The Goff Report – Cumberland County, Maine, May 2017

Local Market Update for Cumberland County, Maine

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The number of new listings improved slightly from the rolling quarter report from a month ago. If you recall, new listings were down 29.28% from Feb-April 2016 to 2017, and from March-May 2016 to 2017 they were down just 13.30%. A slight improvement, but overall listings are still down dramatically from a year ago. All signs still indicate that this is a seller’s market. What is interesting is the increase in median days on the market from a year ago. This could indicate that sellers are getting more aggressive with their pricing as they see home prices rise. We’ll see what happens next month.

As the real estate market heads into the busiest months here in Maine, if you’re on the fence about selling, now may be the time!

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Rolling Quarter Update

Cumberland County, Maine

March-May 2017

March-May 2017

% Change Year-Over-Year

Number of Sales

1103

1276

-13.56%

Median Sale Price

$271,600

$251,000

8.21%

Median Days on the Market

17

16

6.25%

Number of New Listings

2014

2323

-13.30%

Number of Sales: The number of properties sold.

Median Sales Price: The midway final price of all properties sold. Half sold for more, half sold for less.

Median Days on the Market: The midway point of days between a listing going on the market and accepting an offer. Half were on the market longer; half were on the market for less time.

Number of New Listings New home listings during the month(s) specified.

Note: Sales were compiled on June 7, 2017, from Maine MLS data from sales of single family homes.
Data based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period March 1, 2016 through May 31, 2016 and March 1, 2017 through May 31, 2017.

Posted on June 8, 2017 at 8:20 AM
Derek Goff | Category: Cumberland County, The Goff Report | Tagged , , , , , ,

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