Photo / Courtesy Benchmark Real Estate
Portland’s highest condo sale in Q3 was recorded at $2.995 million for a luxury unit at 387 Commercial St., Unit 612.
Updated: October 11, 2024
Benchmark Real Estate reports strong Q3 in Portland, portending future growth
Photo / Courtesy, Benchmark Real Estate
The highest sale price for Portland’s single-family homes in Q3 was $1.95 million at 127 Pleasant St.
Benchmark Real Estate said its third-quarter market update for the Portland real estate market shows strong price growth across all property types.
Despite slightly longer days on market, sales activity remains robust, indicating sustained demand, according to a news release.
Single-family
The single-family home market in Portland saw the median sales price rise to $612,500 in the third quarter, a 9.38% increase compared to $560,000 during the same period in 2023. Homes spent an average of eight days on the market, up from six days last year.
A total of 121 single-family homes were sold, almost even to the 122 sold in Q3 2023.
The highest sale price for single-family homes this quarter was $1.95 million at 127 Pleasant St.
Condos
Portland’s condo market experienced a similar upward trend, with the median sales price climbing to $609,000, up from $551,000 in Q3 2023.
Condos spent an average of 8.5 days on the market, slightly longer than the six days the previous year. The number of condo sales saw a boost, increasing to 114 sales from 63 in Q3 2023.
The highest condo sale in Q3 was recorded at $2.995 million for a luxury unit at 387 Commercial St., Unit 612.
Multifamily
The multifamily market of two to four units also demonstrated strength, with a median sales price of $785,000, up from $750,000 in the third quarter of 2023.
Photo / Courtesy Benchmark Real Estate
Portland’s highest multi-family sale of $1.375 million was for 100 Congress St.
Properties stayed on the market for 11 days, down from 13 days the previous year. A total of 29 multifamily properties were sold this quarter, up from 23 sales last year, with the highest sale reaching $1.375 million for a property at 100 Congress St.
Sellers’ market
Portland is in a sellers’ market, with solid demand across all sectors, said Tom Landry, a broker and owner of Benchmark.
“It’s important to look at the data from Portland, because historically as is Portland, so is the rest of the state,” Landry said. “With interest rates beginning to ease, we anticipate that more sellers will be encouraged to list their homes, which could help alleviate some of the inventory pressures we’ve been seeing.”
However, he added, that could contribute to further price increases and a return to bidding wars.
Price changes
The report also highlighted a notable increase in price adjustments across the board in the third quarter.
Single-family homes saw 35 price changes, versus 16 in Q3 2023; condos with 26 changes versus 17 in Q3 2023; and multifamily properties with 12 adjustments versus five in Q3 2023.
Landry said the increase in price adjustment reflects “a more dynamic pricing environment as sellers respond to evolving market conditions.”
Prognosis
Landry predicted that declining interest rates could boost both inventory and buyer activity, which could result in the fourth quarter setting more sales records and continuing to favor sellers.
Data in the report were based on information from the Maine Real Estate Information System Inc., doing business as Maine Listings, for the period July 1 through Sept. 30.
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