Unit sales of 331 were the third highest level ever recorded in South Portland. Nonetheless, following three years of year-over-year growth, sales declined 2.9% in 2015. Overall, South Portland represented 7.9% of all Cumberland County sales, which also represented a decline as other local communities recorded much higher growth levels in 2015.
The median selling price of $231,000 improved 3.1% over 2014, and like the prior year achieved a new historical record. The previous high was $226,000 recorded in 2006. Driving this improvement was a general increase in prices across all price categories, rather than a mix shift to higher end properties. Compared to 2014, when no homes priced over one million were sold, two were in 2015.
Condo sales increased dramatically in 2015 as 109 units were sold. The median selling price of $188,000 also improved significantly (14.6%) and represented the highest level since 2005. Three properties valued over $500,000 sold in 2015 compared to only two in 2014. Pricing at higher price points was very competitive, as transactions were discounted nearly 17% compared to only 4% for all condos.
Multi-family prices and units were down in 2015 versus 2014.
Download a complete market report for the state of Maine and individual communities at: 2015 Real Estate Sales Report | Maine Home Connection