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2 Cushing Court
Portland
MLS: 963810
Price: $229,000
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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. 

2009 South Portland Real Estate Sales & Values

 
Prop
# of
Sold Price
Days on Mkt
Inventory
Type
Units
MedianAverage
MedAvg
UnitsWeeks
            
S-Family 230 $199,900$211,677 3672 9922.4
Condo
62


$149,200$184,881


54109


4336.1
Multi 13 $230,000$246,476 8199 12

48.0

Land
11


$72,500$87,545


146312


1047.3

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.

2008 South Portland Real Estate Sales & Values

 
Prop
# of
Sold Price
Days on Mkt
Inventory
Type
Units
MedianAverage
MedAvg
UnitsWeeks
            
S-Family 195 $210,000$242,710 3559 9024.0
Condo
74


$164,000$180,641


115149


4330.2
Multi 15 $255,000$271,508 6694 12

41.6

Land
11


$67,900$72,036


7142


1152.0

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.  

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 South Portland & Southern Maine

Request A Relocation Package Today!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 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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