Portland ME Real Estate Analysis for Homes and Condos

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

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

As the spring season comes to an end, the state of Maine continues to weather a nasty bit of cloudy, rainy weather as of late, certainly not helping to encourage parties to buy property and real estate in Southern Maine.   Interest rates spiked earlier this month but have since returned to very low levels.  Buying activity remained quite strong in the communities surrounding Portland Maine, specifically the South Portland real estate markets.   Look for a moderatly slow Summer season as the short sales and foreclosures continue to “gum up” and slow down the entire system.  Thinking or renting instead of buying, take a look at Schneider Property Management, a Portland Maine apartment rental company when time permits.

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

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

The Cumberland County real estate market, home to Portland Maine posted dismal figures for the month ending January 2009.  101 transactions took place, down from 172 a year prior and 183 a month prior, representing a volume drop of approximately 40+%.  Average sold pricing for the month clocked in at 261K, about 5% less than a year prior.  The days on market ticked down a bit however with the average home sitting on the market for about 95 days in January 2009 relative to 111 a year ago.

Thanks for reading,

John

Maine Buyers Agent

The month of January 2009 saw 7 real estate transactions transpire in South Portland, the the South Portland Maine real estate market is slow and staying that way.  In the year prior 13 transactions took place thus representing a volume drop of approximately 50%.  Pricing seems to be remaining constant for the time being and all signs point towards a continued housing slowdown in Southern Maine real estate.

Transaction levels in the Portland Maine real estate markets for very low in January of 2009. 20 residential properties sold at an average price of 214K compared with 42 homes selling at an average price of 222K in 2008. This represents a transaction volume drop of about 50% and a pricing drop of 4%.

As of this writing, 389 homes were listed on the market compared with 391 in December and thus the inventory has stabilized for the winter months. COLD weather and the economic crisis are the biggest contributers to the southern Maine real estate housing market slowedown currently.

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

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%.