Housing Predictor put out its annual “25 Best Housing Market” forecast yesterday and Portland, Maine was ranked # 1. According to the forecast, Portland has healthy employment, fewer foreclosures and distressed properties, which is producing a better housing market compared to other states. Maine ranks in the five lowest states in terms of foreclosed properties.
The unemployment rate is lower in Portland than anywhere else in the state with more workers going back to jobs as businesses started hiring more workers. Healthier employment levels should lead to more balanced housing market towards spring time with more sales. Average home prices are projected to improve as a result, and are forecast to inflate 3.6% in 2011 according to the report.
“We are very encouraged by yesterday’s report. It’s a long time coming.” President and co-owner Mark Wall stated. “Our out-of-state customers have either grown up here and had gone off to college and lived away for a while, spent their summers here and decided to live here year round or just visited once and decided that Maine is where they want to call home. It’s really quite remarkable the pull that Maine has on someone.” Wall stated.
Portland has always been Maine’s gem with its big city feel, but small town personalities. PortlandMaine.com boasts that Portland is an old seacoast town. It is also a funky city filled with galleries, one-of-kind boutiques and shops, and incredible restaurants serving everything from New England clam chowder, lobster rolls and Maine seafood to nouvelle cuisine.
Portland is the banking capital of northern New England, home to major international law firms, import/export companies, and modern high-rise office buildings located in historic districts with centuries old architecture.
Portland stands as one of the few working waterfronts left in the United States, acting as New England’s largest tonnage seaport and second largest fishing port.
Portland is also the second largest oil port on the East Coast and the largest foreign inbound transit tonnage port in the United States.
Seeing is believing, so a visit to Maine any time of the year is worth the trip.