Market Report for Portland for May 2007
Residential
There are 59 active listings on the market in Portland. For the month of May there were 24 new listings, 8 homes went under deposit and there were 7 closed transactions. Homes sold for an average price of $229,429. The closing price was 92% of the final asking price and homes were on the market an average of 38 days. They sold for an average of $134 per sq.ft. In May of 2006 there were 6 closed transactions with an average sale price of $ 359,593. Homes sold for 100% of their final asking price and were on the market for an average of 61 days. The absorption rate shows an 7.5 month supply of homes on the market.
Compared to April of this year closings went from 10 in April to 7 in May, average sale price went down from $304,250 to $229,429 and days on the market went from 48 in April to 38 in May.
Comparing the first 5 months of 2006 to the first 5 months of 2007, in 2007 there were 37 closed transactions with an average sale price of $278,411 and a per sq.ft. price of $149 and in 2006 there were 34 closed transactions with an average sale price of $293,902 and a per sq. ft. price of $157. Prices would appear to be down 6.3% compared to the the first 5 months of last year.
Marabeth Gildersleeve
Coldwell Banker Residential Brokerage
2300 Main St
Glastonbury, Ct 06480
860-633-3661 Ext.122
Mailto:Marabeth.Gildersleeve@CBMoves.com
http://www.CtRealEstateCorner.com
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