After two years of very tight supply, the number of homes for sale across Greater Portland has risen for the third quarter running. That is welcome news for buyers, but it has not translated into falling prices.
Supply
There are now roughly a fifth more homes on the market than this time last year, most of them family houses in the suburbs and coastal towns. On the peninsula, supply is still thin, and good apartments in the Old Port and West End rarely last a fortnight.
Prices
Median sale prices in the city are up modestly on last year, and in the coastal towns they are broadly flat. What has changed is the spread: homes that are well prepared and sensibly priced still attract several buyers in the first fortnight, while those that are overpriced now sit.
“The market has not turned. It has become more discerning, and that rewards honest pricing.”
Interest rates
Mortgage rates have eased slightly over the summer, and most of our buyers are borrowing at a little over six per cent on a thirty-year fixed loan. Our listing pages include a calculator set to current typical rates, so you can see the monthly cost of any home at a glance.
What it means for sellers
Price from evidence, not from last year's headlines. The first two weeks on the market matter more than ever, and a home launched at the right price will usually sell for more than one reduced later.
What it means for buyers
There is a little more room to take your time and to negotiate on homes that have been on the market for a month or more. The best homes still move quickly, so have your financing in order before you start viewing.
Our agents are happy to walk you through the recent sales on your own street. Just ask.
