Single family home sales in Maine, through August 30th are up 7.3% across the state, compared to the first eight months of 2013. The median home price has declined marginally and is now $173,000 versus $175,000 last year.
In Cumberland County, sales have actually slowed compared to 2013. Year-to-date volume is up 3.1% while the median selling price, contrary to the state-wide price, is up 1.6%.
When it comes to specific cities and towns, there is great variability is sales results. For example in Portland, the state’s largest market, sales of single family homes are down 2.8% while pricing is up 2.0%. At the other end of the spectrum is Falmouth, where YTD sales are up 9.4% and pricing is up an extraordinary 16.6%.
In the middle is a community like Scarborough, where both sales volume and prices are basically flat in 2014 compared to 2013. To get results by your specific community, you can get details on our website. Use the link Local Communities to get started.
The graph below provides some insight into sales results by region across the country. When considering the entire state’s performance, Maine is doing well.
Each month we also track the percentage of homes under contract. During the last three months this percentage has dropped from 15.8% to 14.5%. This trend has also continued in Cumberland County, with pending contracts dropping from 29.3% to 24.6%. Additionally, all of these results are lower than the same time period of 2013.
As always, if you would like a more detailed information on a community that interests you, let us know and we can create a customized report.