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.

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.

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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

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.

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.

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How has the Portland Maine Apartment Rental market faired throughout this period. Per the Housing and Urban development Agency (HUD), the fair market rental rates in 2009 for Portland were $844 for a 1 bedroom unit and $1042 for a 2 bedroom.  For 2010 the published rates ironically climbed to $856 and $1106, no big surprise the way our government often works!

Looking quickly at Craigs List and one can infer that these governmental figures are indeed a bit high.  Most 1 bedroom units in Portland seem to be listed between $600 and $800 whilst 2 bedrooms are running between $900 to $1200.  A major swing variable however in Maine apartment rentals is the heating costs as during the winter months ones heating bill could range from the low end of $50 upwards to $200 plus for even a modest sized apartment.  With the price of oil and natural gas rising, one can also expect these figures to continue increasing as well. Many units have heat included, but many do not thus making it critical to determine and factor into ones equation when pricing out apartment rentals.

The significant volume increase and also pricing increase month over month echo similar results seen in nearby communities including Portland.  With interest rates remaining low and the extension of the first time home buyer tax credit expect the real estate markets of Southern Maine to continue to improve.

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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

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

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