 2009 were 101 compared to 94 the prior year, representing a increase of 7.4%.  Condo sales were also up slightly from 13 units in 2008 to 14 in 2009. The condo market in Cape Elizabeth is not very large, but prices fluctuate considerably, based on proximity to the ocean.

Prices continued to drop in 2009.  The median price fell a significant 19.2% for single family homes.  Condo pricing was also down 29.0% but this is partially due to the mix of units being sold.

On a more positive note, the median days on market (DOM) was down to 51 from 74 days in 2008 and the average was 100 days.

Like most other are local communities, there is a considerable amount of inventory available - both single family homes and condos.  The absorbtion rate, which is a measure of how long it will take to sell all homes on the market, reflects 29.9 weeks for single family homes and 37.1 weeks for condos.

Like most statistics, the absorption rate is not an exact science, but rather is indicative of market trends and inventory levels.  It provides a useful insight into the overall status of the local real estate maket.

Single family home sales in Cape Elizabeth in 2008 were 94 compared to 132 the prior year, representing a decrease of 28.8%. This drop represented some of the most significant decline experienced to date in the local southern Maine market.  Condo sales were also down as only 13 units sold in 2008 compared to 17 in 2007. 

Given the difficluty of the market, prices remained somewhat stable with 2008 prices down only 5.0%.  Condo pricing were up 7.9%, due primarily to the mix of units being sold.

The median days on market (DOM) was 74 days and the average was 86 days.

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