Market Report for Portland for April 2007

Residential

There are 53 active listings on the market in Portland.  For the month of April there were 18 new listings, 6 homes went under deposit and there were 10 closed transactions.  Homes sold for an average price of $304,250 and a median price of $311,500.  The closing price was 97.31% of the final asking price and homes were on the market an average of 48 days.  In April of 2006 there were 7 closed transactions with an average sale price of $264,000 and a median sale price of $240,000.  Homes sold for 96.93% of their final asking price and were on the market for an average of 57 days.  The absorption rate shows an 8.8 month supply of homes on the market.

Compared to March of this year closings went from 1 in March to 10 in April, average sale price went down from $380,000 to $304,250 and days on the market went from 188 in March to 48 in April.  This is really not a good comparison though since March only saw 1 closed transaction.

Comparing the first 4 months of 2006 to the first 4 months of 2007,  2007 saw 29 closed transactions with an average sale price of $293,268 and in 2006 there were 28 closed transactions with an average sale price of $279,825.  Prices would appear to be up 4.8% over the first 4 months of last year.

Marabeth Gildersleeve
Coldwell Banker Residential Brokerage
2300 Main St
Glastonbury, Ct. 06033
860-633-3661 Ext. 122
Mailto:Marabeth@CtRealEstateCorner.com
http://www.CtRealEstateCorner.com