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!

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.

Feb. 14, 2020

The Goff Report – Cumberland County, Maine, February 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 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 123 more sales than a year ago! New listings are still down from a year go, which will continue to drive up that median sales price. Speaking of median sales price, values continue to soar like Aaron Gordon in this year's dunk contest (he was robbed!) with an increase of 7.62% compared to a year ago. Demand is on the rise, supply remains low, and we don't seem to have any relief in sight. 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 Cumberland County. 

Click here for monthly comparisons since 2017.

Rolling Quarter Update

Cumberland County, Maine

 

November 2019 -
January 2020

November 2018 - 
January 2019

% Change Year-Over-Year

Number of Sales

939

816

15.07%

Median Sale Price

$325,000

$302,000

7.62%

Average Days on the Market

41

47

-12.77%

Number of New Listings

625

699

-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.

Jan. 21, 2020

The Goff Report – York County, Maine, January 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. 

Now, onto the fourth quarter update! Total Sales increased slightly despite 4.74% less New Listings during this period compared to a year ago. This has further driven up prices (4.26% increase, though not as large as Cumberland County) as supply remains low and we don't seem to have any relief in sight. I constantly field questions about my thoughts on where the market is heading, and I continue to repeat that nothing in the numbers indicate to me that any major slowdown is on the horizon. 2020 is shaping out to be another year of higher real estate values!

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

 

October 2019 -
December 2019

October 2018 - 
December 2018

% Change Year-Over-Year

Number of Sales

837

813

2.95%

Median Sale Price

$294,000

$282,000

4.26%

Average Days on the Market

49

56

-12.5%

Number of New Listings

703

738

-4.74%

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 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 of October 1, 2018 through December 31, 2018 and October 1, 2019 through December 31, 2019.

Jan. 21, 2020

The Goff Report – Cumberland County, Maine, January 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 for 36 months going back to January 2017.  Below is a snapshot of the new interactive graphs. 

Now, onto the fourth quarter update! Total Sales increased slightly despite 8.62% less New Listings during this period compared to a year ago. This has further driven up prices (6.67% increase!) as supply remains low and we don't seem to have any relief in sight. I constantly field questions about my thoughts on where the market is heading, and I continue to repeat that nothing in the numbers indicate to me that any major slowdown is on the horizon. 2020 is shaping out to be another year of higher real estate values!

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

 

October 2019 -
December 2019

October 2018 - 
December 2018

% Change Year-Over-Year

Number of Sales

1,053

1,046

0.67%

Median Sale Price

$328,000

$307,488

6.67%

Average Days on the Market

39

42

-7.14%

Number of New Listings

774

847

-8.62%

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 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 October 1, 2018 through December 31, 2018 and October 1, 2019 through December 31, 2019.

Dec. 16, 2019

The Goff Report – York County, Maine, December 2019 | Real Estate Trends and Statistics

Local Market Update for York County, Maine

In October, I 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. 

Now, onto the rolling quarter update! We saw 51 less sales and 51 less new listings this rolling quarter compared to the same period a year ago (odd, but Cumberland County saw the same number difference in these categories as well). Median Sales Price keeps rising and homes are selling quicker as a result of the lack of supply. There is a definite seasonal slowdown contributing to the lack of supply, which is typical for this time of year (as seen here), but there is still no indication that the market as a whole is slowing.  

In addition to the county statistics, I have recently been highlighting towns within the county with the largest percentage increase in median sales price. Since some towns are smaller and have fewer sales, I limit this to towns with more than 30 sales during the previous 3 months. The winners for this rolling quarter are:

1. Sanford- Median sales price increase of 27.65%!

2. Waterboro - Median sales price increase of 20.54%!

3. Saco - Median sales price increase of 17.59%!

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

 

September 2019 -
November 2019

September 2018 - 
November 2018

% Change Year-Over-Year

Number of Sales

861

882

-5.25%

Median Sale Price

$300,000

$282,000

6.38%

Average Days on the Market

47

52

-9.62%

Number of New Listings

920

971

-5.25%

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 12, 2019, 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, 2018 through November 30, 2018 and September 1, 2019 through November 30, 2019.

