Portland’s residential real estate market is sending mixed signals to buyers and sellers, according to Benchmark Real Estate’s analysis of the market for February.
The median sales price for single-family homes declined for the second consecutive month, wrote Tom Landry, Benchmark’s owner.
But when compared to February 2024, values were up 33.7%.
Median days on the market increased 50% in February and 91% compared to February 2024.Â
“This indicates that sellers may be overpricing their homes, resulting in longer listing times before securing offers,” Landry wrote.
The report introduced an “active inventory” metric.
Data were derived from Maine Listings for the period Jan.1, 2024, through March 6.
Single-familyÂ
- Median sale price: $615,000, down 6.1% from January and up 33.7% from February 2024.
- Number of sales: 23, up 53.3% from January and 91.7% from February 2024.
- Median days on market: 12, down 50% from January, up 60% from February 2024.
- Active inventory: 30, up 11.1% from January nod 50% from February 2024.
- Highest-priced: 112 West St, 12-bedroom, 9-bath, 11,080 square feet: $2 million.
Portland’s highest-priced single-family in February was 112 West St. at $2 million. PHOTO / COURTESY BENCHMARK REAL ESTATE
CondosÂ
- Median sale price: $607,500, up 20.6% from January, down 12.3% from February 2024.
- Number of sales: 16, down 33.3% from January and 52.9% from February 2024.
- Median days on market: 46.up 4.5% from January, down 46.8% from February 2024
- Active inventory: 55, down 9.8% from January, up 22.2% from February 2024.
- Highest-priced: 118 Congress St. No. 203, three-bedrooms, three bath, 2,050 square feet, $1.435 million.
Portland’s highest-priced condo in February was 118 Congress St. at $1.435 million. PHOTO / COURTESY BENCHMARK REAL ESTATE
2-4-unit
- Median sale price: $887,500, up 4.4% from January and 62.8% from February 2024.
- Number of sales: 2, down 60% from January, no change from February 2024.
- Median days on market: 53, up 94.4% from January and 452.6% form February 2024.
- Active inventory: 18, down 14.4% from January, up 12.5% from February 2024.
- Highest-priced: 40 Leland St. 4 units, 4,670 square feet, $1.05 million.
“If we see a substantial increase in new listings (as is typical from April through June), homes may linger longer, and prices could stabilize or decline,” Landry wrote.