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March 11, 2019

Southern Maine single-family home sales still down from last year

Courtesy / Aceto Landscape Architects|Gorrill Palmer
Courtesy / Aceto Landscape Architects|Gorrill Palmer
Single-family one- and two-bedroom homes at the new Scarborough Downs development are selling quickly.
Single home sales were down 13.7% in York County and 12.8% in Cumberland County from last February; statewide, sales were down 7.8%, the Portland-based residential brokerage reported.

Single family home sales in York and Cumberland counties are well below the same time last year, according to Maine Home Connection, which tracks monthly residential sales in southern Maine.

Overall sales in southern Maine were up slightly from January.

Single home sales were down 13.7% in York County and 12.8% in Cumberland County from last February; statewide, sales were down 7.8%, the Portland-based residential brokerage reported.

There were 818 single family home sales in February in the two counties, versus 826 in February 2018.

February sales in Cumberland County were up 2% from last month while York County was essentially flat, the release said.

Median price increase across the state from last month is 0.1%, and flat in Cumberland County. It rose in York County by 5.6%.

Median price in Portland was up 3.4% from last February, $305,000 this year as opposed to $295,000 last year. The figure is based on 54 transactions this year as opposed to 62 last year.

The biggest drop in median price was in Cape Elizabeth, at 40.1% over last February, from $595,500 in 2018 to $356,150 this year. The number is based on 14 transactions last year and 11 this year.

In an indication of how low transactions can drive statistics, the median price in Kennebunkport is $1,515,500 this February, up 182% from last year's $537,500, based on two transactions this year and seven last year.

Properties under contract (pending) have increased for two straight months after reaching their lowest level of the past 12 months in December — yet are still lower than any month last year.

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