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Maine Real Estate Report

Home Sales Statistics & Results -  2017

For the third consecutive year, Maine home sales set a new sales record in 2017 as 17,796 single family homes were sold, representing an increase of .9% over 2016 when total volume was 17,641.
 
As a point of comparison, sales in 2015 were 15,868. Homes sales have increased for six consec-utive years and have been up annually each year except two since the historic low of 9,782 in 2008 – at which time they had declined an unprecedented 19% from the year before.

While single family sales continued to grow statewide in 2017, sales in the southern part of the state, specifically in Cumberland and York Counties, experienced surprisingly different results.  Sales in York County were unchanged from 2016 to 2017 as 3,149 units were sold each year.  Sales in Cumberland County declined 3.8%. As the graph at the end of this report illustrates, nearly every community in the greater Portland area experienced sales declines in 2017 – some in double digits.  For example, Portland, eclipsed 600 annual single-family homes sales for the first time in history in 2016, recorded a decline of 15% in 2017.


Median Pricing

The YTD (Year-to-Date) median single-family price of $200,000 represented a 5.3% increase over 2016.  It was the highest year-end level since 2007, when $194,000 was achieved. Overall, pric-ing was up in 15 of Maine’s 16 counties. The highest single month was August at $206,745, fol-lowed by September and October at $206,500. Each month of 2017 was higher than 2016. Be-tween 2007 and 2011 median prices declined each year, reaching their lowest level in 2011 at $165,000.  From 2012 onward, pricing has increased ever year, with one exception -  2014.

The median selling price in December 2017 was $201,000 versus 185,000 in December 2016, re-flecting an increase of 8.6%.

Condos

Condo and townhomes represented 11.4% of the entire market, compared to 9.8% in 2017. The median price of a condo increased from $211,500 in 2016 to $220,000 in 2017, representing an increase of 4.0%. Overall, the number of units sold increased 5.1%, reflecting a total of 2,023. 

The three largest markets for condos were Portland (395), Old Orchard Beach (147) and Wells (158).  All three markets experienced growth in both units and prices in 2017.  In many communi-ties the percentage of condos sold is a small part of the overall sales mix, resulting in wide fluc-tuations in median prices on relatively small volumes.

 

Single Family Sales: Selected Counties

 
  2017
  2016
  % Change

Selected CountiesUnitsPrice
  Units Price  Units  Price
          
All Maine17,796
$200,000
 17,641 $189,900 0.9
 5.3
          
Cumberland4,142$285,000
 4,305
$265,000 (3.8)

7.5
York 
3,149$258,000 3,149
$239,000 0.0
 7.9
Sagadahoc 
501
$214,900 506
$197,500 -0.9
 8.8
Androscoggin1,127$154,000 1,113147,000  1.2
 4.8
Lincoln 
570$215,000 
 598$210,000  (4.7)
 2.4
Knox 
616
$203,000 576
$212,000 6.9
 (4.2)
Kennebec 
1,546$150,000 1,457$144,900 6.1
 4.2
          
All housing data has been compiled from research by Maine Home Connection using information from the Maine Real Estate Information System (MREIS). 


Waterfront Real Estate

Waterfront properties of all kinds are an important part of Maine real estate – whether as a per-manent residence or a vacation home.  Sales of oceanfront properties (owned waterfront) in-creased from 537 in 2016 to 545 in 2017.  The median price also increased from $507,000 in 2016 to $537,500 in 2017, reversing a trend from previous years of declines in this market segment. This group of properties were on the market for 98 days, selling at 89% of their original list price.  In-ventory was considerably lower than prior years, contributing to higher overall selling prices. 

Surprisingly, the sales of lakefront properties also declined in 2017 as 1,094 properties were sold statewide, reflecting a decline of 2.1%.  The median price, however, improved significantly from $220,000 in 2016 to $235,000 reflecting a 6.8% improvement. In Maine, lakefront homes range from small camps to large estates, and pricing can vary considerably.  Additionally, these results include only those properties with actual “owned” waterfront, and like oceanfront homes, many with only “views” of the water can also be found in a similar wide range of prices. 

Inventory

Throughout 2017 media outlets across the country reported that home inventory levels were low and Maine was no exception.  Beginning in January 2017, total inventory available was 20% lower than in 2016, but as the year progressed inventory increased, ending the year only 10% below the prior year.

Focusing on Cumberland County the same trend was evident.  Inventory in January 2017 was 22% below that of 2016 – yet was 47% lower than the highest level recorded in January 2006.  The situation improved gradually throughout the year, but not until October did inventory levels get within 10% of the prior year.  As a result, median home prices were driven up in virtually every town and the days on market were at their lowest level ever recorded.

  
 Single Family Median Prices in Maine: 2007 - 2016
 Detailed Market Updates
 Sales-Homes2017-Median Prices
    
 Footer-Bird Portland
 Footer-Bird South Portland
 Footer-Bird Falmouth
 Footer-Bird Cape Elizabeth
 Footer-Bird Scarborough
 Footer-Bird Cumberland
 Footer-Bird  Yarmouth
 Footer-Bird Old Orchard Beach
 Footer-Bird Freeport
 Footer-Bird
 Harpswell

 Download a Complete Report at: Maine Home Sales Report: 2016
Maine Sales History
YearUnitsPrice
   
201717,796$200,000
201617,641
$189,000
201515,868
$180,000
201414,250$175,000
201313,191
$175,000
201211,608$170,000
20119,967$165,000
201010,292$169,000
200910,593$164,000
200809,782$180,000
200712,140$194,000
200613,539$193,000
200514,592$191,150
   

2017 Maine Sales Review

YE Report-2017

Annual Maine Sales

Sales-Homes2017-Units
Maine Condo Sales 2017


2017 Market Report
Download Results

2017 Market Report

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Interactive Map
Sales Results

Tableau Map

 

 

 

 



 
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