The Goff Report – Cumberland County, Maine, August 2017

Local Market Update for Cumberland County, Maine

With the kids back in school and most of the tourists returning home, we now have statistics on how the real estate market fared this summer in Cumberland County. The number of new listings increased 1.16% from last summer, marking two months in a row where new listings increased from the previous year. Last month’s report showed 3.95% increase, but it was the first increase we had seen all year. Could this be a sign of the seller’s market slowing down? Once again, the 6.47% increase in median sales price (slightly less than the 7.27% increase we saw a month ago) doesn’t indicate so, and the median days on the market remain low at 10. If the number of new listings continue to climb, one would expect sales prices to stabilize a bit.

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Quarterly Update

Cumberland County, Maine

June-August 2017

June-August 2016

% Change Year-Over-Year

Number of Sales

1,312

1,385

-5.27%

Median Sale Price

$298,000

$279,900

6.47%

Median Days on the Market

10

14

-28.57%

Number of New Listings

1,737

1,717

1.16%

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 September 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 June 1, 2016 through August 31, 2016 and June 1, 2017 through August 31, 2017.

Posted on September 11, 2017 at 9:15 AM
Derek Goff | Category: Cumberland County, The Goff Report | Tagged , , , , , , ,

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