The summer selling season is in full swing, with continued good news for Sellers, and a little bit of relief in sight for Buyers.
Single Family Homes – Cumberland County
The market for single family homes in Cumberland County continues to be strongly tilted towards sellers. On the supply side, inventory for New Listings is up 28.4% over this time last year and Active Inventory is up 86.8% over the same period. So, if you are looking to buy, there are far more options available to choose from. However, it’s not all good news for buyers. Despite the increase in inventory, Months Supply remains an anemic 1.8 and the Median Days on Market is 7 days. So far, the increased inventory has not translated to price reductions, despite persistently high interest rates. The Median Home Sale Price ($592,500) is up slightly from June, but up 7.7% year over year; and the List/Sale Price is 102.2%.
Condominiums – Cumberland County
Buyers looking to downsize or find a pied a terre in Cumberland county are reeling from sticker shock. As with Single Family Homes, the supply of condos is loosening up a bit, with a 4.6% increase in New Inventory and at 17% increase in Active Inventory. However, Months Supply remains low at 2.1 months. This Sellers market has resulted in a 30.5% increase in Median Sales Price ($580,750) year over year. Despite the strong market appreciation, the List/Sale Price is 102.3%, indicating the condo market remains strong.
Click the link to see the full report: July 2024 Market Report
Have additional questions about the Cumberland County real estate market? Contact an expert Maine real estate agent at Town and Shore.
