MREIS has released the October 2017 Real Estate Statistics.

At the national level:  Overall sales as compared to one year ago dipped 1.2% while the median sale price increased 4.2% to $246,800.

At the regional Northeast level: 1.4% fewer homes were sold and the median sale price declined 4.8% to $274,100

At the state level: Maine’s median sale price for single-family homes was $207,225 up 10.2% from a year ago and there were 2.31% more homes sold.

At the county level: In Cumberland County, during the months of July, Aug. and Sept., 1301 homes sold as compared to 1249 homes the previous year.  During the same period the median sale price of homes increased 7.27% to $295,000.

At the local level: In South Portland 104 single-family homes sold with a median sale price of $307,380.  86 of those properties sold in less than 30 days!  In Cape Elizabeth 55 homes sold with a median sale price of $559,408.  36 of those sold in less than 30 days. Inventory in certain neighborhoods is still very tight.  Multiple offer situations are still common but we have seen an increase in inventory since spring. Being prepared to compete in this market  before you start your home search is more important than ever!  And rising values make now a great time to be listing your property.  If you’re thinking of selling or buying a home, call on a local expert who can help you navigate this changing market!