Single Family Homes in Cumberland County:
The Median Sale Price for single family homes fell by 5.5% to $526,500 compared to October, continuing the downward trend over the past few months. The housing market in Cumberland County has softened a bit, with fewer active listings (-30.2%) and fewer closed sales (-26%). As demand has fallen off, months supply of inventory has increased 31.5% over last month. It’s not all good news for buyers though, Months Supply of Inventory remains an anemic 2, indicating it’s still a seller’s market. The average List price received is 100.7%. With the holidays fast approaching, December looks to be fairly flat; but we are seeing signs that the Spring market should be robust.
Condominiums in Cumberland County:
The Condo market follows the pattern seen in single family homes, but with a significant drop in supply and stalling demand. The Median Sale Price fell 5.9% to $433,000. There were significantly fewer closings compared to October, down 25.6%. Condos are also taking longer to sell, with a Median of 19 days, roughly 58% longer than last month. As with single family homes, the list price to sale price is 100.3%, but there are fewer options to choose from. New listings are down 39.3% and active inventory is down 2.9%. Despite the drop in inventory, the Months Supply of Inventory has jumped 30.6%, to 3.5 months - indicating a balanced market.
Click the link to see the full report: November 2024 Market Report
Have additional questions about the Cumberland County real estate market? Contact an expert Maine real estate agent at Town and Shore.
