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Portland Maine Real Estate

Home Sales & Selling Prices


Portland continues to be the largest housing market in Maine and accounted for 19% of all single family and condominium sales in Cumberland County in 2011.  Although slightly lower, this result was consistent with 2010 and 2011.

2011 Sales Results

Single family homes of 374 represented the lowest annual level since 1997. As the chart below illustrates, sales were 6.9% below 2010 results, while condo sales were nearly 21% the previous year. 

In most cases it appears that the decline in selling prices, which began in late 2005, has moderated.  The medain sales price of a home in Portland reflected no change from 2010 and condo sales improved 11.4%.

These results were better than Cumberland County as a whole, which can be view at: Southern Maine Home Sales.

 

2011 Portland Real Estate Sales & Prices

 
Prop
Type

# of
Units

Sold Price
Median     |     Average

Days on Mkt
Med  |  Avg
 % of
List
 %
Total
           
 Homes 374 $219,000 $250,888  6090 93.1  55.5
 Condo 189 $215,000 $234,247  77105  93.5  28.8
 Multi 106 $274,950 $292,518   62104 92.4  15.6
 Land 11 $64,000$106,333 169116  74.5 1.6


2011 vs 2010 Sales Comparison

 
Prop
Type

Median Selling Prices
2011    |    2010 
 Unit Sales
2011  |  2010

Prices
% Chg

Units
% Chg
         
 Homes $219,000 $219,000  374401 NA (6.9)
 Condo $215,000$193,196  189 239 11.4 (20.9)
 Multi  $274,950 $299,450   106 82 (8.1)  29.3
 Land $64,000$60,000  11 17  6.6 (35.3)
           

2012 Sales Results

The Portland real estate market, like all markets across the country, is affected by many factors.  It is a relatively small market and often month-to-month results yield wide fluctuations.  Reviewing sales data on a YTD comparison attempts to moderate the affects of seasonality, cyclicality and macroeconomics. 

 

2012 vs 2011 Sales - YTD Results Through December

 
Prop
Type

Median Prices YTD
2011       |       2012 
 Unit Sales YTD
2011  |  2012 

Current
Inventory

%
U/C
         
 Homes $219,000$223,900 375427 152 6.5
 Condo $215,000$199,199 189227 95
 5.2

At this time although there has been marginal improvement in pricing, there has been no consisten uptick in sales activity during this winter.  The percentage of homes under contract is improving, yet the inventory level remains high – thus keeping competition among sellers acute.  

 

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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