Scarborough Maine Real Estate

Home Sales and Market Values

Scarborough is a growing suburb of Greater Portland and includes many subdivisions of new and existing homes. With close proximity to the Portland business district, local shopping and the ocean, the area includes new construction developments and many recently built newer and elegant homes.

In 2009 single family home sales were up 7.9% in Scarborough, a town that saw sharp declines in the last quarter of 2008. The median sales price of $312,500 was down 4.6% compared to 2008, representing a relatively stable base, especially at the lower price points. 

Condo sales, traditionally a small portion of the market, remain steady as 31 properties were sold, compared to 29 in 2008 while the median sales price rose a significant 17.1%.

The number of days on the market (DOM) for single family homes in Scarborough remained almost identical to 2008 with the median at 59 days and the average at 85 days.  Days on the market for Condos however, increased from 44 days to 84 days. 

The available inventory in Scaroborough remains high for single family homes but has decreased substantially since last year.  Currently there are 108 homes on the market and 12 condos.  The absorbtion rate, which is a meaure of how much inventory exists verus sales is 29 weeks for single family homes and just 16.8 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.

The housing market in Scarborough had been somewhat resiliant through the first three quarters of 2008, but dropped sharply in the last quarter.  The city experienced a significant deline in new home construction and virtually no spec home were completed. Single family home sales were down 19.8%. The median sales price of $327,575 was down 2.4% compared to 2008, representing a relatively stable base, especially at the lower price points.

Condo sales, traditionally a small portion of the market, remain steady as 29 properties were sold, compared to 30 in 2007. The median sales price was down 2.9%.

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