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 | Category: 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 | Category: 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 | Category: 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 | Category: 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 | Category: 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 | Category: The Goff Report, York County | 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 – 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 | Category: The Goff Report, York County | 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 – York County, Maine, February 2018

Local Market Update for York County, Maine

December through February tends to be the slowest time of the year for real estate sales in Maine. The past three months were no different than in previous years. Sales were able to top 600 in York County during this period, but the number of new listings were down more than 8% from the same period the previous year. Median sales price saw a slightly higher value than the last Goff Report, but still remained lower than we saw in most of 2017 at 3.64%.

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Rolling Quarter Update

York County, Maine

December 2017 – February 2018

December 2016 – February 2017

% Change Year-Over-Year

Number of Sales

602

558

7.89%

Median Sale Price

$259,000

$249,900

3.64%

Median Days on the Market

47

41

14.63%

Number of New Listings

555

604

-8.11%

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 11:44 AM
Derek Goff | Category: The Goff Report, York County | Tagged , , , , , , ,