Single Family Homes in Cumberland County:
The December numbers are in, and the real estate market continues to show resilience. The Median Sale Price for Single Family Homes in Cumberland County surged to $605,000, reflecting a significant 14.9% increase over last month, and an impressive 22.2% gain compared to the same time last year. This price appreciation is mirrored in a 3.8% rise in the sold price per square foot compared to December 2023.
Despite the strong price growth, inventory remains a challenge. New listings were down 38.5% compared to last month, and overall active inventory dropped 26.5%. The current Months Supply of Inventory stands at just 1.4, a 26.2% decrease from November. While the reduced inventory is partly due to the holiday season, we anticipate some recovery in the New Year as more listings come to market.
In terms of sales, closed transactions remained relatively flat month-over-month but were up a healthy 25.8% year-over-year. The Median Days on Market increased by 64.7% compared to November, with homes now taking about 14 days on average to go under contract. This is a sign that while the market remains competitive, buyers may be taking slightly longer to make decisions.
Finally, prices have held steady, with properties selling for an average of 99.4% of asking price, maintaining a strong market position as we close out the year.
The Cumberland County condo market continues to follow the same trends as the single-family home market: rising prices, longer market times, and constrained inventory. In December, the Median Condo Sale Price reached $500,000, a 15.5% increase over November, and a 3.6% gain compared to last year. Condo sales saw a healthy uptick, with 75 units sold in December—29% more than the previous month.
The sold price per square foot also rose significantly, up 13.9% from November to $410, marking a 23.5% increase year-over-year. While the price per square foot continues to climb, sales activity has slowed, with the Median Days on Market now at 33 days, up from previous months.
As with single-family homes, inventory remains a pressing concern in the condo market. New Listings were down 29.7% from November, and Active Inventory decreased by 16.5% over the same period. The current Months Supply of Inventory stands at 2.3, suggesting that buyers may have a bit more negotiating power in the condo market, though inventory levels remain low.
Click the link to see the full report: December 2024 Market Report
Have additional questions about the Cumberland County real estate market? Contact an expert Maine real estate agent at Town and Shore.
