Single Family Market in Portland Maine

The Portland Maine SF market has held up much better than its condo or multi unit market counterparts.  Prices for omes are down approximately 15% from their peak compared with 25% or more for both the condo and multi markets.   Many first time home buyers in Maine have taken advantage of the tax credit coupled with Maine State Housing’s “Gift of Green” worth as much as $5,500 in additional cash value to the buyer. 

Currently there are 219 home on the market at a median asking price of just shy of 300K.

To date in 2009, a total of 365 homes have sold at a median price of 216K after sitting on the market for approximately 60 or so days.  As we enter the winter months, I believe real estate in Portland Maine will fare well as inventories have not ballooned and the  asking prices are far more realistic that where they were a year prior.  Let’s just hope the entire economy does not collapse!!!