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%.

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.

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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.