Falmouth Maine Real Estate Report 10/2015
The Falmouth Maine real estate market strengthened a bit with 14 new listings in October compared to 10 in September. The average list was $554,700 which was considerably less than the September average of $628,430. Buyer activity remained strong and we saw 18 properties change to Pending status up from 6 last month. At the time of this report there are currently 83 active single family homes on the market.
Despite the increase in new listings the amount of closings dropped from 25 in September to 15 in October. This is predictable and expected for the time of year but don’t be fooled, there are definitely buyers in the market right now.
One thing that I’ve noticed lately is the large amount of open house attendees. I’m talking from open to close with barely a lapse in between. Are they all serious buyers? One never knows until we get an offer!
Let’s talk further about the sold listings as they are what help dictate future list prices and true value of a home. Of those homes, the average list price in October was $591,863 and average sold price $561,997. The median list price was $596,000 and median sold price $545,000.
The median means half of the sales were below $545,000 and the other half were above. The good news for Falmouth home owners is the sales/list price ratio was 97% (.5% less than September) and average days on market was 83 (77 in September). One more important thing to note is of the 15 closings, seven of them were all cash transactions. It’s encouraging to know that there are still a good amount of cash buyers in the marketplace.
In case you haven’t had a chance to read my year over year report for the Greater Portland Real Estate Market last month, we talked about Absorption rate (how many homes sell in a month). In order to find out what the absorption rate for Falmouth is we first need to know how many homes sold this past year.
As per the MLS that number is 221, divide 221 by 12 and we get 18.4 homes. Factor in the amount of active listings which is 83 and divide by the absorption rate, we get 4.5 months. This is how long is could take to sell your home based on the market data.
Understanding this data will help keep you in the driver’s seat and properly price your home. As agents we can only provide you with market data and our professional opinion. Proper pricing from the start ensures that you won’t be chasing the market and doing price reduction after price reduction. I’m a firm believer in doing things right from the start.
If you have any questions or would like to know market stats for other areas please feel free to contact me directly on 914.406.9023 or MyMaineAgent@gmail.com
“Your Maine Man” – Christopher Pagli
I Stay Open Until You Close!