January Portland real estate sales statistics show continued increase in sales prices, lower inventory and highly competitive buyer market.
Portland, ME – Residential real estate in Maine’s largest city is still selling quickly and for record high prices. While prices and sales volume are up, inventory is down over January of last year, the last month before the pandemic caused sales and listings to plummet.
“The typical January slowdown didn’t happen this year. Buyer activity remained very high with continued interest from both in and out-ofstate,” said Benchmark Real Estate owner, Tom Landry. Landry says that paired with a dip in listings, this increased interest in Portland has created an ideal market for sellers, but a very frustrating one for buyers. Landry’s team works with buyers looking at all prices ranges.
Kaitlin Roderigue, a buyer broker on the team, said, “Portland doesn’t have enough inventory for all buyers of any budget.” She said that anyone looking under $300K is unlikely to find anything in the city. “While I’ve been able to find homes for most of my clients, many had a handful of rejected offers before we finally won out.” She said that many also had to expand their search to towns up to 20 miles or more from the city center. Landry said that even many of those with budgets well over a million dollars are still not able to find the right place. “Sellers usually wait till the spring to list,” he said. “They wait for the flowers or a fresh coat of exterior paint. But the reality is, buyers right now see past all of that. It’s a great time to list.”
The statistics below were prepared by Benchmark Real Estate using data from Maine Listings. They show January 2021 statistics contrasted with January 2020.
January 2021 Stats: Single-Family, Multi-Family, & Condo
Highest & Lowest Sales of January 2021