Tuesday, June 3, 2008

The Condo Market

More condos going up, while many still unsold. Though if the economy picks up - and the prices become more reasonable - so should the sales.
"Still, Portland's condo market is struggling, according to figures reported by the Maine Real Estate Information System, the state's multiple listing service.

Condo sales dropped 15.7 percent in the first quarter of this year (59 condos sold) compared with a year earlier (70 sold), said Lou Demers, a local real estate agent who analyzes figures provided by the real estate information company.

The 16 condos sold in Portland in April spent an average of 136 days on the market, compared with an average of 88 days for the condos sold in April 2007, Demers said.

At a rate of 16 condos a month, it would take nearly 15 months to sell the approximately 235 condos currently on the market in Portland, he said. 'We'd like to see that drop to six months or less,' Demers said.

Looking on the bright side – at least for Portland condo owners – condo sales and prices appear to be more stable than those of single-family homes, Demers said. Comparing the first quarters of 2007 and 2008, single-family home sales in Portland dropped 35 percent, from 117 to 76, he said.

And while the median sale price for condos dropped 4 percent, from $205,331 in 2007 to $197,081, the median sale price for houses dropped 4.7 percent, from $240,167 to $228,842, Demers said."
- PressHerald

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