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The housing markets of greater Portland Maine fared well in 2009 despite the economic crisis we have and continue to experience. The 7 communities within this report include Portland, South Portland, Cape Elizabeth, Falmouth, Cumberland, Westbrook and Yarmouth. The metrics discussed include Transaction Volume, Median Prices and Median Days on Market.
Transaction Volume
For the region as a whole little change was seen in total transaction volume in 2009. 1529 residential home sold compared with 1543 in 2008. Falmouth had the greatest increase with 175 homes selling in 2009 compared with 134 in 2008. South Portland and Cape Elizabeth also posted gains of 9% and 7% respectively. The worst performing community was the town of Cumberland dropping 15%. The City of Portland ended down 9% with a total of 586 transactions in 2009.
 Housing Price’s
Overall prices in the region were down about 10% in 2009. Every community except Yarmouth (3% increase)saw price drops . Portland finished 2nd best dropping only 5% year over year. The median pricing for a home in Portland was 209K in 2009 compared with 219K in 2008. Cape Elizabeth and Cumberland recorded the largest price drops with more than 20% lost in value. One should take note that prices have stabilized in 2009 and have not decreased since the start of the year.
Days on Market
The median days on market average for the entire region was 70 compared with 75 in 2008, a reduction of 6% and an encouraging sign for the future. In Portland the median DOM (Days on Market) remained unchanged hovering around 60 whilst Westbrook, Falmouth and Cape Elizabeth all saw drops close to20%. Both South Portland and Yarmouth recorded 12% gains in DOM. Additionally the inventory of available properties are lower overall helping to strengthen the markets further.
Outlook 2010
Going forward I remain optimistic that we will see a strong results in the first 2 quarters of 2010 due to the housing tax credit extension and the historically low interest rates we continue to see. This wonderful window of opportunity to purchase will narrow and the market could worsen in the 2nd half of 2010 based on the assumptions that 1) the housing tax credit will expire and that 2) interest rates will begin to rise as the federal government ends their purchase program of mortgage backed securities. Overall I believe prices, transaction volume and days on market and will remain flat in 2010.
For greater details please visit the Southern Maine real estate section
Thanks for reading.
“Based on information from the Maine Real Estate Information System, Inc. for the period (2008) through (2009). Provided by an individual user of MREIS. MREIS has not reviewed the contents and does not make any representations, warranties or guarantees regarding the accuracy, timeliness or completeness of any statistical information and data provided." |
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