South Portland Maine Real Estate Sales | 2011
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South Portland Maine Real Estate

Home Sales & Residential Property Pricing 

South Portland is a significant housing community in southern Maine.  The city offers many housing options - from historic homes, oceanfront cottages and many cozy neighborhoods - all within easy access to the downtown Portland business distrct.  Single family homes and condo sales represent 8% of the total Cumberland County residential sales.

2011 Sales Results

Single family home sales declined nearly 10% in 2011, continuing the trend of the last several years.  This decline was more significant than other local communities. The median price also was unfavorable compared to 2010, as the median price of $197,000 reflected a decrease of 3.9%.

Sales of condos were also below the previous year as only 43 properties were sold compared to 58 in 2010.  Encouraging, the median price was up 6.8%down from 2009 as 58 units were sold.  

For the second consecutive year the time to sell a home was one of the best in southern Maine at 45 days.

 

2011 South Portland Real Estate Sales

 
Prop
Type

# of
Units

Sold Price
Median     |     Average

Days on Mkt
Med  |  Avg
 % of
List
 %
Total
           
 Homes 208 $197,000 $222,682  4573 91.6  77.3
 Condo 43 $172,000 $201,803  109220  96.1  16.0
 Multi 14 $208,950 $203,404   86118 86.2  5.2
 Land 4 $92,750$122,625 3060  82.5 1.5
             

2010 vs 2010 Sales Comparison

 
Prop
Type

Median Selling Prices
2011    |    2010 
 Unit Sales
2011  |  2010

Prices
% Chg

Units
% Chg
         
 Homes $197,000$205,000 208230 (3.9) (9.6)
 Condo $172,000$161,500  4358  6.8 (25.7)
 Multi $208,000$241,250  14 16 (13.8) (12.5)
 Land $92,750$139,000  4 5 (33.3) (20.0)


2012 Sales Results

The South 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 cummulative YTD basis 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 $197,000$217,000 208241 60 53.3
 Condo $172,000$167,000 43
74 34 14.7

At this time although there has been no significant improvement in pricing, there has been an upsurge in activity during this winter.  The percentage of homes under contract is improving. In South Portland the balance between sales and inventory for single family homes is acceptable, while there is too much inventory available for condos.
 

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, 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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