Within the next few days we expect to be releasing our full year 2011 home sales reports, with comparisons to 2010. Normally we prepare these reports for Portland and the surrounding communities of southern Maine as well as Cumberland and York Counties.
As reported previously, inventory still continues to be an issue as the housing market struggles to show signs of improvement. The graph below reflects the single family home sales, month-by-month, during 2011 compared to available inventory.
Since approximately June there has been a slow and steady improvement in the balance between home sales and inventory levels. While still high, inventory levels in December 2011 are down 10% compared to December 2010. That is significant.
Looking at the situation from a more macro perspective, inventory levels across Cumberland County improved throughout the year. As the graph below illustrates, the supply of available homes for sale is down 17.9%
Granted, we are coming from a very high level. At this time, on average, it would take just under 12 months to sell a home in this market.
For more information on current real estate sales and inventory levels, by town, visit the Local Communities section of our website -or send us an email requesting a customized report.