Portland Maine real estate sales continues to be better in 2012 compared to 2011. We have just completed our October year-to-date reports and sales of single family homes in Portland were 350 units at a median price in $221,250. In 2011 through the first ten months of the year 319 homes were sold at a median price of $$202,000.
This represents a significant improvement of 9.7% in sales 9.5% in pricing. During this same time period sales of condos are up 13.1%.
The graph below illustrates monthly home sales beginning in 2008. The month of October 2012 was extremely strong, as 50 homes were sold in Portland compared to 34 in the same month of 2011.
The median time to sell a home in Portland is 46 days in Portland compared to 57 in 2011. The final sales price is 94.4% of the initial listing price, suggesting buyers still have considerable leverage in the negotiation process.