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Introduction
Welcome to the latest Maine real estate market news for Cumberland County. We will discuss the key factors driving the market and provide you with the latest statistics and insights for the month of May 2023. Whether you're a buyer, seller, or simply interested in the real estate market, this information will help you make informed decisions. So, let's dive in!
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Market Inventory and Days Listed
In May 2023, the market inventory in Cumberland County stood at 1.4 months' worth of inventory. This indicates a seller's market, where demand exceeds supply. Additionally, the average number of days a property remained listed was 10, reflecting the high demand and quick turnover in the market.
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Median Sale Price
The median sale price for all properties in Cumberland County averaged out at $505,000 in May. This figure gives us an idea of the overall price range in the county. Moreover, the price-to-sale ratio in this article was 104.4 percent, indicating that properties were selling for more than their asking prices. This suggests a competitive market with bidding wars.
New Listings and Sales Volume
Throughout the month of May, there were a total of 478 new listings in Cumberland County, including condos, townhomes, and single-family homes. The median sales price for these properties was $515,500. The total sales volume for Cumberland County in May amounted to $329,894,078, reflecting the active real estate market in the area.
Current Market Status
As of now, there are 477 properties for sale in Cumberland County, with a median listing time of 33 days on average in the Multiple Listing Service (MLS). This indicates that properties are taking slightly longer to sell compared to the previous month. The total active volume of properties for sale is $396,288,830, with a median sale price of $659,000.
Pending Properties
Pending properties provide valuable insights into the current market trends and potential shifts. Currently, there are 354 pending properties in Cumberland County, with a median listing time of 8 days on average. This suggests that well-priced and desirable properties are selling quickly. The total volume of pending properties is $226,389,937, with a median sale price of $499,000.
Sold Listings
In May, there were a total of 329 properties sold in Cumberland County, with an average sale price of $505,329. The average listing time for these properties was 10 days, indicating a fast-paced market. The total sales volume for sold listings in May amounted to $203,464,398.
Accessing Market Information
The information provided in this article comes from Maine MLS and RPR. Maine MLS is the most accurate and updated source for market information. While you may not have direct access to this MLS, you can still utilize tools to gather valuable information. Visit exploremainelife.com
John Moscillo
Johnny Mo
ReMax Synergy
Bedford NH
603-858-3548 cell
603-206-9835 office
justcalljohnnymo.com/ecard
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