Greater Portland Maine Residential Real Estate Report - 3rd Quarter 2010

Oct. 21, 2010 - PRLog -- Residential housing sales in the  greater Portland Maine real estate market continued to remain stagnant throughout the 3rd quarter of 2010.

Transaction volume was down approximately 25% year over year with a total of 141 homes and condos selling compared with 189 a year prior and 187 2 years prior for the same 3rd quarter time period.   However, despite reduced transaction volume, median sales prices continue to stabilize as does the median days on market for listed property.  The current inventory of  homes and condos for sale in Portland Maine  hovers around 450.

The surrounding suburbs of Portland  posted similar 3rd quarter results with some communities down as much as 50% in  transaction volume year over year whist only  Cape Elizabeth and Yarmouth posted volume increases.  

It seems buyers are continuing to hold back despite the historically low interest rates, but
October thus far has seen much healthier volume all price points and after mid term elections I am optimistic the Fall residential real estate season will finish strong in the greater Portland marketplace. Please visit http://www.mymaineproperty.com to learn more.

John Herrigel is a real estate broker with Green Tree Realty, located at 522 Washington Avenue in Portland. “Based on information from the Maine Real Estate Information System, Inc. for the period 9/1/2009) through 9/30/2010). 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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Full service real estate broker based in Portland Maine and servicing buyers, sellers and investors in the greater Portland and lower mid coastal marketplace.