Portland ME Real Estate Analysis for Homes and Condos » Portland Maine Condos

Portland Condo Market Report – April 2010

admin — Tue, 20 Apr 2010 16:51:42 +0000

With the federal tax credit set to expire in 10 days, how is the Portland condo market fairing?

Currently there are 199 Portland Maine condos for sale with a median list price of 200K. To date 62 units have sold in 2010 at a median price point of 196K. A whopping 51 more units are currently pending in the system.

Overall the market is very strong and it would actually be even stronger if the government would loosen up its stringent FHA lending policies as many condo associations in Portland are not FHA approved making it difficult for would be home buyers to purchase a condo unless they are putting down 10% to 20% or more.

Please feel free to reach out anytime for an overview real estate report on Portland Maine via phone 207-650-5383 and/or email john@greentreemaine.com

November Housing Statistics for Portland Maine

admin — Mon, 07 Dec 2009 13:19:20 +0000

Wow…. the month of November’s numbers are the best seen to date and a great sign of the continued improving southern Maine housing markets! Helped by historically low interest rates and the Maine first time home buyer tax credit 32 single family homes and 23 condos were sold in November 2009 at a combined median price point of 212K. In November 2008, the median sales price was 220K, thus a 4% decrease, but well shy of the 10% year over year decreases that we have been seeing all year! Additionally compared to a median price point of 200K in October, prices dare I say increased by 4% month over month!!!!

Volume has been strong as of late and this trend continued, up 8% from a year prior and 12% month over month.

The list to sales ratio remained around 96% and current inventory levels dropped to right around 400.

For more information, please contact me anytime at 207-650-5383 or simply shoot me an email at john@greentreemaine.com

Portland Maine Condo Analysis

admin — Thu, 12 Nov 2009 21:38:26 +0000

Recently asked by a prospective buyer about how the Portland Maine condo market has faired I though I would compile a few housing statistics to see for myself. Currently there are 197 condos on the market offered at a median price of 220K.

Definitely overpriced for the most part when you take a look at the recent years sold statistics. In 2009 thus far the median condo has sold for 184K, down 14% from 2008’s figure of 214K. Not since 2007 has the median sales price been 220K!

This is not uncommon for sellers to have an unrealistic perspective of the market, partly our fault as real estate agents for sure . The current median days on market of this overpriced inventory sits at a whopping 165, almost half a year!!

Reasonably priced properties are selling as one can see by the median days on market for sold condos that has hovered around 60ish since way back in 2006.

Another important factor to take note of is the change in transaction volume! From a peak of 368 units in 2005 the n adjusted figure for 2009 has us on pace to sell just a few more than half of 2005’s figure.
For more information and analysis on the southern Maine real estate markets please reach out at 207-650-5383, Email: john@greentreemaine.com or by visiting my site www.mymaineproperty.com
Thanks for reading,
John Herrigel,
Green Tree Realty
Portland, Maine

Raw Data

Year	Units Sold	Median Price	% Price Chg	Median DOM
2009 (adj)	193	184	-14%	67
2008	249	214	-3%	64
2007	288	220	10%	70
2006	312	200	-14%	60
2005	368	233	10%	44
2004	296	212		30

Portland Maine Condo Report

admin — Mon, 01 Jun 2009 16:21:10 +0000

For the 5 months ending May 31st, 2009, 66 condos have sold in the Portland Maine residential real estate market at a median price point of 222K after sitting on the market for a median of 80 days. This contrasts with 111 sold at a median price of 202 for the same time period in 2008 after sitting on the market for a median time frame of 90 days. The market transaction volume has tapered off significantly from tightening lender restrictions and slower overall markets but the higher price point and short days on market are very encouraging for the overall market picture.

For additional information on real estate in Southern Maine, please visit www.mymaineproperty.com

Portland Maine Year in Review 2008

admin — Wed, 14 Jan 2009 18:37:24 +0000

In Portland Maine, the hub of southern Maine real estate, 2008 ended with markets down approximately 15% in transaction volume levels, 8-10% in pricing and the Days on Market held steady at 72 for SF homes and around 100 for condos. In total 406 homes and 247 condos sold in 2008, down from 490 homes and 288 condos in 2007.
Here are a couple year by year graphs for the Home and Condo Markets in Portland Maine.

Average sold prices – Homes and then Condos

Number of Properties Sold Homes and then Condos

For more Maine housing statistics on Portland and other southern and Coastal Maine communities please visit www.mymaineproperty.com

Portland Maine November 2008 real estate report

admin — Wed, 03 Dec 2008 18:26:14 +0000

For the month ending 2008, the Portland Maine real estate market saw 51 single family and condo transactions occur at an average price of 259K after sitting on the market for 75 days. In November 2007 47 transactions occurred at an average price of 265K. Thus volume was up 9% year over year and pricing is down 6% from the year prior. Month over month transaction volume was up 31% and average sales prices were down 4%.

Portland October 2008 Home Sales Report.

admin — Wed, 05 Nov 2008 16:23:51 +0000

For the month of October 2008 Portland Maine saw 39 residential transactions take place at an average price of 259K. Off 3% from the year priors average sales price of 267K the month over month price change saw a 13% increase from Septembers average sales price of 230K. In October 2007 56 transactions took place in the Portland Maine housing market representing a 30% slide year over year.