If it seems like the Maine real estate market is improving, it’s not your imagination. Like much of the economy overall, there has been a gradual increase homes sold since January of this year – and it looks like the market should be strong during the summer months.
Across Cumberland County 975 single family homes have sold through May 31st 2012 compared to 891 in 2011, representing an increase of 9.4%. The median price, however, continues to lag behind and was actually below the YTD level of 2011 ($218,000 vs $220,000). This reflects the fact that the overall inventory of homes is still high and there is intense competition among homes available for sale.
The graph below illustrates home sales in Cumberland County since 2009. Although 2012 sales are ahead of 2011, it is important to note that they are still considerably below 2010 levels and of course well below record sales levels of 2005.
Of the local communities in the greater Portland area, Falmouth leads the way in sales growth so far in 2012 as 66 single family homes have been sold compared to 49 during the same period in 2011, representing an increase of 34.7%. Like Cumberland County, however, the median selling pricing is below prior year at lower $348,000 vs $395,000.
- Portland: Single family home sales up 3.7%
- Scarborough: Single family home sales up 14.7%
- Cape Elizabeth: Single family home sales up 5.1%
- South Portland: Single family home sales up 1.3%
We update our sales reports by selected cities and towns each month. For more information, visit: Local Communities and follow the link to real estate sales results.