Dec. 16, 2019

The Goff Report – Cumberland County, Maine, December 2019 | Real Estate Trends and Statistics

Local Market Update for Cumberland County, Maine

In October, I 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. 

Now, onto the rolling quarter update! We saw 96 less sales and 96 less new listings this rolling quarter compared to the same period a year ago. Median Sales Price keeps rising and homes are selling quicker as a result of the lack of supply. There is a definite seasonal slowdown contributing to the lack of supply, which is typical for this time of year (as seen here), but there is still no indication that the market as a whole is slowing.  

In addition to the county statistics, I have recently been highlighting towns within the county with the largest percentage increase in median sales price. Since some towns are smaller and have fewer sales, I limit this to towns with more than 30 sales during the previous 3 months. The winners for this rolling quarter are:

1. Naples- Median sales price increase of 24.03%!

2. South Portland - Median sales price increase of 19.64%!

3. Harpswell- Median sales price increase of 16.35%!

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

 

September 2019 -
November 2019

September 2018 - 
November 2018

% Change Year-Over-Year

Number of Sales

1,101

1,160

-8.27%

Median Sale Price

$330,000

$305,000

8.20%

Average Days on the Market

36

41

-12.20%

Number of New Listings

1,065

1,161

-8.27%

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 12, 2019, 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, 2018 through November 30, 2018 and September 1, 2019 through November 30, 2019.

Nov. 15, 2019

The Goff Report – York County, Maine, November 2019 | Real Estate Trends and Statistics

Local Market Update for York County, Maine

Last month I 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 one of the new interactive graphs. 

Now, onto the quarterly update! Median Sales Price increased yet again from August through October compared to a year ago. This time up 8.45% compared to a year ago, while we saw a 10.13% drop in new listings (122 less homes listed compared to a year ago!). While I expect things to slow seasonally in the coming months, there is no indication that the market as a whole is slowing.  

Last month, I highlighted towns with the largest percentage increase in median sales price. Since some towns are smaller and have fewer sales, I limit this to towns with more than 30 sales during the previous 3 months. The winners for this quarter are:

1. Wells- Median sales price increase of 26.54%!

2. Berwick - Median sales price increase of 24.25%!

3. Sanford - Median sales price increase of 23.57%!

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

 

August 2019 -
October 2019

August 2018 - 
October 2018

% Change Year-Over-Year

Number of Sales

957

970

-1.34%

Median Sale Price

$304,750

$281,000

8.45%

Average Days on the Market

47

50

-6%

Number of New Listings

1,082

1,204

-10.13%

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 13, 2019, 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, 2018 through October 31, 2018 and August 1, 2019 through October 31, 2019.

Nov. 15, 2019

The Goff Report – Cumberland County, Maine, November 2019 | Real Estate Trends and Statistics

Local Market Update for Cumberland County, Maine

Last month I 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. 

Now, onto the quarterly update! Number of sales dropped slightly from a year ago after seeing an increase of 5.58% last month, which was the most dramatic increase we had seen in a couple years. Median Sales Price increased yet again. This time up 8.33% compared to a year ago, while we saw a 5.45% drop in new listings. While I expect things to slow seasonally in the coming months, there is no indication that the market as a whole is slowing.  

Last month, I highlighted towns with the largest percentage increase in median sales price. Since some towns are smaller and have fewer sales, I limit this to towns with more than 30 sales during the previous 3 months. The winners for this quarter are:

1. Harpswell- Median sales price increase of 19.39%!

2. Bridgton - Median sales price increase of 18.97%!

3. Casco - Median sales price increase of 17.54%!

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

 

August 2019 -
October 2019

August 2018 - 
October 2018

% Change Year-Over-Year

Number of Sales

1,247

1,258

-0.87%

Median Sale Price

$325,000

$300,000

8.33%

Average Days on the Market

34

37

-8.11%

Number of New Listings

1,352

1,430

-1.76%

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 13, 2019, 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, 2018 through October 31, 2018 and August 1, 2019 through October 31, 2019.