Portland Maine Condo prices soar like an eagle in 1st Qtr of 2017
May 16, 2017 in Portland Condos


We recently compiled some statistics on condo sales in Portland ME for the 1st Qtr of 2017 compared with the 1st Qtr of 2016.  

Having to do a real estate double take myself we found that the median sold prices for condos in Portland rose by over 20% with neighborhoods downtown seeing even greater gains such as the red hot East End real estate market!

It is important to note that the condo sample size is small, 87 total units sold, thus figures can be skewed  and misleading particularly when what often can happen in a given quarter is that a new construction condo association building officially closes in that quarter and all the units within the building get officially recorded at the same time.

However,  based on what we are seeing as agents in the trenches the figures are quite representative of what is currently taking place in our marketplace!

Also of interest is that condo transaction volume was WAY up for the quarter taken as an aggregate...a surprise given Cumberland County, home of Portland ME  actually  saw a 1% transaction volume decrease in 2017!

Are we heading for a bubble? Or is the party just getting going?!  As the year progresses we will do our best to keep a close pulse on how it all unfolds.  

Be sure to check out all the Portland ME condos for sale here where you can also learn about and view condo associations by the various neighborhoods as well!
Median Prices
Units Sold
2017
% Chg
2017
% Chg
Intown/Downtown
351K
19.9%
18
114.8%
Out of Town
220K
22.9%
26
-29.7%
Portland
279K
20.3%
84
31.25%


Cold rain on the docket for us this weekend, what I like to call "Maine population control!" :)

Thanks for reading,

PS:  Just reach out to us at herrigelkennedy@gmail.com if interested in the detailed results!

Disclaimer: “Based on information from the Maine Real Estate Information System, Inc. for the period (1/1/16 through 3/30/17 ). 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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