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South Portland Maine Market Report

Home Sales Statistics & Results -  2018 vs 2017 Update

South Portland represents approximately 7.29% of all home sales in Cumberland County. 2017 marks the third year in a row of declining home sales. Total sales were 302, representing a drop of 2.58%.  As with many communities in southern Maine, overall sales were constrained by low inventory levels, and South Portland was no different.  

The median selling price of $261,500 reflected an increase of 3.46%, which shows despite low inventory, demand for homes in South Portland remained high. The 2017 results represented a record high for the city and was the eighth consecutive year of price appreciation.

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 October

 
Prop
Type

Median Prices YTD
2018      |       2017 
 Unit Sales YTD
2018  |  2017 

% of
List Price


DOM
         
 Homes $288,750$259,900 258
249
 101.32%
 7
 Condos $233,500$207,500 57
77
 95.31%
  12
           
All housing data has been compiled from research by Maine Home Connection using information from the Maine Real Estate Information System (MREIS). 
 

 

2017 South Portland Real Estate Sales & Prices

 
Prop
Type

# of
Units

Sold Price
Median     |     Average

Days on Mkt
Med  |  Avg
 % of
List
 $/Sq Foot
           
 Homes 302
 $261,500$307,612 8
22
 100 $201
 Condos 88
 $210,610$236,102 9
29
 100 $213
 Multi 23
 $375,500$385,109 1476
 99.7 $157
 Land 4
 $81,250$79,625 53
103
 91.1 NA

After a dramatic decrease of condo sales in 2016 as only 82 units were sold compared to 109 the previous year, 2017 grew slightly to 88 sales. The median selling price of $210,610 represented a significant increase of 10.55% and represented the highest level since 2005. Pricing at higher price points was (and still is) very competitive, as transactions were discounted nearly 17% compared to only 4% for all condos.

 

2016 South Portland Real Estate Sales & Prices

 
Prop
Type

# of
Units

Sold Price
Median     |     Average

Days on Mkt
Med  |  Avg
 % of
List
 $/Sq Foot
           
 Homes 310 $252,750$281,607 928 99.6 $182
 Condos 82 $140,500$225,821 1040 99.2
 $196
 Multi 26 $311,650$316,650 1335 99.1 $140
 Land 4 $124,750$119,500 86
192 72.8 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 unit increase of home sales, growing from 1,457 in 2016 to 1,545 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.

 
South Portland Sales History
YearUnitsPrice
2017 302   $261,500 
2016310 
$252,750
2015331$231,000
2014341$224,278 
2013314$215,500 
2012241$217,000
2011208$197,000
2010230$205,000
2009230$199,900
2008195$210,000
2007272$218,750
2006314$226,000
2005340$221,500
   

South Portland Home Sales

South Portland Units-2017

South Portland Prices-2017


2017 Report
Download Market Repot

2016 Market Report



 

 



 
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