The Goff Report – Cumberland County, Maine, February 2018

Local Market Update for Cumberland County, Maine

The feeling other agents and I are getting is that the real estate market is shaping up to be a repeat of 2017, where there was a shortage of listings and a surplus of buyers. I’m working with several buyers who must act quickly (within a few days of a listing going active) or the home will be under contract with other buyers. Also, my clients have experienced several circumstances where there were multiple offers. I’m hearing similar stories from other agents in my office.

While there are no statistics available for number of buyers, the stats below don’t agree with/contribute to this feeling that it’s a seller’s market now, or is shaping up to be one. The number of new listings are about on par with where they were a year ago and the median days on the market saw a dramatic increase.

I thought maybe if I looked into just February, and took out December and January, it might be different. There was actually a higher percentage jump for number of new listings in February than the combined three month statistics (7.99% increase. 313 in February 2017 and 338 in February 2018). Also, the median sales price percentage jump was similar (6.54% increase. $260,000 in February 2017 and $277,000 in February 2018). The stats are similar when looking at Portland alone.

What explains this feeling that it’s shaping up to be a seller’s market? Maybe it comes down to the fact that well-maintained, fairly priced homes sell the quickest, and that’s what my clients (and most buyers) are after…

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Rolling Quarter Update

Cumberland County, Maine

December 2017 – February 2018

December 2016 – February 2017

% Change Year-Over-Year

Number of Sales




Median Sale Price




Median Days on the Market




Number of New Listings




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 March 7, 2018, 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 December 1, 2016 through February 28, 2017 and December 1, 2017 through February 28, 2018.

Posted on March 12, 2018 at 12:00 PM
Derek Goff | Category: Cumberland County, The Goff Report | Tagged , , , , , , ,

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