Falmouth Maine 2015 Year-End Real Estate Report
Falmouth Maine is one of those sought after towns for mid-high end real estate. The real estate market has remained relatively healthy over the past couple of years and should continue this way through 2016. There was a total of 203 Falmouth Maine Single Family Homes sold in 2015, up 11 from this time last year. The average list price of $530,453 decreased a bit from $567,060 but doesn’t affect the overall quality of the market. Homes that have actually sold help dictate listing prices for those considering selling their home within the next 3-6 months. The average sold price was $514,470, down slightly from last year’s average of $535,054. We saw a 1% increase in the sales/list price ratio from 96.57% in 2014 to the current 97.55%. Many homes in Falmouth and Portland are seeing close to, if not, asking price or more these days and this is very encouraging news for home sellers. The average days on market of 76 increased by 3 days from 73 last year.
At the time of this writing there are 59 active Falmouth Maine single-family homes on the market (through the MLS). Typically we look to the spring market for an increase in inventory and buyer activity. Tighter inventory levels over the past two years leave us wondering what to expect when spring arrives. If the inventory levels remain slim and buyer pool deep, we will continue seeing multiple bids on properties. Click this link to read a blog post I wrote about how to win a bidding war.
If you are considering putting your home on the market we should talk about the absorption rate, how to calculate it, and what it actually means to you the seller.
Calculating the absorption rate will tell you how many months it could take to sell through the current inventory (based on the past years statistics), here’s how we do it:
Determine how many homes sold within the past 12 months
Divide the amount of sold inventory by 12 months and that will tell you the absorption rate
Factor in the amount of active listings on the market
Divide the number of active listings by the monthly absorption rate and that will determine the number of months it will take to absorb all of the listed property currently for sale.
Let’s calculate the rate for Falmouth Maine:
203 sold/12 months = 16.9 homes sold per month
59 active/16.9 homes sold per month = 3.4 months to sell through the current inventory
In order to have a chance to sell your home within the above time frame it has to be properly priced. Overpricing puts you in a much less favorable position and you’ll wind up chasing the market.
If you would like to know the absorption rate for another town or have general questions, please feel free to contact me, Christopher Pagli on 914.406.9023 or MyMaineAgent@gmail.com