Portland Maine Condos For Sale: An Overview Miniseries Apr 18, 2017 in Portland Condos

Greetings folks! 


So this past winter I took an 8 month sabbatical to live in Medellin, Colombia to focus on rebuilding this website plus learn a bit of Spanish. :)

I figured as I try to re-educate myself on the market I might as well share the wealth!

The spring real estate market is quickly approaching thus the plan over the next 8 weeks or so is to  create an in depth mini-series on condos for sale in Portland ME with a focus on pricing, inventories, new condo development and recent news.

Its always hard I think when starting a new project to know where to begin thus we will start at the top with a look at overview pricing and volume for last year 2016 vs the year prior, 2015.

2016 Condo Pricing & Sold Volume

Median $
% Yr Chg
Sold
% Yr Chg
Portland
$269K
7%
350
-3%
On Peninsula downtown
$337K
8%
215
-8%
Off Peninsula
198K
4%
135
7%
Prices were up 7% for all condos in Portland aggregated together whilst the downtown market was up 8% with a median price point of 337K compared with around 312K in 2015.  Not shown in the data above is the change in Days on Market for new listings down a whopping 24% for Portland to 59 from 79 in 2015.. WOW.   

A supply shortage is also contributing to the rising prices as as volume for all of Portland was down 3% year over year and a whopping 8% for downtown Portland condos!

Next week we will delve into downtown market a bit more.. thanks for reading. 

Disclaimer: “Based on information from the Maine Real Estate Information System, Inc. for the period (4/4/17 through 4/11/17 ). 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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