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Cape ElizabethMaine Real Estate

Homes Sales Results - 2012 Year in Review

Cape Elizabeth continues to be one of the most desirable communities in the greater Portland area, and home prices reflect that, as they are among the highest in the region.  Single family homes represent just over 80% of the real estate market, although a significant condo market is developing.

Single family home sales were 136 in 2012, compared to 115 in 2011, reflecting an increase of 18.3%, which is similar to unit growth experienced across Maine and Cumberland County.  The 2012 sales level was the highest recorded in recent history.  Five out of the last eight years have reflected higher sales levels – and accomplishment very few local communities can match.

Cape Elizabeth offers many opportunities to live along the water, with either views of the ocean or within a short walk. Home price reflect this amenity. In 2012 there were 10 sales in excess of $1,000,000 compared to eight in 2011. There were 16 homes sold with a water view (at a median prices over $800,000) and an additional 4 with owned oceanfront, all priced above $1,000,000. These sales have a significant impact on the yearly sales results.

Pricing was volatile in all price segments.  Sales priced up to $400,000 were discounted from the original list price by 5.7%, yet were only on the market 26 days, reflecting limited inventory in this segment. Homes priced above $500,000 were discounted 3.6%, yet were on the market 61 days.

Condo sales were 25 in 2012, reflecting an increase of 10 units.  The median price of $278,750 is indicative of the higher end properties that are available.

Land sales are a small portion of the overall Cape Elizabeth sales mix.


 

2012 Cape Elizabeth Real Estate Sales & Prices

 
Prop
Type

# of
Units

Sold Price
Median     |     Average

Days on Mkt
Med  |  Avg
 % of
List
 %
Total
           
 Homes 136 $354,863$439,597 36
74
 96.6 81.4
 Condos 25
 $267,500$285,190 39
122
 99.0
 15.0
 Multi -
 -
-
 -
-
 -
 -
 Land 6
 $164,143$143,630 85
157
 92.5
 3.6


Across the state of Maine single family home sales were up 16.3% in 2012 versus 2011.  Pricing also was up 3%, reflecting a trend of stabilization to slight improvement. Cumberland County sales volume improved 18.5% while pricing was essentially flat (.04% increase).

Cape Elizabeth is a residential community within short proximity to Portland.  Located along the coast of Maine, there are many waterfront real estate options available. There are also many small neighborhoods that offer homes tucked away among trees and large lots. Schools are excellent and outdoor activities are abundant. Over the last several years, however, there are more housing opportunities in lower price categories than ever before. 


 
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