Cheaper money, increased inventory and lower prices. Is this the market correction we’ve all been waiting for? The October numbers are in and there are promising signs that housing may be slightly more affordable for buyers locked out of the market. Inventory remains an issue, but we are seeing positive changes for homebuyers.
Single Family Homes in Cumberland County:
The Median Sale Price for single family homes fell .5% since last month – down to $557,300. Buyers seeking bargains will have to wait a while longer as the list price/sale price ratio remains a stubborn 100.2%. That’s down 2.4% from last year. The good news is that new listings are up 3.9% over September and 22.8% over last year. Median Days on Market is up 11.1% over last month. With new inventory sticking around longer, Active Inventory is up 11.2% since September and 36.1% year over year. Some of this data may be attributed to the seasonality of real estate, the national election, and other factors.
Condominiums in Cumberland County
Condos have taken a bigger hit compared to the Single Family market, with a 9.5% drop in Median Sales price compared to September. List/Sale Price remains fairly constant at 99.4%, but the time it takes to sell a new condo listing has doubled to 12 Days year over year. New Listings are fairly steady from September, but up 44% over last year. With Active Inventory up 16.3% over last month, there are 3 months Supply of Inventory, indicating a balance in the market between Sellers and Buyers.
In the long term, we remain bullish on the housing market due to a chronic lag in new construction and continued low unemployment. Turnkey homes will continue to move more quickly as the cost of materials and labor are prohibitive for the average homebuyer.
Click the link to see the full report: October 2024 Market Report
Have additional questions about the Cumberland County real estate market? Contact an expert Maine real estate agent at Town and Shore.
