May 2017 Sales Update

May represented the second consecutive month where single family home sales were lower in 2016 vs 2017.  Below you will find the most recent sales real estate sales statistics for Maine, with a focus on the greater Portland area.

While home sales trended downward statewide, sales in Cumberland County rebounded in May – yet were still 19% below last year.  On a year to date basis, sales are down 13%.  Much of the lower sales results have been attributed to low inventory.  Using the month of May as an example, single family inventory reached its highest level in 2008 with 4,593 properties for sale.  In 2016 this number had dropped to 3,008 and in 2017 stood at 2,528.  This represents a decrease of 45% from the high-water mark – and 16% below last year.

When it comes to pricing, May represented the 16th month out of the last 17 were current median prices outpaced those of the prior year.  The median price in Cumberland County is now 277,700, up 11%.

The percentage of homes under contract compared to inventory varies considerably by town, and those statistics are available on our website, but in Cumberland County this percentage stands at 48% compared to only 12% in 2008.
So, is inventory low – Yes it is!  Is there competition for fairly priced homes – absolutely!  Are there some homes overpriced and lingering on the market – Yes again!.

National View

Nationally, single-family home sale increased 2.7% in May.  NAR reported a nationwide median selling price (MSP) of $254,000 – a 6% increase from a year ago.  The Northeaster US experienced a sales increase of 2.6%, and the regional MSP rose 4.7% to $281.000.

Total inventory at the end of May rose 2.1% to 1.96 million existing homes available for sale, but is still 8.4% lower than a year ago (2.14 million) and has fallen year-over-year for 24 consecutive months. Unsold inventory is at a 4.2-month supply at the current sales pace, which is down from 4.7 months a year ago.

Thinking of Buying or Selling?

If you are considering selling in the near future, now is clearly the time to put you home on the market – and of course, we are the company to call………..As Ben Franklin once said: Well done is better than well said.   Until next time…..Imagine More!