March 2025 Newsletter & Market Update

As we transition to spring, remember my team and I are here if you or someone you know is thinking of buying or selling.

This spring and early summer are shaping up to be exceptionally active. And while there’s no shortage of agents out there, when it comes to one of life’s most complex and consequential decisions, you deserve to work with the most accomplished, experienced, and respected team.

Why Work With & Refer Us?

• We Know Portland – I’ve lived in Portland for over 30 years and know every corner of this city; its parks, schools, shops, and neighborhoods better than anyone.

• We Know Homes – Having renovated and restored over a dozen homes, I bring deep knowledge to both sellers preparing for market and buyers planning updates.

• We Know Our History – From mid-century gems to grand Victorians, we specialize in telling the story of Portland’s most unique and historic homes.

• We Know the High-End Market – While we serve all price points, we’ve built a reputation for successfully marketing and selling Portland’s most prestigious homes.

• We Know Residential Real Estate – Our focus is single-family homes, condos, and 2–4 unit properties, allowing us to offer truly specialized and strategic advice.

• We Know Home Preparation – Our Launch vs. List strategy ensures homes are positioned for maximum impact. Learn more at whereyoucallhome.com.

• We Know Marketing – With a background in corporate-level marketing and 20 years in real estate marketing, we ensure your property is seen, locally, regionally, nationally, and internationally.

• We Know How to Help – Compassionate, dedicated, and always client-focused, our team is here to guide you.

• We Know It Can Be Complicated – Real estate is emotional. Our job is to make the process easier, whether you're buying or selling.

Real Estate as a Reflection

There’s an old sales mantra: “Every purchase is emotional.” In real estate, I’d argue that every sale is too.

Working in the market every day, we’re seeing collective anxiety manifesting in many ways, from inflation fears and market swings to global instability and financial uncertainty.

Sellers are increasingly listing now vs waiting. Even those who’d planned to sell years from now are choosing certainty. We’re seeing second homes, be it lake, mountain, or in-town condos, hitting the market as owners seek liquidity. The reasoning? Cash in the bank feels safer than assets on paper.

Buyers are showing up in force. Pent-up demand, slightly lower interest rates (hovering in the 6–7% range), and growing inventory have created momentum. Many buyers are counting on future refinancing, but they’re moving on the right home at the right price in the right location now.

Go Low to Go High

During the pandemic, I remember telling my wife, “The market is so unpredictable, we’re just setting starting prices. Buyers are setting the final number.” While those bidding wars are behind us, the principle remains:

• Sellers who list at or slightly below market often generate immediate interest, multiple offers, and top-dollar outcomes.

• Sellers who list too high often linger, drop the price multiple times, and end up selling for less, sometimes much less. Smart pricing still wins.

Market Update - Tom's Take - Top Sales

Tom’s Take: If "uncertainty" is the word of the year, we're already seeing its impact.

Portland’s spring market is arriving early with inventory surging 61% over both last month and last year. Combine this with a 30% drop in sales and a 641% jump in days on market, and it’s clear we’re in a transitional market. (these are single-family stats)

Why the listing rush? For many sellers, it’s about control. When the world feels uncertain and markets are volatile, a healthy bank balance feels reassuring. This is prompting many to list second homes, investment properties, or even homes they’d planned to sell down the road.

Are we at a tipping point? Possibly. But factors like limited new construction, historically low interest rates for current owners, median sale prices near historically high levels, and steady demand are keeping a buyer’s market at bay for now.

Bottom line: All that said, this is the best buying environment we’ve seen in a long time. Inventory is up, rates are manageable, and sellers are motivated. But not every home is flying off the shelf, strategy matters more than ever.

Top Sale: 49 Montreal St. 3br, 3bth, 2,025sf, $1,482,029

Single-Family Stats

• Median Sale Price: $542,000 (↓6.9% MoM, ↑2% YoY)

• Sales: 16 (↓33.3% MoM, ↓30.4% YoY)

• Median DOM: 45 days (↑112% MoM, ↑641% YoY)

• Price/Sq. Ft.: $358 (↑5.6% MoM, ↓8.7% YoY)

• Active Inventory: 42 (↑61.5% MoM & YoY)

Top Sale - 62 India St #204, 3br, 2bth, 1,955sf, $1,250,000

Condos Stats 

• Median Sale Price: $471,205 (↓22.4% MoM, ↓33.2% YoY)

• Sales: 16 (flat MoM, ↓33.3% YoY)

• Median DOM: 9 days (↓81.5% MoM, ↓15% YoY)

• Price/Sq. Ft.: $508 (↓4.3% MoM, ↓3.5% YoY)

• Active Inventory: 65 (↑30% MoM, ↑47.7% YoY)

Top Sale - $1,200,000, 130 Neal St. 4 units, 4,739sf

Multi-Family Stats

• Median Sale Price: $817,500 (↓7.9% MoM, ↑6.7% YoY)

• Sales: 8 (↑300% MoM, ↑33.3% YoY)

• Median DOM: 43 days (↓18.1% MoM, ↑68.6% YoY)

• Active Inventory: 29 (↑52.6% MoM, ↑93.3% YoY)

Lets hope for a little more sun and stability and for our paths to cross again soon!

Tom Landry & The Landry Team
(207) 775-0248
landryteam@benchmarkmaine.com