Broker report: Portland residential listings up in March, but sales fall

In March, Portland saw an increase in residential real estate inventory, combined with falling sales and longer days on market, according to a report by Tom Landry of Benchmark Real Estate

Spring typically brings a boost in real estate activity.

But March data suggest that uncertainty is taking the wheel, he said.

“Inventory is up significantly, but sales are down,” Landry said. “That kind of divergence is rare this time of year.”

The number of single-family listings in Portland jumped 61% over both the previous month and year-over-year, Landry said. 

Meanwhile, sales dropped 30%, and days on market rose 641% year-over-year.

Data was taken from the Maine Real Estate Information System.

Landry said sellers are listing early this year.

“We’re hearing from people who are looking to reduce exposure, cash out second homes or rebalance their investments,” he said.

Single-family homes

• Median sale price: $542,000 (down 6.9% MoM, up 2% YoY)
• Sales: 16 (down 33.3% MoM, down 30.4% YoY)
• Median days on market: 45 (up 112% MoM, up 641% YoY)
• Inventory: 42 (up 61.5% MoM and YoY)
• Top sale: 49 Montreal St., $1,482,029, 3-bed/3-bath, 2,025 square feet

Condos

• Median sale price: $471,205 (down 22.4% MoM, down 33.2% YoY)
• Sales: 16 (flat MoM, down 33.3% YoY)
• Median days on market: 9 (down 81.5% MoM, down 15% YoY)
• Inventory: 65 (up 30% MoM, up 47.7% YoY)

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  Top sale: 62 India St. No. 204, $1.25 million, 3-bed/2-bath, 1,955 square feet

Multi-families (2- to 4-units)

• Median sale price: $817,500 (down 7.9% MoM, up 6.7% YoY)
• Sales: 8 (up 300% MoM, up 33.3% YoY)
• Median days on market: 43 (down 18.1% MoM, up 68.6% YoY)
• Inventory: 29 (up 52.6% MoM, up 93.3% YoY)
• Top Sale: 130 Neal St., $1.2 million, 4 units, 4,739 square feet