Monday, January 12, 2015

Market Update

In 2014, the Maine housing market improved on a year-to-year basis.  Home sales in the Portland area rose by 4.2 percent compared to 2013. The 551 single family housing units purchased in 2014 comes close to the 2005 record of 570 and also marks the city’s third consecutive year of increasing sales numbers. However, this performance is still lower that the 21.3 percent improvement in home sales that Portland recorded in 2013.

On the upside, this slowdown in Portland sales rates brings the city’s average to a level below state averages, as well as below the numbers clocked in several other communities across the state. Median sales prices in Portland increased by a subtle 2.1 percent and the average price now stands at $238,000. This marks the fourth year in row with selling price improvements on the Portland single family home market.

At the same time, the 2014 median selling price in Portland sits above the state average, which was stagnat last year.  Portland remains by far the largest real estate market in the state and hopefully provides some clues as to how the market will evolve statewide for 2015.

Buyer demand is expected to increase in 2015.  Let's keep our fingers crossed!