Wow, time sure does fly – we are now over a quarter of the way through 2017, and we are finally done with the white stuff for a while. It sure feels great to get outside to enjoy the weather. In the real estate world, we are still experiencing a tight market with as we hang around the six months of inventory mark. I might sound like a broken record here, but while inventory is remaining low, now might be a good time to put your home on the market if you’ve been considering a move. There’s really no bad time to buy, but there is currently a premium on working with an experienced agent that knows how to navigate a competitive market.
Here’s a quick look at the real estate sales numbers for Cumberland County in March.
March had 277 homes sold, which is up 5.7% from 262 units that sold in March 2016. This is a positive sign that the market is prepared to pickup some pace as we ramp up heading into the summer months.
The median sale price for the month was $260,000 which is right on track with the median sales price of $259,750 in the previous year. The median sales price indicates that half of the homes sold for more and half sold for less.
The median days on market for March was 30 days, which is less than the median of 36 days in March 2016. That is a 16.7% decrease in the days on market year over year, which can be attributed to a high number of buyers out there relative to homes on the market.
Get out there and enjoy the spring weather before we start complaining that it’s too hot outside. Check in next month for the latest update on the real estate market!
Note: These numbers were pulled from the Maine MLS as of 4/26/2017 for single-family homes in Cumberland County.