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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 2010.  This is consistent with sales results in 2009 at 22%.

2010 Portland Real Estate Sales & Prices

 
Prop
Type

# of
Units

Sold Price
Median     |     Average

Days on Mkt
Med  |  Avg
 % of
List
 %
U/C
           
 Homes 400 $219,450 $249,887  5076 95.0  26.5
 Condo 239 $193,196 $219,057  65108  91.1  27.3
 Multi 82 $282,500 $290,891   5495 94.3  27.1
 Land 17 $60,000$63,968  52166  66.7 12.5

Sales results are complied from the Maine Real Estate Information System (MREIS). 

Unlike many other parts of the country, single family home sales in Portland did not drop dramatically in 2010.  Unit sales of 400 were down 13 or 3.1%.  Pricing, however, remained steady and showed signs of recovery as median pricing improved marginally .7%.

Condo sales demonstrated a significant recovery in 2010 as 239 units were sold.  This represented a 15.4% increase.  Median prices were also up as the median selling price ended the year at $196,196, representing a 4.4% increase.

Days on Market (DOM) was encouraging, as properly priced and marketed homes did sell.  The median figure was 50 days, compared to 46 in 2009.  The the average DOM was 76 in 2009 compared with 80 in 2009.

2010 vs 2009 Sales Comparison

 
Prop
Type

Median Selling Prices
2009    |    2010 
 Unit Sales
2009  |  2010

Prices
% Chg

Units
% Chg
         
 Homes $218,000 $219,450  413400 0.7 (3.1)
 Condo $185,000$193,196  207 239 4.4 15.4
 Multi  $295,000 $282,500   93 82 (4.2)  (11.8)
 Land $60,000$60,000  13 17  0.0  0.0

Sales results are complied from the Maine Real Estate Information System (MREIS).

Sales of multi-family homes are a large part of the Portland market, but were a slightly down compared to  were up compared to 2008, with 92 sales being completed. Median sales prices were also up 5.0%, representing an upswing of this market.

Land sales were up at 17 parcels were sold.
 

2011 Portland YTD Sales- Through September 30

 
Prop
Type

Median Prices YTD
2011       |       2010 
 Unit Sales YTD
2011  |  2010 

Current
Inventory

Units
% Chg
         
 Homes $220,500$220,000  283322 249 (27.2)
 Condo $215,000$196,300 145197 123 22.3
 Multi $274,900$287,900 81
63
 67 43.9
 Land $69,500$68,000 8
13
 40 4.0

Sales results are complied from the Maine Real Estate Information System and are updated monthly.  YTD statistics include the most recently completed month.

There is considerable single family home inventory available.  The current number of homes for sale - 285 - resutls in over 44 weeks of inventory.  This is measured by a statistic known as the absorbtion rate, which compares current inventory to recent sales rates. 

Like most statistics, it 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 market.

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 2009, 2008, 2007, 2006 and beyond . 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 Portland & Southern Maine

Request A Relocation Package Today!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.



 
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