If the real estate market seems slower in Falmouth this year compared to 2010, your instincts are correct. During the first quarter of 2011 there have been only 22 single family home sales in Falmouth compared to 27 the previous year.
That is a significant decrease of 18.5%.
There are 110 homes on the market and it is clear that there is still a lot of inventory in the system. Yet, there are 24 homes under contract – more than sold during the first three months of the year, indicating that the market is improving, albeit slowly.
Interestingly, the median price of those homes on the market is $499,900, which is considerably higher than the median YTD. Additionally, the median price of those under contract is only $422,000.
In 2011 only one parcel of land has been sold compared to three in the first quarter of 2010. Four parcels are currently under contract while 53 remain on the market. Like single family homes, there is a lot of competition.
Each month we update southern Maine home sales on our website, which you can link to at: Local Communities.