Cape Elizabeth continues to be one of the most desirable communities in the greater Portland area, and home prices reflect that, as they are among the highest in the region. In 2015, however, prices did decline 6.4% – representing the second consecutive year of regressing prices. The median price of $400,000, while lower in 2015, represented the third consecutive year that prices matched or exceed the $400,000 barrier.
Following a decline in 2013, sales volume was up for the second straight year. Unit sales of 171 represented a significant 13.3% increase year-over-year and achieved an historic high level. Additionally, homes sold quickly, as the day on market statistic (DOM) was 27. While this was longer than communities like Portland and South Portland, where properties generally are lower priced, it was better than Falmouth and Cumberland.
Condo sales were also up in 2015, as 32 units were sold, reflecting an increase of 6.7%. The median price was up 26.1%. Sales included a mix of newly constructed properties and stronger prices for existing developments.
Cape Elizabeth offers many opportunities to live along the water, with either a direct view of the ocean or within a short walk. Home prices reflect this amenity. In 2015 there were 12 sales in excess of $1,000,000 compared to 11 in 2014. There were 19 homes sold with a water view (at a median price of $790,000) and of these five had owned oceanfront with a median price of $1,390,000. These sales have a significant impact on the yearly mix and resulting median price.
Land sales were down from 17 in 2014 to only 7 in 2015.