Area Real Estate News & Market Trends

You’ll find my blog to be a wealth of information, covering everything from local market statistics and home values to buyer and seller tips. Please reach out if you have any questions at all. I’d love to talk with you!

July 15, 2020

York County, Maine, June 2020 | Real Estate Trends and Statistics


York County Maine Real Estate Trends and Statistics

Map of Maine highlighting York County

A couple of months ago I decided to "press pause" on The Goff Report due to the more rapidly changing market conditions. Below is an abbreviated version of my interactive Stats page to show the past three months compared previous year. This gives you a less cluttered look, and a quick way to visualize any differences between this year and last. 

The big story in the charts below is a continuation, but improvement, of the shortage of new listings in York County. In April, York County saw about a 41% reduction in new listings compared to a year ago. In May, that improved a bit with 24.44% reduction in new listings. June saw an 11.42% decrease. York County seems to be improving quicker than Cumberland County. In addition, median sales price increased by 6.56% in York County, just a bit above the 5.59% increase in Cumberland County. I suspect both counties will trend towards similar numbers as we move through the summer. 

Move your mouse over the dots below to view the numbers represented by each. 

Sales were compiled monthly 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 monthly periods displayed.

July 15, 2020

Cumberland County, Maine, June 2020 | Real Estate Trends and Statistics

Cumberland County Maine Real Estate Trends and Statistics

Map of Maine highlighting Cumberland County

A couple of months ago I decided to "press pause" on The Goff Report due to the more rapidly changing market conditions. Below is an abbreviated version of my interactive Stats page to show the past three months compared previous year. This gives you a less cluttered look, and a quick way to visualize any differences between this year and last. 

The shortage of new listings continued in June, with 17% less listings in June 2020 compared to June 2019, but numbers have improved from the dramatic 40% and 39% year-over-year decrease in April and May respectively. Combined with the lack of new listings, we saw a 25% decrease in sales in June (keep in mind that due to the sales cycle, these closings may have started 30-60 days prior) which contributed to the 5.59% increase in Median Sales Price for Cumberland County. We'll see if prices continue to stabilize when we look at July's numbers next month. 

York County again didn't see as dramatic of a difference in new listings, and saw Median Sales Price increase by 6.56%. I suspect both counties will trend towards similar numbers as we move through the summer. 

Move your mouse over the dots below to view the numbers represented by each. 

Sales were compiled monthly 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 monthly periods displayed.

June 15, 2020

York County, Maine, May 2020 | Real Estate Trends and Statistics


York County Maine Real Estate Trends and Statistics

Map of Maine highlighting York County

A couple of months ago I decided to "press pause" on The Goff Report due to the more rapidly changing market conditions. Below is an abbreviated version of my interactive Stats page to show the past three months compared previous year. This gives you a less cluttered look, and a quick way to visualize any differences between this year and last. 

The big story in the charts below is a continuation of the shortage of new listings for May. In April, York County saw about a 41% reduction in new listings compared to a year ago. In May, that improved a bit with 24.44% reduction in new listings. No doubt, this is COVID-related, but unlike Cumberland County, this is a marked improvement. In addition, median sales price increased by 5.53% in York County while Cumberland County only saw a 1.48% year-over-year increase. We'll see if listings continue to increase when we look at June's numbers next month. 

Move your mouse over the dots below to view the numbers represented by each. 

Sales were compiled monthly 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 monthly periods displayed.

June 15, 2020

Cumberland County, Maine, May 2020 | Real Estate Trends and Statistics

Cumberland County Maine Real Estate Trends and Statistics

Map of Maine highlighting Cumberland County

A couple of months ago I decided to "press pause" on The Goff Report due to the more rapidly changing market conditions. Below is an abbreviated version of my interactive Stats page to show the past three months compared previous year. This gives you a less cluttered look, and a quick way to visualize any differences between this year and last. 

The big story in the charts below is a continuation of the shortage of new listings for May. In April, Cumberland County saw about a 40% reduction in new listings compared to a year ago. In May, that trend continued with a 39.73% reduction in new listings. No doubt, this is COVID-related. What's interesting is that Median Sales Price increased by only 1.48% year-over-year. I suspect this is due to the sales cycle (30-60 days) and those who closed in May went under contract in March and April and maybe took less money due to future uncertainty. We'll see if prices continue to stabilize when we look at June's numbers next month. 

