Quarter 1 2022 Real Estate Stats • Portland, Maine

Portland, ME – March residential real estate statistics for Portland show a tight market with low inventory and a slight rise in prices over March 2021. First quarter 2022 over 2021 shows a similar drop in inventory with a slight decrease in overall prices from last year.

While a cursory look at the overall stats might make it seem like the market is simply down,” said Benchmark Real Estate owner Tom Landry, “digging into the data and breaking it out into the different market segments tells the whole story.” He added also that a few high or low sales here and there can drastically skew the numbers.

Landry noted that the most obvious storyline is that inventory is at an all-time low. The numbers show that overall March sales were down 49% over March 2021. “In March, we usually see more listings hit the market than we did,” he said. And, anecdotally, he added that while more listings are coming in April, it’s less than past years.

But Landry said we could yet see an influx in listings. “Outside pressures like interest rate hikes, a looming recession, and talk of a real estate bubble could shift the near-term market up or down.” He said that many would be sellers are thinking about selling early this year, renting while inventory is low, and then jumping in if higher rates dampen demand and sales prices drop. “It’s still somewhat of a guessing game,” he said.

Below is Landry’s behind the numbers analysis of Portland’s market broken out by segment for March and Q1.

Single Families

The numbers reflect limited inventory and strong buyer demand. March showed a healthy increase in median sales price of 5% over last year and an 18% increase in price per square foot, showing that buyers are willing to pay more than they did in 2021. But, despite the robust seller’s market and an early start to spring, many are reluctant to sell. Why? They likely have lower interest rates on their current home than they’d get on their next home, and they see how tight and competitive the market is for buyers.

Condos

Once again condos skew the data and drawing solid conclusions is difficult. Like single families, sales volume and listings are down over 2021. However, a March increase in median sale price of 6% and 9% price per sq/ft increase over the quarter are clear indicators that the condo sector is healthy and improving over 2021.

Multi-Families

Portland’s multi-family market continues to lag 2021 results. Number of sales are down in March and across the quarter over this time last year. While the quarterly median sales prices and price per unit are up, listings are lingering 125% longer on the market than last year. These numbers show the continued impact of rent control with smaller units selling for more and more quickly than buildings with five or more units.

The statistics below were prepared by Benchmark Real Estate using data from Maine Listings.

Highest & Lowest Sales of Quarter 1 2022