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Portland Maine Real Estate

Homes Sales Results - 2012

Portland real estate sales in 2012 continued a trend of sustained improvement - yet were still below the historic high established in 2005, when 570 single family homes were sold. 

2012 Single family home sales of 428 exceeded 2011 results by 54 units, reflecting an increase of 14.4%.  This is the largest annual increase since 2006 and the third highest sales level of the past decade.  The median selling price also improved to $223,950, representing a modest increase of 2.2%.  This was the first increase in selling price since 2007.

During 2012 the market for condos continued to be influenced by high inventory levels.  While sales of 227 units were considerably stronger than 2011, reflecting an increase of 20.1%, median selling prices reflected a very competitive environment.  The median price declined 7.3% year-over-year. Not surprisingly, final condo transaction prices were only 91.4% of original list price.

Land sales also improved in 2012, as 14 parcels were sold at a median price of $91,642 compared to 11 in 2011 at a median price of $$64,000.

 

2012 Portland Real Estate Sales & Prices

 
Prop
Type

# of
Units

Sold Price
Median     |     Average

Days on Mkt
Med  |  Avg
 % of
List
 %
Total
           
 Homes 428 $223,950$254,261 5095 95.3 54.2
 Condos 227 $199,199$223,211 5197 91.4 28.7
 Multi 121 $285,000$287,363 3299 91.9 15.3
 Land 14 $91,642$91,642 8182 78.8 1.8


Across the state of Maine single family home sales were up 16.3% in 2012 versus 2011.  Pricing also was up 3%, reflecting a trend of stabilization to slight improvement. Cumberland County sales volume improved 18.5% while pricing was essentially flat (.04% increase).

Portland is the largest real estate market in the state, and the city’s single family home sales results for 2012 compare favorably to sales activity at the county and state level 


 
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