York County wasn't as dramatic, and actually saw an improvement in the Number of New Listings compared to April, though they did see a 24.44% decrease from the year before. They also saw Median Sales Price increase by 5.53%. I suspect both counties will trend towards similar numbers as we move through the summer. 

Move your mouse over the dots below to view the numbers represented by each. 

Sales were compiled monthly 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 monthly periods displayed.

May 14, 2020

York County, Maine, April 2020 | Real Estate Trends and Statistics


York County Maine Real Estate Trends and Statistics

Map of Maine highlighting York County

You may recall that last month I decided to "press pause" on The Goff Report due to the more rapidly changing market conditions. This month, I've decided to share an abbreviated version of my interactive Stats page to show just the past three months compared previous year. This gives you a less cluttered look, and a quick way to visualize any differences between this year and last. 

The big story in the charts below is the reduction in new listings for April. York County saw a 41.04%(!!) reduction in new listings compared to a year ago. This is, without a doubt, due to uncertainty surrounding COVID-19. Prior to the pandemic we were experiencing an inventory shortage in Cumberland and York counties which was driving prices higher and the market was definitely a seller's market. Due to the sales cycle, the stats don't yet show a continuation of a seller's market, though I am still seeing multiple offers and showing frenzies for listings. I would not be shocked to see prices continue to increase over the coming months.

The Maine Association of Realtors has pushed down COVID-19 guidelines which include banning of all open houses. Since there are no open houses, all showings are private. Earlier this year, we were seeing 20-30 (or more) groups come through open houses in addition to private showings. Now all those visitors are being spread out over private showings alone. This is putting added stress on sellers, especially those who still reside in the home they are selling and who are working from home, schooling their children, etc. It has been common practice for many Realtors to set a date/time to review any offers, and that's becoming more important in today's market in order to accommodate all of the showing requests and to ensure that the home receives the proper exposure.

While several buyers have "pressed pause" themselves, we have numbers proving sellers have as well. Anecdotally, it appears that we're seeing more impact on the listing side, as there are still homes fetching multiple offers immediately. We'll see how the numbers stack up in the coming months. 

Move your mouse over the dots below to view the numbers represented by each. 

Sales were compiled monthly 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 monthly periods displayed.

May 14, 2020

Cumberland County, Maine, April 2020 | Real Estate Trends and Statistics

Cumberland County Maine Real Estate Trends and Statistics

Map of Maine highlighting Cumberland County

You may recall that last month I decided to "press pause" on The Goff Report due to the more rapidly changing market conditions. This month, I've decided to share an abbreviated version of my interactive Stats page to show just the past three months compared previous year. This gives you a less cluttered look, and a quick way to visualize any differences between this year and last. 

The big story in the charts below is the reduction in new listings for April. Cumberland County saw a 39.88%(!!) reduction in new listings compared to a year ago. This is, without a doubt, due to uncertainty surrounding COVID-19. Prior to the pandemic we were experiencing an inventory shortage in Cumberland and York counties which was driving prices higher and the market was definitely a seller's market. Due to the sales cycle, the stats don't yet show a continuation of a seller's market, though I am still seeing multiple offers and showing frenzies for listings. I would not be shocked to see prices continue to increase over the coming months.

The Maine Association of Realtors has pushed down COVID-19 guidelines which include banning of all open houses. Since there are no open houses, all showings are private. Earlier this year, we were seeing 20-30 (or more) groups come through open houses in addition to private showings. Now all those visitors are being spread out over private showings alone. This is putting added stress on sellers, especially those who still reside in the home they are selling and who are working from home, schooling their children, etc. It has been common practice for many Realtors to set a date/time to review any offers, and that's becoming more important in today's market in order to accommodate all of the showing requests and to ensure that the home receives the proper exposure.

While several buyers have "pressed pause" themselves, we have numbers proving sellers have as well. Anecdotally, it appears that we're seeing more impact on the listing side, as there are still homes fetching multiple offers immediately. We'll see how the numbers stack up in the coming months. 

Move your mouse over the dots below to view the numbers represented by each. 

Sales were compiled monthly 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 monthly periods displayed.

