The first report below includes Maine home sales through October 2019. Year-to-date single family sales continue to exceed prior year, albeit by a small margin. Overall, sales in six of nine months of 2019 have exceeded those of 2018.
Focusing on southern Maine (Cumberland & York counties), unit sales are slightly less favorable. In fact, many local communities in the greater Portland area trail prior year results.
Median selling prices continue to trend upwards, across almost all communities. The statewide 4.7% YTD increase is higher than in many parts of the country.
Cumberland County Infographic
The second chart includes a snapshot of results Cumberland County. Of note, condo unit sales and prices are trending ahead of last year, and have been consistent all year. While single family homes were 13.2% lower for the month of October, YTD sales are essentially flat. Median prices have been trending up all year, and have been higher in each month of 2019 vs 2018.
While inventory has increased in recent months, overall homes available for sale are still approximately 10% below 2018. Of note, however, inventory of homes priced at $500,000 and higher are appreciably up. This is resulting in a longer time on market for some properties, as indicated by the Absorption Rate graph.
If you are thinking about a real estate move now or in the near future, understanding the fundamentals of the market is important. Don’t rely on automated estimations from national websites – let’s find time to talk soon.
Until Next Time … Imagine More!