" " " Maine's Waterfront Real Estate News: March 2011

Sunday, March 20, 2011

Portland, Maine Ranked #4

Ten Real Estate Markets to Watch in 2011
An Inman News Special Report
By Andrea V. Brambila, Friday, March 11, 2011.

Inman News has ranked the Portland, Maine area as #4 out of the 10 real estae markets to watch in 2011:

#4.Portland-South Portland-Biddeford, Maine
Total population (2009): 516,826
Median sales price (Q4 2010): $223,000
Median sales price % change (Q4 '09-Q4 '10): 8.3%
Sales volume (# units sold in 2010): 4,607
Sales volume % change (2009-10): -0.5%
Unemployment rate (Dec. 2010): 5.9%
Foreclosure activity rate (2010): 1 in 150 units
Walk Score: 55

Low unemployment, a rising median sales price, high affordability, a jump in building permits, and better-than-average projected job growth added the Portland market to the list. The market's median sales price rose 8.3 percent between the fourth quarter of 2009 and the fourth quarter of 2010, to $223,000, according to NAR. Unemployment was at 5.9 percent in December and projected job growth from the third quarter of 2010 to the third quarter of 2011 is 2.8 percent, higher than the nation as a whole (1.9 percent).

The area's major employers include L.L. Bean Inc., Maine Medical Center, UnumProvident Insurance, Hannaford Brothers supermarkets, Banknorth Group, Anthem Blue Cross Blue Shield and Fairchild Semiconductor. The area is also home to the Portsmouth Naval Shipyard and an Air National Guard base