Portland Maine Real Estate Report July 2016
The Portland Maine real estate market is still on fire! Spring is typically the busiest time of year in any area but this season exceeded many agents expectations. Many homeowners are getting their asking price, and buyers are happy to pay it. Competition is stiff, and you need to have a strategy in place when bidding on a home. Click here to read my post “How to win a bidding war.”
Cumberland County has seen an increase in sales from last quarter by 11.33%. The median sales price is also up 8.6% from 239,000 in 2015 and $259,000 in 2016.
As for Portland and South Portland, inventory is still tight. There are currently 263 single family homes on the market at the time of this writing and 225 under contract. There was a total of 274 single family homes sales compared to 190 last quarter. The average list price increased from $290,173 to $299,724, and the average price per square foot was $184.
The sales/list price ratio is up 2% from 98.36% to 100.42%. Many of the homes were sold at the asking price, just below, or above. This is what happens when demand is high, and inventory is low. The average days on market was 34 and the median, only 9.
The current absorption rate (how many homes sell in a month) for Portland and South Portland is 2.8. This number tells us how long it might take to sell through the current inventory based on our second quarter statistics. The absorption rate for the first quarter was 2.4, and we see a marginal increase because there is more inventory on the market this quarter.
We determine this rate by dividing the amount sold properties by a specified period. In this case, 274 by 3 (months in the quarter) and get 91 homes sold per month. Lastly, divide the number of competing properties on the market (263) by 91. The rate is 2.8.
If you would like to discuss market statistics or the absorption rate for your area, please feel free to contact me directly on 207.805.6007 or MyMaineAgent@gmail.com