Real Estate Market Update for Portland,Ct for Dec. 2006 and the Year

MARKET UPDATE for PORTLAND for DECEMBER 2006

The market in Portland was fairly slow for the month of December. The number of active listings is down to 44. There were 10 new listings that came on the market, 7 deposits and only 2 closed sales, with the average sale price of $252500. 14 listings expired. In December 2005 there were 9 closed sales with the average sale price of $300,478.

Looking at a comparison of all sales between 2005 and 2006, 2005 had 136 closed sales with an average sale price of $276,877 and 2006 had 81 closed sales with an average sale price of $289,020. Sales overall are down 40%, but the average sale price is up 4%.

Overall in Portland there is still a shortage of homes on the market, so the market is still looking pretty good for sellers. Drop in sales though is very significant and needs to come up for it to be a great market!