April 17, 2020

The Goff Report – Pressing Pause, but Market Statistics Still Available

Local Market Update for Cumberland County and York County, Maine

Last month I didn't share the Goff Report on Social Media or do an email blast like I usually do. I simply posted my rolling quarter update on the blog of my website. At the time of the last Goff Report the seriousness of the COVID-19 pandemic had just started to be recognized. The NBA and NCAA basketball tournament had been cancelled, schools were starting to shut down, and quite frankly what the real estate market had been doing the previous three months didn't really matter. Everything had changed. It didn't make sense to celebrate, or even report everywhere. I did decide to post on my website, however, simply to remain consistent.

Typically, I report on a rolling quarter basis instead of monthly to get as much data as possible. This helps to be able to recognize a trend and provide enough data to be statistically significant. Since so much has changed in such a short period of time. Sales data for January and February is completely different than March, and it continues to change as we're in April. Also, keep in mind that sales are typically in progress 30 to 60 days prior to the close date, so the numbers tend to lag behind due to the sales cycle.

While I wanted to remain consistent last month with the Goff Report, I feel this month it's not worth reporting data over the past three months. So, like many others who are "pressing pause" on a number of things in their lives, I'm going to press pause on the Goff Report for now.

That said, I will continue to provide monthly data as we navigate through this pandemic. Monthly data for Cumberland and York Counties can be found here.

No one has a crystal ball to say how long "stay at home" orders will be in place and how long we'll all be practicing social distancing, but people still and always will need housing. Here are some things that I'm seeing that are worth reporting:

  • This economic hit is being compared to a natural disaster. Once the virus is controlled, we should recover quicker than downturns we've seen in the past.
  • Many sellers who were looking to upgrade or downsize have put these plans on hold until there is less uncertainty. Limited inventory has been a major driver in sales price increases over the past couple years, and this is going to cause the limited supply issue to get worse.
  • Many buyers have put a halt on their home search due to employment uncertainty. How the decrease in demand compares to the decrease in supply remains to be seen.
  • There are buyers and sellers out there that still need to move. There are buyers whose leases are ending, who just landed a job in Southern Maine, etc. There are sellers who just got a job out of town or out of state and need to sell, sellers who have lost their job and need to liquidate assets, etc.
  • Mortgage rates remain low.
  • Several mortgage companies are allowing sellers to delay payments. This will prevent many from the foreclosures we saw during the Great Recession.
  • Buyers from more urban areas are realizing the benefits of rural living, and many employers have adapted to telecommuting.
  • Last week, I had clients submit an offer on a home that had multiple offers.
  • I have a listing that has had zero showings and multiple offers based on virtual tours alone.
  • The typical summer "busy season" may extend into the fall/winter.

A reminder, monthly data for Cumberland and York Counties can be found here. These interactive charts will continue to be updated monthly.

March 18, 2020

The Goff Report – York County, Maine, March 2020 | Real Estate Trends and Statistics

Local Market Update for York County, Maine

Just a reminder, I recently expanded my typical rolling quarter statistics to show monthly numbers! Click here for the new page featuring interactive line graphs showing monthly statistics going back to January 2017.  Below is a snapshot of the new interactive graphs. 

I usually post these market updates monthly to see if we can recognize any trends that might help predict the future. Found on every stock broker's website is the phrase "Past performance is no guarantee of future results". This couldn't be more true today with housing as the news and our approach to suppress the spread of COVID-19 changes daily. The good news: in the short term, while there is definitely some uncertainty about the future, there are still buyers out there looking for homes and there are still sellers anxious to sell. Both buyers and sellers are taking more precautions to keep their families and the community at large safe, but with interest rates low, there are still buyers out there that are portraying confidence in the future of the economy. 

With The Goff Report, I report on rolling quarter statistics as opposed to monthly (and county as opposed to town) to get a larger number of data points to more accurately display housing trends in the two counties where I work the most. Because of this, changes to the economy lag behind in these statistics. In addition, the home sale cycle usually lags about 30-45 days behind. Buyers and sellers agree on terms 30-45 (sometimes more, and sometimes less, of course) prior to the home actually selling and showing up on these reports. As mentioned above, I have been keeping monthly stats for a few months now to help reduce this lag in reporting, though it will lag behind slightly due to the timing of the sales cycle. 

No one has a crystal ball to say how long advisories will recommend remaining in our homes and practicing social distancing, but people still and always will need housing. I will continue to update stats as we progress through 2020 and beyond.

