Thursday, August 9, 2012

July 2012 - Real Estate Market Update



This market report gives you the real estate activity for the Greater Portland, Maine area.  With inventory still down and pending home sales up we need more homes to sell in order to keep up with demand.  It is an OK problem to have but we also need to keep buyers buying.  Prices won't go up dramatically for a little while because of shadow inventory which is all the distressed properties the banks are weeding through.  Once those are on the market and sold we should see prices start to rise.

The following Multiple Listing Service (MLS) information is for the month of July 2012. Towns included in this report are Portland, South Portland, Cape Elizabeth, Scarborough, Westbrook, Falmouth, Windham and Cumberland.

Number of Current Listings = 1181 (down from last month)

Number of New Listings Added = 222 (down from last month)

Number of Properties That Went Under Contract = 210 (up from last month)

Number of Sold Properties = 181 (down from last month)

Number of Expired Listings = 63 (down from last month)

Average Sold Price = $296,753 (up from last month)

If you would like to see information for another town send me an email and I will give you a customized report.

Thanks,

Doug
doug@makemaineyourhome.com 

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