Portland Maine Market Report
Home Sales Statistics & Results - Monthly Update
Portland, Maine’s largest market for both single family homes and condos, saw its first decline in sales since 2012. While 2016 brought a record high of 629 single family homes sold, 2017 saw a decrease of 100 home sales, or 15.9%. The median selling price of $286,000 represented an increase of 9.16%, consistent with the results for all of Maine and represented the highest price ever recorded in in Portland. 2017 was also the seventh consecutive year of increasing median selling prices. The charts below include up-to-date 2018 monthly sales and a review of the complete years 2017 and 2016 for all types of properties. | | 2018 Sales: YTD Results Through June
| | |
Prop
Type |
| Median Prices YTD
2018 | 2017
| | Unit Sales YTD
2018 | 2017
|
| % of
List Price
|
| DOM | | | | | | | | | | |
| Homes | | $310,000
| $280,500 | | 233 | 234
| | 101.64%
| | 8
| | Condos | | $322,000
| $285,000
| | 185
| 194
| | 99.08%
| | 12
| | | | | | | | | | | | | | All housing data has been compiled from research by Maine Home Connection using information from the Maine Real Estate Information System (MREIS). | | |
|
| | 2017 Portland Real Estate Sales & Prices | | |
Prop
Type |
| # of
Units |
| Sold Price
Median | Average |
| Days on Mkt
Med | Avg | | % of
List | | $/Sq Foot | | | | | | | | | | | | |
| Homes | | 529 | | $286,000 | $333,336 | | 11 | 34 | | 99.2 | | $212 | | Condos | | 395
| | $297,000 | $359,057 | | 19 | 63 | | 99.8 | | $342 | | Multi | | 155 | | $460,000 | $458,213 | | 10 | 37 | | 98.9 | | $170 | | Land | | 24 | | $120,000 | $152,563 | | 158 | 245 | | 92.4 | | NA |
|
Following last years marginal decline in condo sales, 2017 recorded an increase in 13.18% reaching an all-time high of 395 sales. The last time the market was even close to that number, was 2005 with 368 condo sales. The median pricing also increased by 10.18%.
In many ways new construction, often at a high price-point, is creating a new market dynamic, especially as more units are completed. | | 2016 Portland Real Estate Sales & Prices | | |
Prop
Type |
| # of
Units |
| Sold Price
Median | Average |
| Days on Mkt
Med | Avg | | % of
List | | $/Sq Foot | | | | | | | | | | | | |
| Homes | | 629 | | $262,000 | $306,926 | | 12 | 44 | | 98.4 | | $193 | | Condos | | 349
| | $269,550 | $313,912 | | 18 | 58 | | 98.6 | | $280 | | Multi | | 147 | | $380,800 | $419,432 | | 12 | 43 | | 98.6 | | $158 | | Land | | 27
| | $115,000 | $254,870 | | 48 | 130 | | 92.9 | | NA |
|
Statewide Results:
Maine home sales set a new sales record in 2017 as 17,796 single family homes were sold, yet this was only an increase of .88% from 2016. Sales volume has increased since 2011. While last year it was sales in both Cumberland and York counties that established new records, up 2.5% and 11.2% respectively, this year Franklin had the largest percentage increase with 16.84% more home sales. However, it was Kennebec county that had the largest number increase of home sales, growing from 1457 in 2016 to 1545 in 2017, an increase of 88 sales. Overall, sales were up in 10 of Maine’s 16 counties. The median single-family price of $200,000 represented a 5.32% increase over 2016 and was at its highest year-end level since 2007, when $194,000 was achieved. The highest single month was August at $206,745. Between 2007 and 2011 median prices declined each year, reaching their lowest level in 2011 at $165,000. From 2012 onward, pricing has increased each year, with the exception of 2014. |
