Turnkey homes still selling, but Portland home market starts to soften

Photo / Peter Van Allen A three-bedroom, two-bathroom home in the East Deering neighborhood is on the market for $555,000, just under Portland's median sales price of $559,000.

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By Peter Van Allen

We’re so used to seeing home prices go up it’s unusual to see them trend downward.

But that’s just what’s happened in one of Maine’s most costly markets, Portland.

Redfin reports that Portland’s median home prices actually went down 1.9% in October, to $559,000.

While the news likely won’t ease the frustration of would-be homebuyers, the small change is one sign the housing market may have hit its peak in Maine.

Through October, houses spent 27 days on the market in Portland, up from 13 days in October 2022, Redfin reported.

The Redfin numbers bear out another trend we’ve heard from Realtors. Turnkey homes — those that are move-in ready — are still selling and often garnering bidding wars, while houses that need work are sitting.

To illustrate the point, Redfin says 49.4% of homes sold above the list price, while 39% had price drops.

Redfin still rates Portland as a “very competitive” market, meaning that “many homes get multiple offers, some with waived contingencies." The average homes sell for about 2% above list price and go pending in around 19 days. "‘Hot homes’ can sell for about 7% above list price and go pending in around seven days,” Redfin says.

A survey of the current inventory shows a house at 12 Cranston St. that went on the market recently for $555,000, just under the median sales price for Portland. The property has three bedrooms, two bathrooms and a separate workshop or office space.

People on the move

Legacy Properties Sotheby’s International Realty, a luxury real estate company in Portland, hired Catharine Buck as a real estate agent in Portland and Judy McGeorge as a real estate professional in Northeast Harbor.

Bath Housing announced that Betsey Greene Glazier, who was appointed by the Bath City Council, and Phyllis Bailey joined the Bath Housing Authority board of commissioners.

The Boulos Co. in Portland hired Cassadi Chase as an office assistant. Previously, Chase was a technology specialist with TalentLaunch.