The summer housing market in Maine is in full swing, with inventory, sales, and prices all on the rise. The number of new Single Family Home listings is up 16.5% year over year, but June’s active listings are down slightly from May. Closed sales are up 23% since May, and the Median Days on Market has dropped over 15% to 5 days. Buyers appear to be more selective this year, as inventory is up 64.6% year over year and 43.2% compared to May. This could be an early sign that we are moving towards a more balanced market. However, inventory remains very low at 1.7 Months of Supply, a 59% improvement over last year and a 16.4% improvement over last month. The new Median Sale Price for Single Family Homes is $585,000, which is a 4% appreciation over the previous year. The Average List/Sale Price is 102.7%. As our Seller clients consider when to put their home on the market, the message is twofold: 1) it’s still a strong seller's market, and we continue to see price appreciation, and 2) prepping your home for the market is more critical to attract discerning buyers.
The Condo Market in Cumberland County is tracking closely with the single-family home market, but appears to be a slightly stronger seller’s market. The median sale price for June is $554,900, which is up 8.8% over last month and almost 30% year over year. The number of closings is up 41.5%, at least in part due to Town and Shore’s closing of Hobson’s Landing Phase 2. Like Single-family homes, Condos are moving quickly, with a Median of 7 Days on Market and a List/Sale price ratio of 102.8%. End-of-school activities likely contributed to an 18% rise in Active Inventory, which should drop in the coming months as the summer market continues. Months Supply of Inventory remains very low, at 1.9 months, indicating Seller still maintains a strong position.
Click the link to see the full report: June 2024 Market Report
Have additional questions about the Cumberland County real estate market? Contact an expert Maine real estate agent at Town and Shore.
