The Goff Report – Cumberland County, Maine, June 2018 | Real Estate Statistics Copy

Local Market Update for Cumberland County, Maine

Median sales price increased 4.33%, the first time we’ve seen less than a 5% increase since August-October of 2017. Homes are still flying off the shelves, with a median time of just 8 days on the market. The number of new listings is down slightly from a year ago.

May through July 2017, was the first rolling quarter period we saw in 2017 where number of new listings increased and triggered a slow down in the market that lasted through the holidays. We’re seeing a far less dramatic decrease in number of new listings this year leading up to July, so stay tuned to next month to see if we receive similar results as last year.

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Quarterly Update

Cumberland County, Maine

April 2018 – June 2018

April 2017 – June 2017

% Change Year-Over-Year

Number of Sales

1119

1050

6.57%

Median Sale Price

$310,900

$298,000

4.33%

Median Days on the Market

8

12

-33.33%

Number of New Listings

1846

1899

-2.79%

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, 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 April 1, 2017 through June 30, 2017 and April 1, 2018 through June 30, 2018.


Posted on July 6, 2018 at 11:50 AM
Derek Goff | Posted in Cumberland County, The Goff Report | Tagged , , , , , , ,

The Goff Report – York County, Maine, June 2018 | Real Estate Statistics

Local Market Update for York County, Maine

The number of new listings increased slightly from a year ago, but still dipped from what we saw from last month’s data. In most years, we would expect to see new listings climb as we get into the summer months. This minimal change in new listings (and a dip from last month) is keeping inventory low and driving sales prices up (9.81% year-over-year!) in York County.

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Quartery Update

York County, Maine

April 2018 – June 2018

April 2017 – June 2017

% Change Year-Over-Year

Number of Sales

789

789

Median Sale Price

$279,900

$254,900

9.81%

Median Days on the Market

15

16

-6.25%

Number of New Listings

1510

1467

2.93%

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, 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 April 1, 2017 through June 30, 2017 and April 1, 2018 through June 30, 2018.


Posted on July 6, 2018 at 11:44 AM
Derek Goff | Posted in The Goff Report, York County | Tagged , , , , , , ,

The Goff Report – Cumberland County, Maine, May 2018 | Real Estate Statistics

Local Market Update for Cumberland County, Maine

Median sales price increased 8.43% compared to a year ago! Number of new listings are trending slightly behind where we were a year ago, leading to a similar seller’s market. Last year we saw inventory catch up with demand around June/July, but with the number of new listings lower than a year ago (when there was already a shortage of listings) I would not be shocked if this seller’s market continued throughout the summer.

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Rolling Quarter Update

Cumberland County, Maine

March 2018 – May 2018

March 2017 – May 2017

% Change Year-Over-Year

Number of Sales

1143

1110

2.97%

Median Sale Price

$295,000

$271,800

8.54%

Median Days on the Market

12

17

-29.41%

Number of New Listings

1992

2069

-3.72%

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, 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 March 1, 2017 through May 30, 2017 and March 1, 2018 through May 30, 2018.


Posted on June 7, 2018 at 11:21 AM
Derek Goff | Posted in Cumberland County, The Goff Report | Tagged , , , , , , ,

The Goff Report – York County, Maine, May 2018 | Real Estate Statistics

Local Market Update for York County, Maine

The market over the past three months was very similar to the same time period last year. Number of new listings are down slightly from a year ago, where we saw a shortage of listings driving up the price of homes. In York County, we saw an increase of 10.6% in the median sales price, an increase of $24,900 year-over-year! Last year we saw inventory catch up to demand around June and July. Time will tell whether we see more homes hit the market in the coming months.

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Rolling Quarter Update

York County, Maine

March 2018 – May 2018

March 2017 – May 2017

% Change Year-Over-Year

Number of Sales

877

856

2.45%

Median Sale Price

$259,900

$235,000

10.60%

Median Days on the Market

24

25

-4%

Number of New Listings

1633

1640

-0.43%

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, 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 March 1, 2017 through May 30, 2017 and March 1, 2018 through May 30, 2018.


Posted on June 7, 2018 at 10:31 AM
Derek Goff | Posted in The Goff Report, York County | Tagged , , , , , , ,

The Goff Report – Cumberland County, Maine, April 2018

Local Market Update for Cumberland County, Maine

Median Days on the Market dropped dramatically year-over-year, and also dropped dramatically from the January 2018-March 2018 numbers where the value was 35. Total sales and number of new listings were almost identical to a year ago, but median sales price was up 6% year-over-year in Cumberland County.

