Saturday, February 9, 2008

Mixed bag on Portland housing

The housing implosion just took longer to get to Maine. Slowly prices are coming down to be affordable for more of us.
... statistics for Portland for the month of January offer convincing evidence that real estate values may not be holding as steady as they were just months ago. A mere 15 single-family homes sold in January—exactly half as many homes that sold in January 2007 (December’s volume was also off 50% from the prior year). What’s more is that January’s median sales price ($222,500) for a single-family home fell by eight percent from December and almost 10% compared to a year earlier.
The Portland condominium market—for a change— is faring slightly better than its single-family counterpart. Twenty-five condos sold in January, up from 21 in December and an increase of almost nine percent compared to January 2007. Condo values also held better. The median sales price ($203,690) was almost identical to December’s and down just three percent from last year.

- Coast Properties

via Maine Housing Crash Blog

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