March Housing Update – Portland Maine

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.