Through October 2012 most towns and cities in the greater Portland area have experienced an increase in single family home sales compared to the first 10 months of 2011.
Leading the way is Scarborough, as home sales this year are up 21.0% in 2012 – far outpacing Yarmouth, which reported an increase of 15.3%. There have been 190 homes sold in Scarborough this year compared to 157 in 2011. Interestingly, the median price of a home in Scarborough is down .5%, one of the few communities to report a decline in pricing in 2012.
Today’s Maine real estate market continues to show slow and steady improvement. Sales of single family homes are up year-over-year while median pricing appears to have stabilized.
As the above data suggests, each town must be reviewed independently in order to draw accurate conclusions.
For example, the median pricing in Falmouth, Cape Elizabeth and Old Orchard Beach are all down this year – 11.7%, 10.9% and 8.6% respectively – which are all significant amounts, especially when you consider that in all of Cumberland County the median price is unchanged in 2012 and is up 5.1% in York County. Both counties have reported increases in unit sales over 15% during the same time period.
To learn more about a Maine town or city that may interest you, visit Local Communities, and follow the links to Home Sales and Statistics. If you would like a detailed report, email us with your special request.