Despite the rain, the spring selling season is in full bloom. Inventories are up, homes are lingering for longer, buyers are back but bold, sellers are having to get real and realistic, and the overall market remains resilient. In this update, I share where we are at, where I think we are going, some recent questions and stories that paint the picture, and, of course, the stats and superlative sales. Buckle up!
What are clients asking about Maine Real Estate?
If you have real estate-related questions, DM me via Facebook or Instagram or send me an email. From what lender I like, what home repairs really matter to my favorite paint color for front doors and should you replace your heating system or install mini-splits…. I have opinions and love helping others make informed decisions.
“Did I already miss the spring listing market?”
Tom: “Absolutely not! People buy, sell and move at any time of year, and we are still in the very best time to list. If you can be listed before July 4th weekend, that is ideal but even if you list throughout the summer, you should be fine.”
“I read a recent New York Times Article that predicted real estate would collapse when the effects of the tariffs kick in 4-6 months. Do you agree?
Tom “Since the battlefield in the trade war is changing every hour with every tweet, it’s certainly hard to say. Talks are happening right now that might affect the accuracy of any prediction. Overall, my guess is that, if there is a downturn, it will be less here in Greater Portland, so don’t panic buy or panic sell.
“I want to buy, but I’m worried that a correction if coming and don’t want to overpay. Advice?”
Tom: “If your goal is to buy now is a great time. Prices have stabilized and in some cases decreased, rates are down and are likely to drop further (when you own already you can just re-fi at the lower rate) and although prices might/might not drop more you are paying rent and not accumulating equity. Lets do the math – 2 years rent X $2,500pm = $60K. Will prices drop $60K? I don’t think so. So, I say jump in, be smart, negotiate tough and get out into your own home.
Real Life Real Estate Stories
Peter & Pam – congrats to Peter and Pam on their sale of 4 St Lawrence St. It’s great to reconnect with client and friends after a decade of ownership. They took a neglected East End 2-fmail and transformed it into one of Portland finest properties. They were patient and we just closed for $2.95M – one of the highest 2--=unit sales ever in Portland.
"We’re so thankful to Tom and his team at Benchmark for their amazing help in selling our one-of-a-kind property. They were incredible in every way - Tom was super professional, infinitely patient with us, brilliant at marketing, and gave us top-notch advice. We felt totally supported every step of the way and would highly recommend Tom and Benchmark to anyone looking to sell or buy a home. These guys are truly exceptional!" Pam & Peter
Fiona & Jack – we met when a mutual friend made the connection. The search started last fall and, after several attempts, we just closed on the perfect East End multi-family. They were both patient and persistent and in the end we won out over 5 other couples. After the closing the listing agent admitted that my relationship with him is what push this over the top and the main reason we won.
Name Withheld – I received a call on our company line, 207-775-0248, indicating that this future client had made an offer on a home up the coast and now had to quickly list and sell her home here. With just days to transform this home from the way we all live to launch-ready, the sellers and our team rolled up our sleeves. The end result – we were under contract in the time needed and their dream home will be a reality.
In the News & White Pages
As many of you know, Amy, Maddie, and I are all-in when it comes to efforts that make our community better. From charitable donations to direct involvement, we always put Portland first. I’m especially proud of Amy’s leadership as the executive director of Portland Buy Local.
I continue to contribute to the public conversation around housing and policy—and below are a few recent articles and white pages.
My White Papers – scroll to the bottom of the homepage
Portland Press Herald: “Multiunit homebuyers are turning sour on Portland”
WGME: “Portland City Council extends hotel moratorium as city weighs inclusionary zoning rules”
Bangor Daily News: “Here’s why more people are selling their second homes in Maine”
Market Update - Tom's Take - Top Sales
Tom’s Take: With an 18.1% drop in median sale price and a 24.3% increase in single-family listings, we continue to see signs of a cooling market. This nudges us closer to a correction, but we’re not near a crash. Why? Because sales are rebounding across all categories, which points to strong demand. Buyers are emerging locally, regionally, and nationally—many are tired of renting, encouraged by lower rates and the potential to refinance later, or simply motivated by more inventory and price drops.
That’s good news for sellers—but only if you’re realistic. Prices are not up year over year, and in some cases, they’re down compared to two years ago. As I said last month, sellers have two choices:
- Go low to go high – price aggressively, sell quickly, avoid inspection drama and close at, over or maybe well over asking.
- List too high – and be prepared for a long, drawn-out process that may include multiple price cuts.
Bottom line: We’re in a balanced market. In most cases and locations, neither buyers nor sellers have the upper hand. But it’s not universal—it’s nuanced. As always, it’s complicated.
Top Sale: 45 Thomas St – 5BR, 3.5BA, 3,558 SF – $1,550,000
Single-Family Stats
- Median Sale Price: $570,000 (+5.1% MoM, -18.1% YoY)
- Sales: 16 (+125% MoM, +16.1% YoY)
- Median DOM: 6 days (-86.5% MoM, 0% YoY)
- Price/Sq. Ft.: $367 (+2.4% MoM, -3% YoY)
- Active Inventory: 46 (+24.3% MoM, +43.8% YoY)
- Note - this is the top mainland sale
Top Sale: 166 Fore St #62 – 2BR, 2BA, 1,269 SF – $1,300,000
Condo Stats
- Median Sale Price: $622,500 (+32.1% MoM, +3.1% YoY)
- Sales: 22 (+37.1% MoM, +83.3% YoY)
- Median DOM: 15 days (+70.6% MoM, +11.5% YoY)
- Price/Sq. Ft.: $539 (+6.1% MoM, +0.8% YoY)
- Active Inventory: 70 (+9.4% MoM, +29.6% YoY)
Top 2–4 Unit Sale: 4 St. Lawrence St – 2 units, garage, views – $2.95M
Multi-Family Stats
- Median Sale Price: $895,000 (+9.5% MoM, -7.3% YoY)
- Sales: 10 (+25% MoM, +11.1% YoY)
- Median DOM: 15 days (-63.3% MoM, +81.3% YoY)
- Active Inventory: 27 (-6.9% MoM, +58.8% YoY)
Tom Landry & The Landry Team
(207) 775-0248
landryteam@benchmarkmaine.com
