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Portland Maine Real Estate

Home Sales & Market Values

Portland is the largest housing market in Maine and accounted for 20% of all single family and condominium sales in Cumberland County in 2009.  This is consistent with sales in 2008 at 22%.

2009 Portland Real Estate Sales & Prices

 
Prop
# of
Sold Price
Days on Mkt
Inventory
Type
Units
MedianAverage
MedAvg
UnitsWeeks
            
S-Family 413 $218,000$250,313 4680 20726.1
Condo
206


$186.000$215,249


79123


17644.4
Multi 92 $295,000$288,861 55110 5732.2
Land
13


$60,000$72,538


3660


39

156

Single family home sales in 2009 were up 1% compared to 2008.  Condo sales however were  below 2008 levels at -17.3%, Declines in pricing, however, were more moderate, as median single family homes dropped 3.9% and condos 4.1%. The average price of a single family home dropped 6.3% year over year.

Days on Market (DOM) was encouraging, as properly priced and marketed homes did sell.  The median figure was 46 days, compared to 47 in 2008.  The the average DOM was 80 in 2009 compared with 72 in 2008.

Sales of multi-family homes were up compared to 2008, with 92 sales being completed. Median sales prices were also up 5.0%, representing an upswing of this market.

There is considerable single family home inventory available.  The current number of homes for sale - 207 - resutls in over 26 weeks of inventory.  This is measured by a statistics known as the absorbtion rate, which compares current inventory to recent sales rates. 

Like most statistics, the absorption rate is not an exact science, but rather is indicative of market trends and inventory levels.  It provides a useful insight into the overall status of the local real estate maket.

2008 Portland Real Estate Sales & Prices

 
Prop
# of
Sold Price
Days on Mkt
Inventory
Type
Units
MedianAverage
MedAvg
UnitsWeeks
            
S-Family 406 $227,000$268,106 4772 20726.5
Condo
249


$207.000$224,759


65105


17436.3
Multi 87 $281,000$302,983 7192 7041.8 
Land
17


$80,000$80,164


3388


33

109.9


Single family home sales in 2008 were down 16.8% in 2008 compared to 2007.  Condo sales were also below 2007 levels at 13.2%, Declines in pricing, however, were more moderate, as median single family homes dropped 7.3% and condos 5.9%. The average price of a single family home dropped 4.6% year over year.

Southern Maine Real Estate Resources

Maine Quality of Life Our Quality of Life Reports include detailed neighborhood and town statistics on local demographics, the environment, cost of living, wealth distribution, finance and income and crime. You can also access Educational information highlighted by town, school district and individual schools.
   
Tour of Maine Maine is a large and beautiful state. Our report, A Quick Tour of Maine includes a brief summary of Maine from its most northern and remote parts all the way to Southern Maine, the business and residential hub of the state. Reprinted with permission from Downeast Magazine, you can also download a copy.
   
Maine Home Sales Reports Home Market Sales & Statistics are available for YTD 2007, 2006, 2005 and 2004. If you do not see results from the particular town or city you are interested in, we can prepare any custom report you might need.
   

Relocation to Portland & Southern Maine

Request A Relocation Package Today!If you are considering a move to Portland or the Southern Maine area, be sure to take advantage of our online Relocation Services, a comprehensive guide to interactive relocation tools.

Our services include access to local market information, neighborhood and school comparisons and a wealth of proven home buying advice.

If you are interested in receiving automatic email alerts of properties that match your predetermined buying requirements, you might want to consider our Market Watch feature. This is a great way to stay current with the market whether you are buying now or in the future.

 
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