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 | Category: Cumberland County, The Goff Report | 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 | Category: Cumberland County, The Goff Report | Tagged , , , , , , ,

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 , , , , , , ,

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

751

753

-0.27%

Median Sale Price

$287,000

$269,000

6.69%

Median Days on the Market

48

38

26.32%

Number of New Listings

689

608

0.57%

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 , , , , , , ,

The Goff Report – Cumberland County, Maine, January 2018

Local Market Update for Cumberland County, Maine

Perhaps the biggest surprise for the market in November-January is that the median days on the market is up 9 days compared to this period a year ago! Based on this statistic alone, one would think that the market might be shifting to a buyer’s market, but if you look one stat up you’ll see that the median sales price was up 11.15%! It’s getting warmer out, the sun is out longer, and the snow should begin to melt any day now (it will eventually, I promise!). As sellers come out of hibernation this spring, time will tell whether we get a repeat of last year’s seller’s market…

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Rolling Quarter Update

Cumberland County, Maine

November 2017 – January 2018

November 2016 – January 2017

% Change Year-Over-Year

Number of Sales

922

891

3.48%

Median Sale Price

$289,000

$260,000

11.15%

Median Days on the Market

40

31

29.03%

Number of New Listings

703

699

0.57%

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 February 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 November 1, 2016 through January 31, 2017 and November 1, 2017 through January 31, 2018.

Posted on February 12, 2018 at 1:25 PM
Derek Goff | Category: Cumberland County, The Goff Report | Tagged , , , , , , ,

The Goff Report – 2017 Year in Review – Cumberland and York Counties, Maine

Local Market Update for Cumberland and York Counties, Maine

This month’s Goff Report contains the typical quarterly review, but I’ve added a bonus “Year in Review” where I drill down into stats with individual towns. Let’s start with a quarterly review of both Cumberland and York Counties. See the table below for statistics of the last quarter of real estate sales.

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Quarter Update

Cumberland County, Maine

October-December 2017

October-December 2016

% Change Year-Over-Year

Number of Sales

1067

1048

1.81%

Median Sale Price

$280,000

$260,000

7.69%

Median Days on the Market

32

23

39.13%

Number of New Listings

866

810

6.91%

 

York County, Maine

October-December 2017

October-December 2016

% Change Year-Over-Year

Number of Sales

877

684

28.22%

Median Sale Price

$264,000

$250,000

5.60%

Median Days on the Market

37

41

-9.76%

Number of New Listings

675

645

4.65%

Local Market Update for Cumberland and York Counties, Maine – Year in Review

Okay, onto the year in review. Why did I stick with Cumberland and York Counties? These are the counties where I do the most business. Sure, I’ve sold homes in Sagadahoc and Androscoggin Counties, and even a couple in Knox County, but Cumberland and York Counties are where I work most. The Maine Association of REALTORS® publishes statewide statistics, but I feel these are misleading. Real estate trends are local, and can vary from county to county, town to town, and even neighborhood to neighborhood. The real estate market in Presque Isle is vastly different from the market in Portland. Though the statewide statistics do tell a story, it doesn’t paint an accurate picture of the local real estate market. The same could be said about the counties I use. As you’ll see below in the town-by-town breakout, the market in Gray is vastly different than the market in Falmouth (take a look at the median sales price), even though they are separated by just one town. That’s why for the “Year in Review” I have isolated some of Portland’s surrounding towns to give you a better idea of the market in your hometown. Did I skip your hometown? Let me know, and I’ll add it to the list.

See the images and tables below for annual real estate statistics for Cumberland and York Counties **Oops, on the email I sent out I inadvertently showed that New Listings had increased in 2017 for Cumberland County. This has been corrected below. **:

  

Yearly Update – 2017 vs. 2016

Cumberland County, Maine

January-December 2017

January-December 2016

% Change Year-Over-Year

Number of Sales

4135

4305

-3.95%

Median Sale Price

$315,000

$295,000

6.78%

Median Days on the Market

18

21

-14.29%

Number of New Listings

5272

5571

-5.37

 

York County, Maine

October-December 2017

October-December 2016

% Change Year-Over-Year

Number of Sales

3147

3149

-0.06%

Median Sale Price

$297,500

$279,000

6.63%

Median Days on the Market

26

36

-27.78%

Number of New Listings

4252

4385

-3.03%

Monthly Comparisons

Let’s look at it month-by-month. This time, we’ll look just at Median Sales Price and Number of New Listings.  Here’s Cumberland County:

You’ll see that in March 2016 vs. March 2017, median sales price was almost identical ($259,750 in 2016 and $260,000 in 2017). We then saw a huge jump in April 2017 compared to April 2016. Remember that real estate sales typically take 30-60 days from offer acceptance to closing. So that April increase in sales price really began 30-60 days prior.

