Cumberland County Single Family Homes
The August numbers are in, and Cumberland County’s housing market continues to show resilience. The Median Single Family Home price increased slightly over the prior month to $600,000, but that’s a whopping 13.2% increase year over year. The List Price Received remains robust at 101.9%, a slight drop over last month and a 2.5% drop compared to last year. On the supply side, New Listings are up 12.2% year over year. In what could be signs that the market is shifting, Active inventory is up 23% over last month and 63.5% year over year. Although Months Supply of inventory remains low at 2%, that’s actually up 70.4% over last year and 23.4% over July. Some of this may be attributable to a traditional slow down in August, but it may also be an early signal that demand is starting to return to pre-pandemic normalcy.
Cumberland County Condos
The Condo market slowed down compared to July, but we are still seeing price appreciation year over year. Although the Median Sale Price for a condo declined 9.4% compared to July, overall the condo market has appreciated 13.7% compared to August of last year. As with Single Family Homes, the Sale Price Received is still above asking at 101.1%. There are more options for buyers to choose from as Active Inventory has increased almost 22% since July; however, Months Supply of Inventory remains favorable to Sellers at 2.
Now that August is behind us, we expect the next few months before the holidays to see strong market activity. If the Federal Reserve cuts rates as expected, will Buyers release pent up demand, or will the election season overbear lower rates?
Click the link to see the full report: August 2024 Market Report
Have additional questions about the Cumberland County real estate market? Contact an expert Maine real estate agent at Town and Shore.
