Portland real estate sales in 2015 continued a four year trend of year-over-year growth. Single family homes sales of 595 represented an increase of 7.9% over 2015 – and were in fact the highest level ever reported – and the most since 206, when 570 were sold. Sales have exceeded 500 units for the last three years as Portland is the largest single family home market in Maine.
The rate of growth also increased in 2015 compared to 2014. Unit volume increased only 4.3% in 2014 following several years of double-digit growth. While sales growth was strong in Portland in 2015, it was slightly below results for the state and Cumberland County, which recorded increases of 11.2% and 13/4% respectively.
The median selling price of $249,900 was at its highest level since 2005 and reflected an increase of 5.0%. 2015 marked the fourth consecutive year of higher median selling prices. Portland’s increase in prices was better than the increase reported across the state, while below other communities in Cumberland County.
Following a year of dramatic growth, especially in new construction, condo sales declined marginally in 2015 as 360 units were sold compared to 363 in 2014. While overall median pricing decreased 4.2%, the pricing of resale units did show price improvement year-over-year, and has continued to increase since 2012. In many ways new construction, often at a high price-point, is creating a new market dynamic, especially as more units are completed.
Multi-family sales, representing 13% of the entire Portland market, declined slightly in 2015 as 149 units were sold. Demand for properties, however, was strong as pricing increased 7.8% and the time to sell a property declined from 27 days in 2014 to only 17 days in 2015. The most common multi-family properties sold in 2015 were units with 2 to 3 bedrooms, which were 75% of the market.
Across the state of Maine single family home sales were up 11.2% in 2015 versus 2015. The median selling price of $180,000 improved 2.9%, following a year of no growth. As a point of comparison, the median price reached its highest level in 2007 at $194.000. Cumberland County sales volume improved a significant 13.4% while pricing improved 6.8%.