Why were prices higher this year? A large reason was due to inventory shortage. Here’s what the Number of New Listings looked like for each month for the past two years:

You’ll see in 2017 we didn’t see an increase in the number of new listings until May, when sellers finally recognized they should be capitalizing on the seller’s market! After the big jump in May, home sellers roughly kept on pace with 2016’s monthly number of new listings.

Here’s York County:

Unlike Cumberland County, York County didn’t see a month where median sales price was close to identical in 2017 compared to 2016 until December where the value was $248,100 in 2016 and $249,900 in 2017.

Sellers in York County didn’t realize they should be capitalizing on the inventory shortage until June, but only barely outpaced 2016 for the rest of the year.

Town-by-Town Breakdown

Let’s take a look at Portland and some of the surrounding towns.

Since Portland is the most populated city in Cumberland County (and Maine), I wanted to see how Portland fared compared to the whole of Cumberland County. See the table below.

Portland, Maine

January-December 2017

January-December 2016

% Change Year-Over-Year

Number of Sales

529

629

-15.9%

Median Sale Price

$286,000

$262,000

9.16%

Median Days on the Market

11

12

-8.33%

Number of New Listings

625

707

-11.6%

Not surprisingly, there was a more dramatic change in each category except for Median Days on the Market compared to Cumberland County as a whole. Most people like to look at the Median Sales Price, since that gives you a good idea of how much property values are fluctuating year-over-year. Portland saw a 9.16% increase in Median Sales Price, while the whole of Cumberland County saw a 6.78% increase.

This got me thinking. How do some of the surrounding towns compare? To minimize the chance of information overload, I took out Median Days on the Market and Number of New Listings for the surrounding towns. I started with the bordering towns and then went outward to include towns where I have interest. The interest in each town could be due to listings I had in 2017, and where I anticipate having listings in 2018, or just simple curiosity. In 2017 I sold homes in Freeport, Naples, Limington, Sebago, etc., but truth be told, I didn’t want to overload this blog post with a ridiculously large number of towns. If I missed your hometown, and you want to see data, please let me know!

January-December 2017

January-December 2016

% Change Year-Over-Year

Cape Elizabeth

Number of Sales

159

147

8.16%

Median Sale Price

$469,750

$462,500

7.41%

Cumberland

Number of Sales

163

188

-13.30%

Median Sale Price

$410,781

$360,219

14.04%

Falmouth

Number of Sales

195

202

-3.47%

Median Sale Price

$480,000

$467,750

2.26%

Gorham

Number of Sales

253

247

2.43%

Median Sale Price

$295,000

$265,000

11.32%

Gray

Number of Sales

144

152

-5.26%

Median Sale Price

$247,550

$219,950

12.55%

New Gloucester

Number of Sales

76

71

7.04%

Median Sale Price

$237,250

$219,000

8.33%

North Yarmouth

Number of Sales

70

50

40%

Median Sale Price

$377,500

$328,750

14.83%

Portland

Number of Sales

529

629

-15.9%

Median Sale Price

$286,000

$262,000

9.16%

Scarborough

Number of Sales

350

348

0.57%

Median Sale Price

$401,250

$369,000

8.74%

South Portland

Number of Sales

302

310

-2.58%

Median Sale Price

$261,500

$252,750

3.46%

Standish

Number of Sales

157

144

9.03%

Median Sale Price

$234,000

$220,100

6.32%

Westbrook

Number of Sales

243

274

-11.31%

Median Sale Price

$235,000

$224,700

4.58%

Windham

Number of Sales

289

321

-9.97%

Median Sale Price

$254,500

$235,000

8.3%

Yarmouth

Number of Sales

133

114

16.67%

Median Sale Price

$465,500

$414,750

12.24%

Not surprisingly, every town chosen saw an increase in Median Sales Price in 2017 compared to 2016. Historically, communities with good to great school districts tend to have property values that are more stable in down years, and increase more when the economy is good. While I wouldn’t consider any of the towns listed as being part of a poor school district, what surprised me the most is that Falmouth saw the lowest increase in Median Sales Price at just 2.62%. Gray meanwhile, a town in a school district that tends to get lower ratings than some of the surrounding communities, saw an increase of 12.55%.

