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

Portland ME Homes Market Report for November 2011

admin — Tue, 06 Dec 2011 17:45:37 +0000

During October a total of 34 homes were sold in Portland Maine. This is a 10% increase in the number of sales since last year at this time, and a 55% month over month increase in transaction volume. Inventory is down slightly with just 253 homes available. The average price of Portland homes has dropped slightly both year over year and month over month to 219K, and average number of days on the market has increased.

For more information about the latest Portland Maine housing statistics, visit the Herrigel Group online at mymaineproperty.com. We specialize in greater Portland area homes and investment properties. To talk to John Herrigel directly, call (207)650-5383 or email johnherrigel@gmail.com

August 2011 Housing Update for Homes in Portland ME

admin — Mon, 22 Aug 2011 18:34:44 +0000

The median price of Portland Maine homes rose from 208k in July 2010 to 224k for July 2011, and is up 2% from one month earlier. During the month of July 2011, 45 homes were sold in Portland in contrast to just 23 one year earlier. This 96% increase in sales may be a reflection of the end of last year’s first time buyer tax credit in June 2010. Stable month over month pricing and stable markets in Portland led by lower interest rates make Portland a great place to relocate!

While the summer warmth remains, it is an excellent time for a picnic. Enjoy one of Portland Maine’s picturesque city parks like the Eastern Promenade in Portland’s East End neighborhood for some relaxation and fun in the sun.

This housing report has been compiled by John Herrigel a local Maine broker with the Herrigel Group – MyMaineProperty.com For more information about homes for sale in Portland Maine contact John directly at 207-650-5383 or via email at john@greentreemaine.com

Portland Maine 1st Quarter 2011 Market Update

admin — Sat, 23 Apr 2011 16:00:31 +0000

Greetings all…so as it continues to rain and stubbornly remain in the 40′s here in Maine today.. here is a analysis of the 1st quarter housing results in Portland Maine.

For this 3 month period ending March 31st 20111.. a total of 102 home and condo transactions transpired compared with 136 in 2010 and thus representing a somewhat significant volume decrease of 25% year over year! However last year we saw a lot of activity as a result of the 1st time home buyers tax credit and thus this drop may be slightly skewed. Considering this winter was also a bit harsher than normal I suspect we shall see a return to strong results in the 2nd quarter of 2011 for sure.

Despite the volume drop.. median prices continue to remain strong and actually showed a statistical 8% jump from $206,000 in the first quarter of 2010 compared with $222,000 this previous quarter. Buyers “from away” coupled with still many first time home buyers in the marketplace continue to help keep our market strong overall.

Thanks for reading and reach out anytime for more information on a home for sale in Portland and/or condo that you may come across in your searches..

Portland Market Update and Distressed Properties

admin — Thu, 03 Mar 2011 11:58:32 +0000

How is the Portland real estate market faring? How many properties in Portland are considered distressed? What really is a short sale and how does it work? We hear all the time about how bad foreclosures are on a national scale, but the local markets here in Portland Maine are actually doing quite well overall. With data I was given from my friends at RealtyStore.com the other day I got to see a pretty clear picture of the current Maine foreclosure situation.

As of the end of February, the county of Cumberland had approximately 60 active foreclosure listings out of a total inventory of 2,000 plus properties, of which 11 of these 60 were shadowed, meaning they are not being actively listed with a real estate agent. However, foreclosed properties tell only part of the story as a large amount of listed homes and condos are in a short sale status…. I estimate at least 50 to 75 out of the total 325 current listings in Portland Maine.

A short sale is when the seller owes more on the mortgage than the current market value of the property and ultimately they do not have sufficient funds to cover the difference meaning that they must convince the bank to take a loss and forgive them this difference.. a process that can go smoothly, but often does not!

Thanks for reading and check back soon!

Market Update on Portland ME Real Estate

admin — Fri, 24 Sep 2010 17:53:29 +0000

It seems despite the ridiculously low interest rates home buyers in greater Portland Maine seem to be taking a breath as things continue to remain quite slow in the residential marketplace. After a fantastic Spring, July and August saw slackening conditions with sales volume off approximately 10% year over year. Alas September has also gotten off to a very slow start as well, but it is important to note that real estate markets can be quick to turn around and with the stock market pushing 11,000 again..a little consumer confidence can go a long way.

Median prices in Portland like the rest of the state jumped significantly in August as less first time Maine home buyers are buying. Despite the slackening demand, current inventories throughout the greater Portland real estate market have remained flat or in some cases decreased as less sellers are putting their homes on the market.

One community that posted solid August results however were the real estate markets of Cape Elizabeth where year over year volume was up 9%.

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 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.