Portland Condo Market Update: Volume up, but are prices on the decline?
Oct 06, 2017 in Portland Condos

The Portland Maine condo market has been red hot as of late, but over the past couple months a different trend has begun to form.  Transaction volume continues to remaining strong, but median prices are definitely on the decline. 


Sold transaction volume in August & September continued to be way up with 29 units selling in September compared with 18 the year prior and 42 in August compared with 26 in 2016.

However pricing was down 2.5% in September & 4% in August  with median sold prices in both months being $260,000.

But more disconcerting to this author is that median sold prices in May, June and July of this year were  $290,000, $290,000 and $310,000 respectively....eeek!

Only time will tell if this trend continues & we are definitely not discounting this all to simply be an anomaly with the small sample sizes, but there are a ton of new units coming on in the marketplace and this will inevitably result in some downward pricing pressure.

One condo we do however  like & feel is priced right is 21 Chestnut Lofts  at $349,900...fresh to the market..its a great deal!

Happy Fall greetings from Maine!
John

PS: We offer an exclusive Portland Maine condo market report if intersted.. just reach out to John at johnherrigel@gmail.com anytime

Disclaimer: “Based on information from the Maine Real Estate Information System, Inc. for the period (5/1/16 through 9/30/17 ). 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.” Rev 8.06


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