Often overlooked, the city of South Portland is the second largest real estate market in southern Maine. In 2012 single family home sales were up 15% versus 2011. The median price also improved significantly, increasing 9%.
Recent Sales History
Single family home sale peaked in 2005, when 340 homes were sold. By comparison, it is interesting that Portland reached its record level one year later, with 570 sales. Excluding a slight rebound in 2010, the median selling price decreased from $226,000 in 2006 to a low of $197,000 in 2011 – representing a loss in equity of nearly 13%.
2012 was the first year of sustained sales and price improvement in South Portland and most Maine communities.
The rebound, however, although dramatic, come on the heals of retrenchment in 2011, thus tempering the gains, especially on the price side of the equation.
The year end median price of $217,000 was comparable to levels from 2007.
2013 Sales Continue Strong
Sales continue to improve in 2013. Through April 30th single family home sales were 70 compared to 59 during the first four months of 2012 reflecting an increase of 18.6%. This trend has continued for pricing as well as the median price of $220,000 is up 13.9%.
Although a small part of the market, sales of condos has increased as well. So far this year there have been 18 sales compared to 13 during the same period of 2012. Pricing, however, is essentially flat.
Lot to Offer
With approximately 24,000 residents, the city of South Portland is the fourth largest in Maine. It features a thriving and diverse business climate that includes a bustling waterfront and the largest mall in the area.
There are also many lovely neighborhoods and communities. Loveitt’s Field , Danforth Cove and Willard Beach all can be found near the waterfront. A little more inland, especially near the high school, there are several neighborhoods that feature easy access to walking trails, nearby shops and open spaces.
When it comes to education, the city is committed to providing the finest facilities and advanced methods of learning. At this time the high schools is undergoing a $47.3 million expansion and renovation project that is scheduled to be completed in the spring of 2015.
Tightly Concentrated Market
At this time there are 64 properties under contract – a very high number – and only 61 currently on the market. There is a wide disparity, however, in the price range of homes available for sale. 60% are priced below $250,000 and only one home is priced above $600,000 – and that is at $2,400.000 in Loveitts Field.
In the price range of $350,000 to $450,000 there are only 10 homes on the market, and 3 of those are new construction. Of special distinction is 20 Checkerberry Circle. This four bedroom home, which can be viewed in the video below, was built in 2007. It is in perfect condition and provides a very private location – yet is close to everything.
For more information on South Portland, including sales history, local amenities, lifestyle search, school updates, demographics and much more, visit: South Portland Maine on our website.