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South Portland Maine Real Estate

Homes Sales Results - 2012 Year in Review

In 2012 South Portland represented approximately 9% of the entire Cumberland County real estate market. Sales for the year improved for both single family homes and condos over results from 2011. Single family sales of 241 reached their highest level since 2007, when 271 homes were sold – but were still well short of the record from 2005 when 340 sales were completed. The increase in sales was 15.8% for the year.

The median price of a single family home improved significantly in 2012, reaching a median of $217,000 at year-end.  This represented an increase of 10.2% over 2011, and was at the highest level since 2007. Influencing this improvement was the sale of homes priced over $500,000.  In 2011 there were only three properties sold in this price range compared to nine in 2012.

Condo sales improved dramatically in 2012, as 74 sales were recorded compared to 43 in 2011.  Pricing, however, was down 2.9%.  This maybe a little misleading, however, as many of the sales in 2012 were new construction and targeted in this general price range. During the year there were six condo sales above $300,000 and only one above $500,000. 

Sales of land and multi-family properties were also higher in 2012 vs 2011.


 

2012 South Portland Real Estate Sales & Prices

 
Prop
Type

# of
Units

Sold Price
Median     |     Average

Days on Mkt
Med  |  Avg
 % of
List
 %
Total
           
 Homes 241 $217,000$236,449 32
56
 96.4 70,4
 Condos 74
 $167,000$193,917 58128
 101.2
 21.5
 Multi 18
 $222,000$228,222 44
76
 97.8 5.2
 Land 10 $73,125$86,610 26
116
 71.4 2.9


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).

South Portland is a large factor in the Southern Maine real estate market, and the city’s single family home sales results for 2012 were just below the state and county levels in terms of percentage increases.  Condo sales, however, were better. 


 
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