Listings Down, Prices Up, Rates Down, and the Future...

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sooner = better!

 

As you've probably seen, this summer has been perhaps the very best seller's market we have ever seen. With low inventory, low-interest rates, and high buyer demand, we're still seeing multiple offers and over asking sales. A little good news for buyers; we are seeing an increase in new properties hitting the market this fall.

While we believe the Portland market will remain strong, with the uncertainty of the election, the potential of another shutdown, and interest rates poised to rise, anyone looking to buy or sell should do so now!


 

Portland's Single Family Market Stats


While most residential real estate in all categories is selling well, single-family home sales have increased the most.
  • Overall, listings are down. 2020 has seen a 28% decrease in listings over the same time period in 2019.
  • The traditional selling season was delayed. In 2019, the most popular month for listings was May. So far in 2020, it was August. 124 single-family homes went on the market in Portland between January and April, and 227 went on from May to August.
  • Homes are under contract much quicker, accelerating throughout the year. In 2019, homes were under contract in a median of nine days. So far in 2020, it's six. But the interesting part is that from January to April 2020 it was 17 days from May to August that decreased to four.
  • Median sale prices are up and still going up. In 2019, the median sale price in Portland for a single-family home was $324,500. In 2020, that's increased to $352,000 with an 8.44% increase from the first part of the year to now.
  • There has been an increase in out-of-state buyers. Click here to watch Tom talk about this with WMTW News. 

 

 

Trying our Success to Giving Back in 2020


We have been fortunate that the real estate market bounced back this summer, and we are paying it forward. If you and/or your business is one of the lucky ones, think about tying your success with giving back. We've donated $100 to Portland Buy Local and $100 to the local non-profit of our clients' choosing for every 2020 sale. For the first half of the year, that makes $8,000 back into the community that supports us.

Tom and Amy Landry of Benchmark Real Estate presented $4,000 for the first half of this year’s sales to staff and board members of Portland Buy Local this past month.

Pictured from left: Amy Landry, Tom Landry, Mary Alice Scott / Executive Director, Portland Buy Local, Tony Zeli / Publisher, West End News, Kelly Fernald / Owner, Nomads 

 

Benchmark's Portland Kids Duathlon Raises $8,000 for Portland Schools


In our third year presenting the Portland Kids Duathlon, we raised $8,000 for the Foundation for Portland Public Schools, now totaling $23,000 since we started the event. Our sponsors stuck with us and we were thrilled with the outpouring of support from our athletes and families despite moving to virtual. We had 92 virtual participants from across Maine and NH. The next Portland Kids Duathlon will be held on July 25th, 2021 at Payson Park in Portland. So, save the date! 

Also a big thank you to Hammond Lumber and CycleMania for donating equipment for the East End Community School Bike Club. Have a used bike to donate to kids that can't afford their own? Send an email to racedirector@portlandkidsduathlon.com.

Click here to watch the 2020 Race Highlights.

Pictured from left: Amy Landry / Communications, Benchmark Real Estate, Xavier Botana / Superintendant, Portland Public Schools, Tom Landry / Owner, Benchmark Real Estate, Andrea Weisman-Summers / Executive Director, Foundation for PPS, Dan Nogar / Dean of Students, East End Community School. 

 

  

 

Concerned with Selling in a Pandemic? We are too!

That’s why we take every precaution to help keep everyone as safe and healthy as possible. We minimize the number of people in your home and require staff, agents, buyers, and vendors like photographers and contractors to wear masks and gloves when entering your property. We've implemented CDC guidelines to ensure safe home access. Our guide is available for you to share or post at your home at benchmarkmaine.com/blog.

 

Friends don't let Friends Work with the Wrong Realtor

Know anyone looking to buy or sell? If so, be sure they contact the most accomplished, respected, and experienced team.

For every referral you send our way, we will send you a VERY SPECIAL THANK YOU!

 

 

 

 

Tom Landry & The Landry Team
(207) 775-0248
landryteam@benchmarkmaine.com