South Portland Maine Real Estate

Home Sales & Market Values 

South Portland is a significant housing community in southern Maine.  The city offers many housing options - from historic homes, oceanfornt cottages and cozy neighborhoods - all within easy access of the downtown Portland business district.  Although unit sales have decreased the last few years, prices have not deterioated significantly. 

South Portland home sales by volume rebounded significantly from the declines of 2008.  230 single family home sales were completed in 2009 representing a jump of 18.0% over the prior year. Both median and average selling prices however were below 2008 levels. The median sales price of single family homes was down 4.8%.  When combined with the price decrease in 2008 the median sales price has declined 8.8% over the last two years.

The median sales price for condos also declined  9.0% in 2009.  While the number of units sold decreased from 74 in 2008 to 62 in 2009.

Multi-family home sales dipped slightly from 2008 at 13.

Land sales maintained the same number of parcels sold as 2008 with 11.  The median price held strong with a 6.7% increase which more than compensated for the 5% decline seen in 2008.

Like many other are local communities, there is a considerable amount of inventory available - both single family homes and condos.  The absorbtion rate, which is a measure of how long it will take to sell all homes on the market, reflects 22.4 weeks for single family homes and 36.1 weeks for condos.

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.

South Portland home sales are declined significantly below 2007's rate.  195 single family home sales were completed in 2008 representing a drop of 28.0% over prior year. Both median and average selling prices are below 2007 levels, but not overwhelmingly so.  The median sales price of a home was down 4.1% while condos were down 0.6%.

Condo unit sales were actually up two - as 74 transactions were complete at a median price of $164,000. Multi-family home sales were slightly ahead of 2007 at 15.

Land sales rebounded slightly as 11 parcels were purchased.  Like many other Maine communities, new construction was extremely slow in the second half of 2008, and this is reflected in overall land sales and prices.  The median land selling price declined 5.0% in 2008 to $67,900.  

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