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Scarborough Maine Real Estate

Homes Sales Results - 2012 Year in Review

Scarborough offers a wide range of real estate options.  There are areas along the ocean (Pine Point), many larger subdivisions within close proximity to the area business districts and a generous selection of homes that offer larger rural lots that are often surrounded by trees.  There is also many opportunities for new construction.

Single family homes sales were 216 in 2012 compared to 196 in 2011, representing a 10.1% increase.  During the last eight years sales volumes have ranged from a high of 246 in 2005 to a low of 178 in 2008.  During the last three years overall sales volume has stabilized and is showings signs of sustained growth.

The median price of a home sold in Scarborough in 2012 was $311,000, which was down from 2011 by 5.5%.  Although this result was unfavorable compared to prices state wide and for Cumberland County, Scarborough has demonstrated some of the most consistent price levels since 2005. 

In 2012 there were five homes that sold in excess of $1,000,000, although they were discounted 78.1% from the original listing price. Across all price ranges, final selling prices were 94.8%, representing some of the firmest price levels in the local market.

Condos represented 18.2% of all Scarborough property sales in 2012 as 52 transactions were completed at a median price of $256,000.  Unit sales were considerably higher in 2012 – up 57.5% (52 vs 33).  Pricing, however, a high inventory levels provided buyers with many options.

Land sales were compared to 2011 results. At year-end the inventory of available parcels was high, creating on-going pressure and land prices.


 

2012 Scarborough Real Estate Sales & Prices

 
Prop
Type

# of
Units

Sold Price
Median     |     Average

Days on Mkt
Med  |  Avg
 % of
List
 %
Total
           
 Homes 216
 $311,000$351,345 45
97
 94.0 75.7
 Condos 52
 $239,000$307,270 55
146
 97.8
 18.3
 Multi 2
 $256,500$256,500 0
93
 96.9
 0.7
 Land 15
 $120,000$138,666 74
161
 87.6
 5.3


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).

Scarborough is a residential community just south of Portland that offers many real estate options, including a wide variety of subdivisions.  Overall sales growth has been steady during the housing recovery and pricing appears to have stabilized, and is trending toward improvement. 


 
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