Photo / Courtesy Benchmark Real Estate
The highest condo sale price was $1,951,472 at 49 Winter St., Portland, according to Benchmark Real Estate.
Updated: December 30, 2024
Benchmark report: Portland residential trends a mixed bag
Photo / Courtesy Benchmark Real Estate
The highest single-family sale price was $1.36 million for a property at 85 River’s Edge Drive, Portland, according to Benchmark Real Estate.
November data indicate a complex landscape where single-family homes and multi-family properties continue to perform strongly while the condo market is showing signs of a slowdown, according to the latest market report by Benchmark Real Estate.
The report is based on data from the Maine Real Estate Information System Inc., or Maine Listings.
Single-family homes
The median sales price for single-family homes in Portland was $555,000 in November, a slight decline from $607,500 during the same period in 2023, according to the report.
Homes sold rapidly, with a median of six days on the market, compared to seven days the previous November. The number of sales increased to 33 from 28 year-over-year.
The highest sale price recorded for a single-family home was $1.36 million for a property at 85 River’s Edge Drive.
Condos
The condo market experienced a slight cooling, with the median sales price dropping to $600,000 from $620,000 in November 2023.
Condos stayed on the market for a median of 19 days, significantly longer than the seven days reported in November 2023. The number of sales declined from 21 to 17 year-over-year.
The highest sale price in this category was $1,951,472 for a luxury condo at 49 Winter St.
Multifamily housing
Portland’s multifamily market was robust, with the median sales price jumping to $882,500 from $745,000 in November 2023.
Properties were on the market for a median of eight days, compared to 30.5 days last year. The number of sales held steady at four.
Photo / Courtesy Benchmark Real Estate
The top multi-family sale was $1.1 million for a property at 11 Moody St., Portland, according to Benchmark Real Estate.
The top multi-family sale was $1.1 million for a property at 11 Moody St.
Price drops
“We’re seeing more and more price drops but it’s too early to know whether this is sign of a cooling market or just the cooler weather,” said Tom Landry, Benchmark’s owner and broker. “Although it’s too early to tell, it does appear that we are returning to a more seasonal market and off from the year-round seller’s market that we got used to during covid.”
Landry 18 single-family homes took price drops this past November, compared with 10 the previous year; 14 condo sellers dropped their prices, up from 11 last year; multi-family properties had one price change compared to four a year ago.
“November’s data points to a complex and complicated market,” said Landry. “While single-family homes and multi-families reflect strong demand, we expect these segments to follow condos and soften. As inventories increase, days on market extend and price drops follow we could be on the cusp of a buyer’s market.”
Mainebiz web partners
Most Recent
Most Recent
0 Comments