September Results Maine single family home sales were ahead of prior year for the month of September by an impressive 20% as 2,280 transactions were completed. Sales have now been ahead of last year for three consecutive months and now stand 2.3% ahead of 2019.
While sales in southern Maine continue to track behind 2019, Cumberland and York counties experienced a rebound in September. Sales were up in both counties by 17.8% and 22.3% respectively. Most communities in the greater Portland area still lag behind prior year through nine months of 2020. The first chart below provides details for many local towns.
Prices
The Maine median selling price in September was $273,000, the highest ever recorded, and the YTD price of $249,000 is nearly 11% ahead of last year. In Cumberland County the MSP dropped from August, which was the all-time highest ever recorded. This decline was primarily a by-product of the mix of properties sold over the last two months than any substantial change in price trends. Both York and Cumberland Counties continue to trend ahead of 2019, was primarily a function of mix over the last two months.
Inventory & Under Contract
Inventory continues to track below 2019. Homes for sale in Cumberland County are behind last year by just over 30% for the second consecutive month. Interestingly homes under contact were up 28.7%, indicating a strong month in October. Low inventory continues to put upward pressure on price appreciation in certain segments.
The Absorption Rate tracks how long it takes to sell a home given current inventory levels.
Interative Market Report by Town | 
