For the fifth consecutive month, new listings have increased in both Cumberland and York counties compared to the same month last year. This steady rise in inventory suggests that more homeowners are feeling confident about entering the market, providing a wider range of options for prospective buyers. While the increase in supply might suggest that prices would stabilize or even decrease, the opposite has occurred. In York County, the median sales price rose by 1%, and in Cumberland County, it jumped by a substantial 12.7%. These price increases indicate that demand remains strong, even with more homes available on the market.
However, it's important to remember that there is often a delay between new listings entering the market and sales data being fully reflected, typically ranging from 14 to over 60 days. This lag means that the full impact of recent inventory growth may not yet be visible in the current sales data. Despite the five consecutive months of inventory improvement, we continue to see rising median sales prices, which suggests a persistent imbalance between supply and demand in these markets.
Historically, both inventory and buyer demand tend to decline in Maine as the weather cools, with fewer new listings and slower market activity heading into the fall and winter months. However, given the unusual trends we’ve seen this summer, these patterns could shift. It will be crucial to monitor how these factors play out over the coming months to determine if the current market dynamics will hold steady, or if a more traditional seasonal slowdown is on the horizon.
