South Portland Maine Real Estate Home Sales & Market Values Homes sales in South Portland have decreased for two consecutive years, yet prices have stablized and recent inventory has begun to match demand. 2007 Real Estate Sales & Values Prop # of Sold Price Days on Mkt % of List Type Units Median Average Med Avg Med Avg S-Family 271 $218,500 $255,864 43 61 96% 98% Condo 72 $166.450 $204,288 62 119 99% 99% Multi 25 $276,583 $279,547 39 62 96% 96% Land 8 $107,500 $224,063 8 46 98% 97% Like many communites in the area, South Portland experienced a drop in single family sales in 2007. 41 fewer homes were sold respresenting a decline of 13%. 2007 respresented the second straight year of total sales being lower than the previous year. Average and median selling prices were also down. Sales of condominiums, however, showed a slight increase of 5% as 5 addtional units were sold. Days on Market remained fairly stable in year-over-year comparisons at 43 days for a single family homes and 62 days for a condo. 2006 Real Estate Sales & Values Prop # of Sold Price Days on Mkt % of List Type Units Median Average Med Avg Med Avg S-Family 312 $226,000 $256,948 44 65 97% 98% Condo 68 $171.000 $187,210 68 117 97% 98% Multi 22 $268,100 $271,557 48 69 96% 98% Land 7 $70,000 $92,700 5 58 85% 88% In 2006, although sales of single family homes dropped 10.4% (compared to 2005) average prices remained fairly stable. The average home price was $256,948 and the median price was $226,000. Unit sales of 312 were 37 below the rate of 2005. Condo sales also dropped in 2006 by 10 units or 12.8%. South Portland is not as popular a condo market compared with other area communities, most notably with Portland. There were 22 multi-family properties sold in 2006 at an average price of $271,557. It clearly took longer to sell a home in 2006 compared to 2005 and South Portland was no exception. The average days on market (DOM) was 65 and the median 44. Both of these factors were significantly higher than the previous year. Southern Maine Information Resources 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. 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. 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 South Portland & Southern Maine If you are considering a move to South 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 Auto Search feature. This is a great way to stay current with the market whether you are buying now or in the future.