November Real Estate Sales Update
Sales Rebound in November
Single family homes sales in Maine were up 16.3% in November 2016 compared to November 2016, as 1,417 properties were sold. This represents the 11th consecutive month of 2016 where this year’s sales outpaced results of the prior year.
Following five months of lower sales in 2016, the results in Cumberland County rebounded significantly as November sales of 340 represented a 22.3% increase over 2016.
The graph below includes year-to-date sales comparisons for many local communities as well as Maine and Cumberland and York Counties. YTD sales for Maine and York County are up similar amounts - 11.0% and 12.0%, while Cumberland County is considerably behind at 2.4%. Additionally, (and somewhat concerning), sales in Cumberland County over the last three months are down 1.0% - the only county in Maine reporting lower sales during this period (vs the same period last year).
While not included in the graph, condo sales were also up in November – 30.0% for the Maine, bringing the YTD totals to 9.6% ahead of last year. The median selling price (MSP) of a condo in Maine is $209,700 compared to $199,000 in 2015. Despite a very strong sales month in November, YTD condo sales in Cumberland County are up only 1.9% over 2015, while the MSP of $245,450 is up 9.9%.
Single Family Selling Prices
The median selling price in Maine in November was $191,863, up 6.6% over the prior year. The YTD MSP is up 5.0%. While the median selling price in Cumberland County continues to outpace that of 2015, the MSP of $260,000 in November 2016 was below November 2015 (less than 1%) for the first time in any month this year.
As clearly indicated in the graph below, many local southern Maine communities are experiencing lower sales this year compared to last year, led by Kennebunkport and Cape Elizabeth. Yet, MSP prices continue strong, even considering the slight fall back in the month of November. During the last several months there has been more pressure on higher-priced properties in our area.
Nationally & Regionally
For the third consecutive month sales of existing homes increased nationally in year-over-year comparisons. A big surge in the Northeast and a smaller gain in the South drove the results forward.
Total existing-home sales rose 0.7% to a seasonally adjusted annual rate of 5.61 million in November from a downwardly revised 5.57 million in October. November's sales pace is now the highest since February 2007 (5.79 million) and is 15.4% higher than a year ago (4.86 million)
The MSP in November was $234,900, up 6.8% from November 2015 ($220,000). November's price increase marks the 57th consecutive month of year-over-year gains. The MSP of a home nationally is comparable to that of southern Maine.