Check out the graphic above and the numbers below for a snapshot of the real estate market in York County. 

Click here for monthly comparisons since 2017.

Rolling Quarter Update

York County, Maine

 

December 2019 -
February 2020

December 2018 - 
February 2019

% Change Year-Over-Year

Number of Sales

602

515

16.89%

Median Sale Price

$295,000

$269,900

9.48%

Average Days on the Market

51

71

-28.17%

Number of New Listings

618

574

7.67%

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 18, 2020, 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, 2018 through February 28, 2019 and December 1, 2019 through February 29, 2020.

March 18, 2020

The Goff Report – Cumberland County, Maine, March 2020 | Real Estate Trends and Statistics

Local Market Update for Cumberland County, Maine

Just a reminder, I recently expanded my typical rolling quarter statistics to show monthly numbers! Click here for the new page featuring interactive line graphs showing monthly statistics going back to January 2017.  Below is a snapshot of the new interactive graphs. 

I usually post these market updates monthly to see if we can recognize any trends that might help predict the future. Found on every stock broker's website is the phrase "Past performance is no guarantee of future results". This couldn't be more true today with housing as the news and our approach to suppress the spread of COVID-19 changes daily. The good news: in the short term, while there is definitely some uncertainty about the future, there are still buyers out there looking for homes and there are still sellers anxious to sell. Both buyers and sellers are taking more precautions to keep their families and the community at large safe, but with interest rates low, there are still buyers out there that are portraying confidence in the future of the economy. 

With The Goff Report, I report on rolling quarter statistics as opposed to monthly (and county as opposed to town) to get a larger number of data points to more accurately display housing trends in the two counties where I work the most. Because of this, changes to the economy lag behind in these statistics. In addition, the home sale cycle usually lags about 30-45 days behind. Buyers and sellers agree on terms 30-45 (sometimes more, and sometimes less, of course) prior to the home actually selling and showing up on these reports. As mentioned above, I have been keeping monthly stats for a few months now to help reduce this lag in reporting, though it will lag behind slightly due to the timing of the sales cycle. 

No one has a crystal ball to say how long advisories will recommend remaining in our homes and practicing social distancing, but people still and always will need housing. I will continue to update stats as we progress through 2020 and beyond.

Check out the graphic above and the numbers below for a snapshot of the real estate market in Cumberland County. 

Click here for monthly comparisons since 2017.

Rolling Quarter Update

Cumberland County, Maine

 

December 2019 -
February 2020

December 2018 - 
February 2019

% Change Year-Over-Year

Number of Sales

781

647

20.71%

Median Sale Price

$316,000

$293,000

7.85%

Average Days on the Market

47

53

-11.32%

Number of New Listings

592

722

-18.01%

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 18, 2020, 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, 2018 through February 28, 2019 and December 1, 2019 through February 29, 2020.

Feb. 17, 2020

The Goff Report – York County, Maine, February 2020 | Real Estate Trends and Statistics

Local Market Update for York County, Maine

Just a reminder, I recently expanded my typical rolling quarter statistics to show monthly numbers! Click here for the new page featuring interactive line graphs showing monthly statistics for 36 months going back to January 2017.  Below is a snapshot of the new interactive graphs. 

Total Sales increased for the second rolling quarter update in a row with 64 more sales than a year ago! New listings rose by 63 (just one less than the number of sales), which keeps supply and demand relatively static. Median sales price continues to soar like Aaron Gordon in this year's dunk contest (he was robbed!) with an increase of 6.14% compared to a year ago. With little change in supply and demand, and no relief in sight, I expect home values to continue to rise in the near future. Great news for home sellers and homeowners, but not so great news for those on the cusp of home ownership. 

Check out the graphic above and the numbers below for a snapshot of the real estate market in York County. 

Click here for monthly comparisons since 2017.

Rolling Quarter Update

York County, Maine

 

November 2019 -
January 2020

November 2018 - 
January 2019

% Change Year-Over-Year

Number of Sales

719

655

9.77%

Median Sale Price

$294,000

$277,000

6.14%

Average Days on the Market

47

63

-25.4%

Number of New Listings

633

570

-10.59%

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 14, 2020, 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, 2018 through January 31, 2019 and November 1, 2019 through January 31, 2020.