The Goff Report – Cumberland County, Maine, March 2018

Local Market Update for Cumberland County, Maine

Number of sales down 5.54%, median sales price up 12.31% (wow!), median days on the market down 10.26%, number of new listings down 5.65% in the first quarter of 2018. All signs point to a continuation of a seller’s market in Cumberland County! The limited inventory seems to be driving up prices and reducing the days on the market.  35 days on the market for Cumberland County as a whole I thought was high, and I confirmed that it is vastly different from the 15 days on the market (not seen below. I just ran the numbers for Jan-March 2018) we’re seeing on listings in Portland.

With interest rates rising, time will tell how long the seller’s market will last.

 

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First Quarter Update

Cumberland County, Maine

January 2018 – March 2018

January 2017 – March 2017

% Change Year-Over-Year

Number of Sales

665

704

-5.54%

Median Sale Price

$295,000

$264,000

12.31%

Median Days on the Market

35

39

-10.26%

Number of New Listings

902

956

-5.65%

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.

Sales were compiled on April 4, 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 January 1, 2017 through March 31, 2017 and January 1, 2018 through March 31, 2018.

Posted on April 5, 2018 at 10:31 AM
Derek Goff | Category: Cumberland County, The Goff Report | Tagged , , , , , , ,

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