Falmouth Maine Real Estate

Home Sales & Market Values

There are three primary residential areas of Falmouth - the Foreside (along the ocean), East Falmouth and West Falmouth. There is considerable new construction available in both West and East Falmouth.

Falmouth has historically been a strong residential community just north of Portland.  In 2009 Falmouth experienced a 28.1% increase from 2008, putting it back on track with 2007 for number of homes sold. Condo sales, which are a small percentage of the Falmouth market, also reflected an increase with 22 units sold - up from 19 in 2008.  Another positive sign for the Falmouth market was the median time to sell a home (Days on Market), decreased 25.6% in 2009 to 55 days.

Housing in Falmouth is also very diverse, offering very large homes along the ocean and three private golf clubs.  The average price of $427,094 and the median price of $360,000 are some of the highest in the market area.  The median sales price in however decreased 16.3% in 2009.

Condo pricing was up, however, by 14.9% in 2009.  There was a total of 20 land sales at a median price of $107,450. 

Like many 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 33.5 weeks for single family homes and 47.3 weeks for condos. These are some of the highest results for all towns in the greater Portland area, but have come down significantly since the third quarter of 2008.

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.

In 2008 Falmouth was not imune to a drop in single family home sales, as a 27.9% decrease from 2007 was experienced. Condo sales, which are a small percentage of the Falmouth market, did reflect an increase with 19 units sold - up from 11 in 2007.  New construction also lagged behind 2007 levels and many new communities have been scaled back or delayed.  The median time to sel a home (Days on Market), increased slightly in 2008 to a of 74 days.

The median sales price in fact increased 2.6% in 2008 - one of the few towns to experience a year over year price improvement. Condo pricing was down, however, by 17.6% in 2008.  There was a total of 16 land sales at a median price of $117,450. 

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