Market Update
January 1st - June 1st, 2023 vs. January 1st - June 1st, 2024
Single Families - Portland
Condos - Portland
2-4 Units - Portland
Highest Sales - Portland
*Based on sales data and information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period Jan 1, 2023 to June 1, 2024. © 2024 Maine Listings.
The market is at a point of inflection. While it’s not the robust seller’s market of 1-2 years ago, we are nowhere close to a “crash”. We’re seeing days on market increase, the number of listings increase, some listings are lingering, and we’ve seen more price drops in the last six months. So, what gives? Part of this is the inevitable leveling off from an overly inflated market. Another part is buyers waiting for lower interest rates that haven’t come. So, what does this mean for sellers and buyers?
Sellers – In a word, the market is tricky and who you choose to list with is more important than ever. Those that prep for sale, list under market (yes, less than their neighbor sold for last year), and those that work with an experienced agent still stand to sell near record levels. Those that don’t, need to hang on as things could start to get ugly.
Buyers – As predicted, your time has come, and this summer should be the first time the pendulum swings closer to a buyer’s market in close to five years. You already have more to choose from, you don’t have to be a part of the crazy bidding wars, you can do inspections, and offer below asking. Just know this might not be the case for every home and in every location. Rates aren’t great, but there is wide belief that they could drop soon, meaning a chance of refinancing later. So, get out there and make some offers with an experienced buyer broker at your side.
Recent & Remarkable Sales
Proving that the market continues to be strong, above are some of our recent and remarkable sales. If you or someone you know is contemplating a sale, connect with us. We’re humbled to have helped so many of your friends and neighbors sell their Portland properties. Contact us at 207-775-0248 or landryteam@benchmarkmaine.com.
