Real estate sales in Falmouth are predominantly single family homes, as they represent 80% of the total sales mix. Additionally, sales vary considerably depending upon whether homes are located along the ocean (Falmouth Foreside), in one of the towns three country clubs communities or on the west side of the interstate. Historically, Falmouth has also had some of the highest overall median sales prices for single family homes each year.
In 2012 144 single family homes were sold, compared to 136 in 2011, reflecting an increase of 5.9%. During the last eight years there has been wide fluctuation in annual Falmouth home sales. In 2007 168 homes were sold and a low point was reached in 2008 when only 121 homes were sold.
The median price of a home sold in Falmouth in 2012 was $372,000, which was down from 2011 by 9.9%. Pricing has declined the last three years – and is down considerably from its highest level of $450,000 in 2006. In 2012 there were six sales over $1,000,000 compared to only one in 2011 and generally more sales in the lower priced segments. There is also more inventory available in the lower price ranges than previous years. During the year there was also fierce competition among those properties that did get sold, as final selling prices were 90.1% of their original list price.
Condos are no a significant part of the Falmouth real estate market. In 2012 15 properties were sold compared to 18 the year before. New construction has always been an important part of the Falmouth market. 19 parcels were sold in 2012 at a median price of $130,000 compared to 18 in 2011 at a median price of $140,000. There is a continued trend of price pressure on land.
Land sales are a small portion of the overall Cape Elizabeth sales mix.
2012 Falmouth Real Estate Sales & Prices
# of Units
Sold Price Median | Average
Days on Mkt Med | Avg
% of List
Across the state of Maine single family home sales were up 16.3% in 2012 versus 2011. Pricing also was up 3%, reflecting a trend of stabilization to slight improvement. Cumberland County sales volume improved 18.5% while pricing was essentially flat (.04% increase).
Falmouth is one of the most desirable locations in the greater Portland area. It is well known for its schools, ocean access, business climate and attractive neighborhoods. Direct waterfront along the Foreside is possible, but can be very expensive. However, unlike previous years, traditional colonial style homes in the middle 300’s and 400’s are available in both subdivisions and newly developed communities.
2013 Compared to 2012 - YTD Sales Results
The Falmouth real estate market, like all markets across the country, is affected by many factors. It is a relatively small market, yet one of the higher-priced markets in Southern Maine. As a result, often month-to-month results yield wide fluctuations. Reviewing sales data on a YTD comparion attempts to moderate the affects of seasonality, cyclicality, unusual high-end sales and macroeconomics.
2013 vs 2012 Sales - YTD Results Through May
Median Prices YTD 2013 | 2012
Unit Sales YTD 2013 | 2012
All housing data has been compiled from research by Maine Home Connection using information from the Maine Real Estate Information System (MREIS).