Portland real estate markets on fire in 2nd Quarter of 2017
Jul 18, 2017 in Market News

Happy mid July greetings from Maine real estate headquarters! 

So here at myMaineProperty.com we love stats almost as much as we love selling real estate :).  Recently we compiled our 2nd Quarter real estate report on Southern, Greater Portland and Coastal Maine (see report here), but felt it worthwhile to highlight and dig into Portland's statistics a bit more. 

Portland Homes:
Prices up 7%, volume down 30%...WOWZER!  So what does this mean? 

Perhaps home owners are just waiting for prices to rise further or possibly home owners are concerned about being able to find something of comparable value to purchase when they do sell their home due to the limited inventory & higher prices.  Its the classic chicken & egg problem.   We need more inventory for home owners to feel more comfortable selling, but we also need home owners to feel more comfortable about selling to get the needed inventory!?!?!

Portland Condos
Its a good time to be in the condo business!  Both prices and volume were up greater than 10% in the 2nd quarter of 2017 & there are really no signs of this trend fading. With a market that is turbo-charged each month with a steady stream of new baby boomers & millennials, each with large bank accounts, entering the Portland market we suspect the condo rally will continue.

Portland Multi Units
This market is "ON FIRE" with median prices up 20% & transaction volume on the rise again!  We want to watch this market very closely going forward as what this could very well mean is that there is a "bubble" forming in our marketplace.  Investors are often on the leading edge of trends & if they start unloading their product we may quickly see a cooling off throughout the entire real estate market.

Takeaways from the statistics? 

 There is simply a lot of energy in the Portland real estate market.  Most signs point towards continued strength, but not all.   As always the best advices is "buy what you like and like what you buy."  If buying into the Portland ME real estate market just be ready for a continued roller coaster of emotion and excitement!

Thanks for reading!

Disclaimer: “Based on information from the Maine Real Estate Information System, Inc. for the period (4/1/16 through 6/30/17 ). Provided by an individual user of MREIS. MREIS has not reviewed the contents and does not make any representations, warranties or guarantees regarding the accuracy, timeliness or completeness of any statistical information and data provided.” Rev 8.06

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