Portland’s residential real estate remained hot in July with signs of a slow in growth to come
Portland’s residential real estate remained hot in July with signs of a slow in growth to come
August 24, 2021
Portland, ME – Portland July real estate sales show a market holding steady. While the past few months have brought an increase in listings, the number of sales and the median days on market haven’t materially changed. Sales prices continue to show an overall upward trend, but there are signs of a possible leveling off to come.
The median sales price of Portland single families, the best market indicator, has dropped for the past two months from an all-time high of $479,250 in May to $461,500 in July. However, looking back, this still represents an 18% increase from July 2020 when the median sales price for single family homes stood at $391,000. The number of single-family listings increased slightly this past July to 72 compared to 67 in June, and number of sales to 56 compared to 55 in June and 58 in May.
Comparatively, the month of July saw an increase in the median sale price of condos to $498,000, up from $412,900 in June. However, there were half the amount of sales month over month meaning one or more record high sales could easily skew the numbers. Additionally, the median sale price of multi-family homes decreased to $650,000 compared to last month’s median sale price of $737,500. But with half the number of sales in June compared to July, even one sale could skew this number as well.
“Looking month over month can be tricky as a few sales can significantly change the numbers,” said Benchmark Real Estate owner, Tom Landry. “But looking over the past six months, we see a continued upward swing in values over the first half of 2020.”
Landry noted that while the July 2021 statistics continue to indicate strong market growth, that since July fourth he’s seen a sizeable slowdown in buyer activity. “Buyers are having a bit easier time than they have the past year. More listings and lower buyer activity to due summer happenings have helped,” he said. He anticipates the market to tic back up as the fall hits and then potentially settle into a more normal winter season.
The big question is, are these new prices here to stay? “I don’t see our values decreasing in Portland. The pandemic has made people around the world realize what we already knew. Our climate, culture, amenities, restaurants, schools, and close access to nature is highly desirable. Now more than ever, people can work from anywhere, and so many more are choosing to do that from here.”
The statistics below were prepared by Benchmark Real Estate using data from Maine Listings. See past stats on Benchmark’s blog.
Highest & Lowest Sales of July 2021
