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Here is the current market report for November 2023 for the Greater Portland area.
In November 2023 compared to October 2023, the residential real estate market saw a decrease in new listings by 17.2% and closed sales by 19.5%. However, the average sale price increased by 0.6%, reaching $596,100. The active inventory also decreased by 4.3%, with a total of 4,639 properties available. The market time also extended, taking an additional 10 days, resulting in a total market time of 55 days in November.
Despite some minor fluctuations, the real estate market showed resilience and stability.
November 2023 Real Estate Market Update
New Listings
- New listings (1,828) increased 9.7% from the 1,666 listed in November 2022, and decreased 17.2% from the 2,207 listed in October 2023..
Pending Sales
- Pending sales (1,441) decreased 3.8% from the 1,498 offers accepted in November 2022, and decreased 11.3% from the 1,625 offers accepted in October 2023.
Closed Sales
- Closed sales (1,344) decreased 17.1% from the 1,621 closings in November 2022, and decreased 19.5% from the 1,670 closings in October 2023.
Inventory and Time on Market
- Inventory increased to 3.5 months in November. Total market time increased to 55 days.
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