May 2021 Real Estate Stats • Portland, Maine

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May saw another big jump in Portland’s single-family prices, more balance in the market could be on the way, and a look back at May 2020 reveals pandemic’s toll

Portland, ME – After a drop from $452,000 in March to $404,500 in April, the median sales price for Portland single-family homes increased to $479,250 in May. In comparison, for all of 2020 the median sales price was $362,500. The number of single-family listings stayed steady over the past few months, but the number of sales almost doubled from 32 in April to 58 in May.

In contrast, after several record-setting months, the median price and sales numbers for condos and multi-family buildings slightly declined. “I think what we’re seeing is listings starting to better match demand,” said Benchmark Real Estate owner Tom Landry. “It’s too early to call anything a trend, but now into June, there does seem to be a slight increase in supply.” He said this could lead to a more balanced market this summer.

Landry said that several things are coinciding that could bode well for buyers still in the market and thinks July and August, could be easier on buyers. First, high sales prices have motivated more property owners to list, increasing supply. Second, he said buyers are becoming fatigued after losing out on home after home and some have put their search on hold. Third, he said, “buyers are more distracted with beachgoing, summer camps, and upcoming summer vacations. I think buyers willing to forgo that summer weekend away might find a much easier market than this past spring and may avoid the bidding wars that are likely to return in the fall.”

Looking back a year to May 2020, prices, sales numbers, and listings were all up in May 2021. May 2020 sales represent properties that went under contract mostly in March and April of that year, the strictest months of the quarantine. Sales numbers fell sharply during those months, especially in Portland where the city listed real estate as non-essential, breaking with the State of Maine which deemed them essential services. Most multi-families and condos couldn’t be shown during that time, single-family owners opted not to list, and the industry hadn’t yet adapted to virtual closings.

In May 2020 single families and condos sales were close to half what they were this past month. But as the statistics show, said Landry, this quickly reversed come later last summer. “Spring 2020 was a very hard time for any who wanted to sell real estate in Portland, but that changed rapidly, and it’s been the best seller’s market we’ve ever seen since.”

The statistics below were prepared by Benchmark Real Estate using data from Maine Listings.

The statistics below were prepared by Benchmark Real Estate using data from Maine Listings.













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