Though the number of new listings were down by just six in 2018, if you look back to 2016 numbers, we saw 1,643 new listings over the same February-April time period. It appears to be, and feels to be (buyers, in my experience, are still struggling to find homes where they don’t have to go well above asking price) a very similar market to a year ago.

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Rolling Quarter Update

Cumberland County, Maine

February 2018 – April 2018

February 2017 – April 2017

% Change Year-Over-Year

Number of Sales

714

713

0.14%

Median Sale Price

$291,500

$275,000

6.00%

Median Days on the Market

18

32

-43.75%

Number of New Listings

1171

1177

-0.51%

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 May 6, 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 February, 2017 through April 30, 2017 and February1, 2018 through April 30, 2018.


Posted on May 15, 2018 at 6:48 AM
Derek Goff | Posted in Cumberland County, The Goff Report | Tagged , , , , , , ,

The Goff Report – York County, Maine, April 2018

Local Market Update for York County, Maine

The number of new listings was up slightly year-over-year over the past three months. Despite the slight uptick in new listings, there still seems to be a lack of inventory evidenced by the whopping 14.83% increase in median sales price over the same period. Last year, we didn’t see an increase in new listings until the May-July time-frame. Could sellers be coming out of hibernation early?

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Rolling Quarter Update

York County, Maine

February 2018 – April 2018

February 2017 – April 2017

% Change Year-Over-Year

Number of Sales

569

538

5.76%

Median Sale Price

$279,900

$243,750

14.83%

Median Days on the Market

35

33

6.06%

Number of New Listings

1034

1005

2.89%

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 May 6, 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 February, 2017 through April 30, 2017 and February1, 2018 through April 30, 2018.


Posted on May 14, 2018 at 2:39 PM
Derek Goff | Posted in The Goff Report, York County | Tagged , , , , , , ,

The Maine Real Estate Network Becomes Bean Group

As of today, May 1, 2018, The Maine Real Estate Network has been re-branded to Bean Group.

Why Bean Group?

Some of you may have seen the news back in September that Bean Group had acquired The Maine Real Estate Network. Since then, Bean Group and The Maine Real Estate Network has run as two separate entities. Beginning today, we become one.

A major attracter of The Maine Real Estate Network was that no commission dollars went to some corporate entity halfway across the country. There was no one in Texas, New Jersey, or Colorado, who told us how we should be buying and selling real estate in Maine. Bean Group is also an independent agency (not a franchise), and while headquartered in Portsmouth, New Hampshire, they know the ins and outs of buying and selling real estate in Maine.

Also important to me is that everyone in leadership roles at Bean Group are working with me, not competing against me. They all were once real estate agents, but have since moved on to support roles, helping me to continue to provide “knock your socks off” service to clients.

Can you get discounts at LL Bean?

I could always use some new ultralight gear for hiking/camping with my daughter! Unfortunately the founder and CEO of Bean Group, Michael Bean, has no known relation to LL Bean. If someone wants to dig into Ancestry.com and find a connection, let me know!

What does this mean for clients?

Clients, both buyers and sellers, still work with me directly so nothing changes in that regard. My contact info (cell phone, email address, and website URL) remains the same, so don’t worry about updating any stored contact!

For sellers, Bean Group offers more sophisticated marketing tools, an in-house designer, and stronger brand requirements. Flyers have a more polished look, “Just Listed” cards are more eye-catching, and the signage (open house, for sale, and directional) portrays a more modern appearance. I always say that when you wish to sell,  your home should stand out, and this re-branding effort will make your home stand out against the competition more than ever before!

For buyers, we now have a more regional footprint, with offices in Massachusetts, Vermont, and New Hampshire. If you want the same service you received from me for your friends or family that may live out of state, I can research and choose which agent from Bean Group would work out best. I have already connected some relocating buyers to some great agents in New Hampshire!

Also, we join a group of agents already part of Bean Group Maine. We’ve grown from about 500 agents to roughly 900! Due to Bean Group’s sheer size, I often have access to homes that are off market or “coming soon”, something that can be a huge benefit to buyers in today’s competitive market!

I really liked the maroon and orange color scheme!

Stop it. No you didn’t. Sorry Loni!

Plus, the Bean Group blue really works better with my hair color…

I see you still being referenced as part of The Maine Real Estate Network on site x. Did you change your mind?

