Portland Maine Condo Analysis

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

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