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

Portland residential real estate posts fantastic results in May 2010

admin — Wed, 09 Jun 2010 14:20:21 +0000

The real estate markets of Portland Maine continued to post solid housing results. For the month ending May 2010, 81 residential transactions occurred at a median sold price of $205,000. The last time more than 80 homes and condos sold in one month was June 2008…almost 2 years ago! Much of this large bump can probably be attributed to the first time home buyer tax credit and thus watch for even more impressive figures in the month of June.

The current pulse on the market remains strong, not quite the frenzy seen in March/April, but rates remain low and buyers are continuing to buy. Homes for sale in Portland Maine, if priced appropriately, are selling within days and at asking or even above asking price points. This regional market continues to fare much better than the mid coastal ME real estate market that includes Brunswick and Bath.

Housing Markets Remain strong in May

admin — Thu, 13 May 2010 12:58:19 +0000

Despite the expiration of the tax credit on April 3oth buyers of real estate in Portland Maine have not slowed down one bit. Initially I was a bit nervous that there might be a slowdown in the market cutting short our housing recovery, but interest rates remain low and the overall economy appears to be improving.

Transaction volume was up 30% for the combined condo and housing market in Portland and median prices for the 56 closed deals clocked in at $233,000, up 6% from April 2009 and 19% from March 2010. The median days on market was 53.

Thanks for reading!

March Housing Update – Portland Maine

admin — Sat, 20 Mar 2010 13:14:52 +0000

The markets in Portland Maine have significantly heated up after a very slow holiday season. The month of February saw 42 homes and condos sell at a median price of 210K compared with 31 in February 2009. The median days on market also dropped from 83 to 65 for the time period compared.

The Maine first time home buyer market continues to lead the way with competitively priced entry level homes selling in days with multiple offers on them. Maine state housing recently lowered their rate to 4.75%. This coupled with 45 days or so left until the housing tax credit expires has created a strong Portland Maine real estate housing market that should continue throughout the spring.

Residential real estate update January 2010

admin — Fri, 19 Feb 2010 21:45:23 +0000

Currently in Portland there are 390 residential homes on the market, 208 single family homes and 182 condos. In January the Portland Maine real estate markets saw 35 homes and condos sell at 211K which was up from 209K in December and represents an increase of 6% year over year in pricing. Overall pricing in the greater Portland region seems to have stabilized and going forward expect to see strong markets with the continued first time home buyers in Maine taking advantage of the tax credit and low interest rates.

Portland ME Real Estate Year in Review 2009

admin — Tue, 12 Jan 2010 17:12:36 +0000

The housing markets in Portland Maine finished out the 2009 year on a very strong note with prices leveling out, transaction volume rising, inventories decreasing and the Days on Market average holding steady. A total of 586 Portland Maine residential real estate transactions transpired in 2009 compared with 641 in 2008, a drop of about 9% year over year. The median sold price for all these transactions was 209K compared with 219K in 2008. No drop is a good one, but the greater Portland region as a whole lost about 10% of its value in 2009 thus Portland was well above the mean.

Going forward I am optimistic we shall see a strong first half of the year once all parties recover from the holiday season hangover, but as the first time home buyer tax credit expires and interest rates inevitably begin rising the 2nd half of the year may see some cooling off in the Southern Maine real estate markets.

Thanks for reading.

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

3rd Quarter 2009 Portland Home Sales Report

admin — Tue, 20 Oct 2009 18:45:32 +0000

The 3^rd Quarter of 2009 saw 189 Portland residential home sales transactions close, two more than for the same time period in 2008. The median price point for this period was 203K, off almost 10% from 222K in 2008. The median Days on Market was 47, similar to 43 a year prior. One can see prices continued to trend down in 2008, but have for the most part stabilized in 2009. After an uptick during the economic crisis, the Days on Market median has also stabilized.

Volume for the first 3 quarters 2009 is off about 20% from 2008 primarily due to the very weak 1^st and 2^nd qtr 2009 as a result of the economic crisis.

For more information and furthe reports on real estate in southern Maine, please visit www.MyMaineProperty.com or contact me directly at 207-650-5383.

Thanks for reading,

John Herrigel
Maine Associate Broker

August 2009 Portland ME Home Sales

admin — Wed, 30 Sep 2009 17:47:09 +0000

For the month ending August 2009, the Portland Maine real estate markets saw 55 homes sell at a median price of 198K after sitting on the market for about 60 days. This contrasts with 75 homes selling at a median price of about 200K that sat on the market for about 45 days. Thus volume is down 27% and pricing is down about 10% year over year and month over month volume and pricing were off 17% and 4%.
Please visit My Maine Property for information on southern Maine real estate or coastal Maine real estate

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 housing Report – April 2009

admin — Mon, 11 May 2009 13:28:12 +0000

The Portland Maine residential real estate markets posted strong results for the month ending April 2009. 43 residential transactions took place at a median home sold price of 220K and a median days on market of 41. This compares with 45 properties sold at a median price of 228K after sitting on the market for 37 days in April 2008. Going forward look for continued strong momentum as 1st time homebuyers take advantage of the tax credit.
For more information on this Southern Maine housing community please visit www.mymaineproperty.com, contact me directly at 207-650-5383 or via email at john@greentreemaine.com