While some agents started the re-branding process early, I waited until the official May 1st changeover due to some active listings and marketing campaigns. Though I have a lengthy list of places to change, I suspect there will be some small corner of the internet where I’m still listed as being part of The Maine Real Estate Network in the days and weeks following the re-branding. If you find one, please let me know!

I haven’t fully decided yet, but as of now I plan to leave my old blog posts, particularly The Goff Report stats, as branded with The Maine Real Estate Network.

I have another question!

Shoot me an email, call, or text, and I’ll be happy to answer any questions you may have. Bottom line – as a result of this re-branding, my clients can expect an improvement in the service I provide, whether buying, selling, or both!


Posted on May 1, 2018 at 8:31 AM
Derek Goff | Posted in Bean Group |

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 | Posted in Cumberland County, The Goff Report | Tagged , , , , , , ,

The Goff Report – York County, Maine, March 2018

Local Market Update for York County, Maine

First quarter numbers are in! Median sales price saw an improvement of 12.45% in the first quarter compared to a year ago! The number of new listings lagged behind 2017’s numbers by 9.43%, limiting the supply of homes for sale, and driving up the demand. The limited inventory is becoming an issue for buyers this year, as it was in 2017, driving prices up and continuing the seller’s market. With interest rates rising, limiting buying power, will this continue? Time will tell…

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First Quarter Update

York County, Maine

January 2018 – March 2018

January 2017 – March 2017

% Change Year-Over-Year

Number of Sales

558

534

4.49%

Median Sale Price

$275,500

$245,000

12.45%

Median Days on the Market

41

44

-6.82%

Number of New Listings

758

838

-9.43%

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 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 10:19 AM
Derek Goff | Posted in The Goff Report, York County | Tagged , , , , , , ,

Why do you need to avoid overpricing your home

Following a recent listing appointment, I was asked, “If this is a seller’s market, why don’t we list $20,000 above market value and see what happens?”

Believe me, if I thought we could get $20,000 above market value on any of my listings, I would go for it! After all, the more money you sell your home for, the more we both get paid!

To help explain why this is not in your best interest to get the top price, I’ll use a couple of charts below.
One thing to keep in mind is that when your home is first listed is when it gets the most activity (showings). As days and weeks go by, you can expect the activity to subside.
You do get a small increase in activity after each price break, but it won’t match that first week or two. Because of this, we want to maximize our chances at getting an offer (ideally, multiple offers) during that first week or two.
Let’s say we price it at $270,000, but the market value (what the comparable homes are selling for) is somewhere around $250,000. We may get five showings that first week, three the second. These buyers know the market and have seen other homes priced at $270,000. They’ll recognize that your home is overpriced and move along. As the days on the market creep up in numbers, the less activity you will get. At around 30 days is usually when we start talking about price breaks in today’s market, and let’s say we reduce the price to $260,000 after 30 days. We then may get four showings the first week, then two the second. Again, buyers are aware of the market in this price range and feel it’s overpriced. Another 30 days go by and we hit the $250,000 price point. By now, it’s been on the market for 60 days. Buyers that see this often think that something’s wrong with the home. They also see that you’ve made two price reductions so assume you are desperate. You then get offers, but they are low ball offers. Offers like $20,000 below what you’re asking. You then begin thinking, “well, this is the best we’ve gotten, so we should try negotiating.” You then end up selling for the home for less than market value. Here’s a chart that may better illustrate the scenario:
Long story short, we want offers (plural) as quickly as possible. If we price at market value, get a ton of interest, and end up getting multiple offers, these multiple offers drive up the price. Now, this doesn’t always happen, but this is what we try to work towards. Since “Days on Market” are our enemy, I like to do a “Coming Soon” campaign which drives up demand before listing in the MLS. There are many details that have made past “Coming Soon” campaigns ridiculously successful, so contact me for more info!
Another thing to consider is the appraisal process. Since most real estate transactions involve a loan, the lender will only lend an amount up to the appraised price.  What happens if the appraised value comes in lower than the agreed upon sales price? Some appraisers will make things work if you’re within $10,000 of the value. For example, if we get multiple offers driving the price up to $255,000, some appraisers will work the numbers enough to make the value come out okay (some won’t, however, so keep that in mind!). Part of my job as your Realtor is to provide the appraiser with comparable homes that I found to justify the price, explain the activity the home received (if multiple offers, that helps our case!), benefits of the neighborhood, home improvements made since you purchased the home, and any and all amenities that justify the price.
The closer you price to market value, the more money you can expect from the sale!

Posted on March 30, 2018 at 11:34 AM
Derek Goff | Posted in Listing, Selling | Tagged , , , , ,