Portland Maine Real Estate Update
#portlandmaine #maine #mainelife
Welcome to this article on the Portland Maine real estate market. In this article, we will be discussing the latest numbers and trends that make up the market. Whether you are a potential buyer or seller, it is important to have all the information you need to make an informed decision. So, let's dive into the details and explore the Portland Maine real estate market together.
Residential Market Trends
To gather the data for this analysis, we will be using a tool called RPR (Realtors Property Resource). RPR provides valuable insights into the real estate market, and we will be focusing specifically on the residential market trends in Portland Maine.
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Inventory
Currently, there is approximately 1.81 months' worth of inventory available in the Portland Maine real estate market. This represents an increase of 52.1 percent compared to the previous month. It is important to note that this increase is typical for the spring market.
List to Sold Price
The list to sold price ratio in the Portland Maine real estate market has increased by 0.09 percent, reaching 104.2. This means that properties are selling for more than the asking price, indicating a competitive market with bidding wars.
Days on Market
The median number of days a property stays on the market in Portland Maine is 10. This indicates that properties are selling relatively quickly, reflecting the high demand in the area.
Median Sold Price
The median sold price for properties in Portland Maine is $535,000, which has seen an increase of 8 percent compared to the previous month. This upward trend in prices suggests a strong market and potential for appreciation.
Estimated Property Value
The median estimated property value for June 2023 in Portland Maine is $500,800, showing a slight increase of 0.4 percent. This indicates that property values are holding steady and may continue to rise in the future.
New Listings and Active Listings
Let's take a look at the new listings and active listings in the Portland Maine real estate market.
New Listings
In May, the median list price for new listings was $595,000, which is a 10 percent increase compared to the previous month. However, it is important to note that the value of properties is primarily driven by sold listings, which we will discuss shortly.
The number of properties new to the market in May was 91, with a total volume of $66 million.
Active Listings
Currently, there are 104 active listings in the Portland Maine real estate market, including both new listings and existing ones. The median list price for these active listings is $747,000, which has seen a decrease of 2.4 percent.
The number of active listings has increased by 42.5 percent, indicating a growing inventory. The median number of days these properties stay on the market is 28, and the total volume of active listings is $98 million.
Pending Listings
Now let's shift our focus to the pending listings in the Portland Maine real estate market.
New Pending Listings
In May, there were 56 properties that went under contract, with a median price of $542,500. The median number of days these properties stayed on the market before going under contract is 35. The total volume of new pending listings in May is $35 million.
All Pendings
When we consider all pending listings, including the new ones and the ones carried over from previous months, the median list price is $684,000. There are a total of 141 properties in this category, with a median number of days on the market of 12. The total volume of all pending listings is $109 million.
Median Sold Price and List to Sale Price
The median sold price in the Portland Maine real estate market is $535,000, which represents an increase of 8.1 percent compared to the previous month. This indicates a strong market with potential for appreciation.
The average list to sale price ratio is 104.19 percent, meaning that properties are selling for more than the list price on average. This further emphasizes the competitive nature of the market and the presence of bidding wars.
Data Sources
The information presented in this article comes from the Maine MLS and RPR (Realtors Property Resource). Maine MLS is the most accurate and updated source of information on the market.
While you may not have direct access to these sources, there are tools available to provide you with valuable information. One such tool is the Market Snapshot on exploremainelife.com. By entering the area you are interested in, you can access sold listings and subscribe to market activity updates to stay informed about the market.
In conclusion, the Portland Maine real estate market is showing positive trends and strong demand.
John Moscillo
Johnny Mo
ReMax Synergy
Bedford NH
603-858-3548 cell
603-206-9835 office
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