Take a look at the values of the Median Sales Price in these two towns. Falmouth’s was double that of Gray’s in 2016 ($467,500 compared to $219,950), and only slightly less than double in 2017 ($480,000 compared to $247,550). Of all the towns listed, Falmouth had the highest Median Sales Price in 2016 and second highest (behind Cape Elizabeth) in 2017. Despite the more dramatic increase in sales price, Falmouth still attracts those with more spending power.

Let’s continue on that “great school district” train of thought. Take a look at increases at Cumberland, North Yarmouth, and Yarmouth. These three towns had three of the top four increases in Median Sales Price. They also have had nationally ranked school systems in recent years. Cape Elizabeth, the other town that has been seen on national rankings, saw a 7.1% increase, but jumped Falmouth as having the top Median Sales Price in 2017 at $496,750.

With 2017 now behind us, I don’t see any slowing down! 2018 is poised to be another record breaking year!

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 January 8, 2017, from Maine MLS data from sales of single family homes. To see complete data, go to http://TheGoffReport.DerekGoff.com.
Data based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period January 1, 2016 through December 31, 2016 and January 1, 2017 through December 31, 2017.

Posted on January 15, 2018 at 9:23 AM
Derek Goff | Category: Cumberland County, The Goff Report, York County | Tagged , , , , , , , , ,

The Goff Report – Cumberland County, Maine, November 2017

Local Market Update for Cumberland County, Maine

September through November saw similar year-over-year increases to August through October. Sales are still up from a year ago, as is the median sales price and number of new listings. Seller’s still have an advantage in this market, though the median sales price increase of 5.09% is lower than the ~7% we’ve seen for most of the year. Stay tuned for next month, where I will compile statistics for all of 2017 for a year in review!

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Rolling Quarter Update

Cumberland County, Maine

September-November 2017

September-November 2016

% Change Year-Over-Year

Number of Sales

1170

1092

7.14%

Median Sale Price

$278,500

$265,000

5.09%

Median Days on the Market

19

22

-13.64%

Number of New Listings

1172

1093

7.23%

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 December 8, 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 September 1, 2016 through November 30, 2016 and September 1, 2017 through November 30, 2017.

Posted on December 14, 2017 at 10:29 AM
Derek Goff | Category: Cumberland County, The Goff Report | Tagged , , , , , , ,

The Goff Report – Cumberland County, Maine, October 2017

Local Market Update for Cumberland County, Maine

Sales are up, new listings are up, which continue to highlight that the seller’s market is ending. Prices are up, and days on the market is down, which means sellers still have an advantage in today’s market, despite the increase in new listings. A 4.57% increase in sales price over a year ago is definitely a good sign for sellers, but it’s less than what we’ve seen earlier this year where it has hovered around a 7% increase.

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Rolling Quarter Update

Cumberland County, Maine

August-October 2017

August-October 2016

% Change Year-Over-Year

Number of Sales

1275

1180

8.05%

Median Sale Price

$285,00

$272,550

4.57%

Median Days on the Market

16

19

-15.79%

Number of New Listings

1442

1349

6.89%

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 November 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 August 1, 2016 through October 31, 2016 and August 1, 2017 through October 31, 2017.

Posted on November 13, 2017 at 9:44 AM
Derek Goff | Category: Cumberland County, The Goff Report | Tagged , , , , , , ,

The Goff Report – Cumberland County, Maine, September2017

Local Market Update for Cumberland County, Maine

The number of sales increased 4.13% compared to 2016. This was the first increase we’ve seen all year! I’ve been pointing to statistics showing that the seller’s market is coming to an end, and here is more data to back that up. Despite this, and median days on the market and number of new listings also seeing increases, sellers fetched 7.27% more in sales price compared to a year ago. If we continue to see these increases, I would expect sales price to stabilize. We’re headed into the last stretch before the snow hits, so we’ll see what happens!

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Quarterly Update

Cumberland County, Maine

July-September 2017

July-September 2016

% Change Year-Over-Year

Number of Sales

1310

1252

4.13%

Median Sale Price

$295,000

$275,000

7.27%

Median Days on the Market

18

12

50%

Number of New Listings

1542

1538

0.26%

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 October 6, 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 July 1, 2016 through September 30, 2016 and July 1, 2017 through September 30, 2017.

Posted on October 6, 2017 at 1:48 PM
Derek Goff | Category: Cumberland County, The Goff Report | Tagged , , , , , , ,

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 , , , , , , ,