By Ruth Summers, Scarborough resident and Associate Broker, Keller Williams Realty

If you have been following the single-family housing market in Scarborough, you already know it is a special place to live. Our market is moving fast, with high prices, a big jump in sales, and a very welcome increase in inventory.

Home Prices Stay Strong and Premium

Let’s start with the big number. The median sales price for a home in Scarborough reached $850,000 this June. That is a 7% increase over this time last year, showing that homes are holding their value very well. 

Homes Are Selling Fast

The market was incredibly busy the first half of the year, as buyers were out in full force, with the median time on market being just 5 days. Because the pace is so fast, bidding wars are still common, when priced correctly. In June, sellers received an average of 103% of their asking price.

Good News for Buyers: More Homes to Choose From

If you are trying to buy, there is a silver lining. Inventory is beginning to grow with resale houses and new builds. Thanks to this wave of new options, total active inventory grew 53% compared with last summer’s tight inventory.

Good News for Sellers: Buyers Want to Move to Scarborough

Even with more choices, Scarborough is still a seller’s market with very little inventory. Ultimately, it is a fast-moving, high-value community where sellers get great results and buyers must be ready to act fast.