Maine Real Estate Report

Home Sales Statistics & Results -  2018

For the fourth consecutive year, Maine home sales set a new record in 2018 as 17,983 single fami-ly homes were sold, representing an increase of 1.0% over 2017 when total volume was 17,810. 

As a point of comparison, sales in 2015 were 15,868. Homes sales have increased for seven con-secutive years and have been up annually each year except two since the historic low of 9,782 in 2008 – at which time they had declined an unprecedented 19% from the year before. 

While single family sales continued to grow statewide in 2018, sales in the southern part of the state, specifically in Cumberland and York Counties, experienced surprisingly different results. 

Sales in York County were up from 2017 to 2018 as 3,177 units were sold, compared to 3,153 the previous year.  Sales in Cumberland County declined .8%.  As the chart at the end of this report illustrates, many communities in the greater Portland area experienced sales declines in 2018 – some in double digits.

Median Pricing

The YTD (Year-to-Date) median single-family price of $215,000 represented a 7.5% increase over 2017.  Overall, pricing was up in 13 of Maine’s 16 counties, and remained consistent in two. The highest single month was May at $244,839, followed by April and then March. Each month of 2018 was higher than 2017. Between 2007 and 2011 median prices declined each year, reach-ing their lowest level in 2011 at $165,000.  From 2012 onward, pricing has increased ever year, with one exception - 2014.

The largest jump came in June, when the median selling price in 2018 was $227,750 versus 205,000 in 2017, reflecting an increase of 11%..

Condos

Condos and townhomes sold represented 9.8% of the residential market, compared to 11.4% in 2017. The median price of a condo increased from $220,000 in 2017 to $236,000 in 2018, repre-senting an increase of 7.2%. Overall, the number of units sold decreased 5.7%, reflecting a total of 1912 in 2018.  

The three largest markets for condos were Portland (387), Old Orchard Beach (128) and Wells (154).  Unlike 2017, all three markets experienced a decline in units sold in 2018.   Unlike the prior year, however, pricing increased in Portland and fell in the other two communities.  In most local towns the percentage of condos sold is a small part of the overall sales mix, resulting in wide fluctuations in median prices on relatively small volumes.  Condo sales represent only 4% of all residential properties sold in Maine and 19% in Cumberland and York counties combined.

Waterfront Real Estate

Waterfront properties of all kinds are an important part of Maine real estate – whether as a per-manent residence or a vacation home.  Sales of waterfront properties increased from 3,157 in 2017 to 3,253 in 2018.  The median price also increased from $249,000 in 2017 to $265,000 in 2018, reversing a trend from previous years of declines in this market segment. This group of properties were on the market for 58 days, decreasing 21% from 2017’s median of 74 days.  In-ventory was considerably lower than prior years, contributing to higher overall selling prices. 

The sales of lakefront properties also increased in 2018 as 1,111 properties were sold statewide, reflecting a 1.3% increase.  The median price, however, increased more significantly from $235,000 in 2017 to $250,000 reflecting a 6.3% hike. In Maine, lakefront homes range from small camps to large estates, and pricing can vary considerably.  

Inventory

Focusing on single family homes in Cumberland County, the chart below provides a two-year illustration of sales, active listings, new listings and inventory.  It demonstrates that while the rate of sales growth declined in the second half of 2018, there has been an overall consistency in sales and new listings over the last 24 months.

At the end of December, 2018 the Months of Inventory calculation (also known as Absorption Rate) was 2.44 versus 2.25 in January 2017.  This is the measure, in months, of how long the cur-rent inventory of properties would last at the current rate of sales..

Single Family Median Prices in Maine: 2008 - 2018	Detailed Market Updates
	Portland     South Portland     Falmouth     Cape Elizabeth     Scarborough     Cumberland     Yarmouth     Old Orchard Beach     Freeport     Harpswell