Portside’s 2025 Market Trends + 2024 Annual Report is here!

Take a look back with us at what 2024 brought us and what’s in store for 2025!

Highlights include:

• 2024 Market Snapshot
• The Portside Foundation & 1% Back Grants
• 2025 Market Predictions
• Local Expert Features

In a momentous celebration of excellence, Portside Real Estate Group was bestowed with the esteemed Diamond Award by Leading Real Estate Companies of the World® (LeadingRE). This prestigious accolade, presented at the LeadingRE Annual Conference in vibrant Las Vegas, signifies Portside's unparalleled commitment to excellence in performance, marketing, business development, and network engagement within the global real estate landscape.

More single-family homes for sale in Maine compared to a year ago, coupled with strong demand from buyers, resulted in higher sales figures and home prices in February. According to Maine Listings, home sales jumped 11.44 percent in February, year-over-year, across Maine’s 16 counties. The median sales price for homes sold reached $354,000 in February 2024, an increase of 7.52 percent over February 2023. The MSP indicates that half of the homes were sold for more and half sold for less.

February 2024 

In today's blog, we are offering a snapshot of basic market statistics for single family homes and condos in Kennebunk, Maine, for February 2024. While we provide essential data in this article, we're also here to assist you with more in-depth and comprehensive information upon request. Feel free to reach out to us if you would like a more detailed analysis or specific data points to support your real estate needs.

The real estate market faces low inventory, with a Months Supply of Inventory at 1.43, signaling high demand. Over the past year, an 18.18% increase in the Months of Inventory suggests a potential shift towards balance, offering buyers more options. Homes sell rapidly, spending a median of just 33 days on the market, indicating strong buyer interest. Sellers receive competitive offers, with homes typically selling close to their listing price, shown by a List to Sold Price Percentage of 99.6%. With a median sold price of $415,000, the market demonstrates strong demand and pricing, appealing to both buyers and sellers.

Just Released: Portside’s 2023 Annual Report 

Residential real estate was a hot topic in 2023!  Despite the surge in mortgage rates, home prices continued to rise across Maine. This caused many potential home buyers to slow their searches compared to previous years as their budgets had to be adjusted due to increased interest rates aimed at [...]

January 2024 

In today's blog, we are offering a snapshot of basic market statistics for single family homes and condos in Kennebunk, Maine, for January 2024. While we provide essential data in this article, we're also here to assist you with more in-depth and comprehensive information upon request. Feel free to reach out to us if you would like a more detailed analysis or specific data points to support your real estate needs.

This report contains statistics for single family sales in Maine by county.

In 2023, 67.87% of single-family home buyers in Maine hailed from the state itself, highlighting a strong local preference. Out-of-state interest, led by Massachusetts at 8.11%, underscores a diverse buyer landscape. Valuable insights emerge for sellers to align strategies with the distinctive preferences of buyers from Massachusetts, New Hampshire, Florida, and New York.

SALES DOWN AND VALUES UP IN DECEMBER:

In a press release to the media today, Maine home sales decreased -6.14% comparing December 2023 to December 2022. The median sales price (MSP) was $350,500, a 6.21% increase in that same time period. NAR reports that existing home sales were down and prices up nationally and in the northeast, comparing December 2023 to December 2022.