April Results Maine single family home sales were 1,060 for the month of April 2020 compared to 1,276 in 2019, reflecting a decrease of 16.9%. This was the largest single monthly decline since March of 2008. The median selling price (MSP), surprisingly, has been up each month in 2020 and April was no exception as it reached $237,400, the second highest ever recorded and 13.0% ahead of April 2019.
On a year-to-date basis, Maine home sales are still ahead of last year, albeit only marginally, at less than 1%. Sales in both Cumberland and York Counties are now running below last year, while MSPs currently exceed last year through the first four months.
Focusing on Cumberland County, April condo sales and prices lagged behind 2019 results. As highlighted in the Infographic below, monthly sales of single-family homes were 10.6% behind April 2019, while the MSP was 6.3% ahead.The most alarming statistic, however, is that of under-contract properties, which declined a sobering 32.4% from the same month a year ago. Additionally, inventory available for sale is down 28.9%.
Covid-19 Affect
Despite protocols surrounding showing properties due to Covid-19, homes well priced and marketed are attracting numerous showings and in many cases multiple offers. This is especially true in the more affordable price segments, where inventory is considerably low.
At this time only buyers or sellers who truly need to move are in the market and actively viewing properties.
Anecdotal evidence does support the idea that there is pent-up demand, and that once we begin to find some level of normalcy sales activity should again increase, but exactly when is uncertain.  |
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Cumberland County Prices and Sales
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