Archive for Economic News

Maine Home Prices Rise 3.54 Percent In June

PORTLAND, ME (July 24, 2017) – Legacy Properties Sotheby’s International Realty, with offices in DamariscottaPortlandKennebunkBrunswick, and Camden,  has  announced that  Maine real estate continues to rise in value, even with some slight declines in sales. According to Maine Listings, single-family existing homes across the state experienced a 3.54 percent increase in the median sales price (MSP), to $205,000 comparing June 2017 to June 2016. The MSP indicates that half of the homes were sold for more and half sold for less. Sales of single-family existing homes eased 3.62 percent in June.

“Coming off a record-breaking 2016, our June 2017 numbers show continued strength,” states Greg Gosselin, 2017 President of the Maine Association of REALTORS®. “For the state, the number of homes sold in June 2017 is nearly eight percent higher than the most recent three-year June average.

“Homes that are move-in ready and priced appropriately are quickly under contract. Buyers are plentiful and seeking the long-term financial benefits of home ownership.”

According to the National Association of Realtors, home sales across the country in June increased 0.7 percent compared to June 2016. The national MSP of $266,200 reflects a 6.6 percent increase. Regionally, sales in the Northeast increased 1.3 percent while the regional MSP rose 4.1 percent to $296,300.

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of June only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of April, May and June of 2016 and 2017.

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900, by email at info@legacysir.comand via our website LegacySIR.comLegacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Damariscotta, Brunswick, and Camden, is Maine’s leading luxury and lifestyle property company with more than 70 agents and 5 offices serving Maine coastal communities from York County to Hancock County as well as the New Hampshire Seacoast.

Offices Located at:

2 City Center, Portland, ME 04101 – 207-780-8900 (Greater Portland Real Estate)

141 Maine Street, Brunswick, ME 04011 – 207- (Mid-Coast Maine Real Estate)

150 Port Road, Lower Village, Kennebunk, ME 04043 – 207-967-0934 (York, Ogunquit, Kittery, the Kennebunks, Biddeford and Seacoast New Hampshire)

170 Main Street, Damariscotta, ME 04543 – 207-563-2775 (Bristol, Christmas Cove, Boothbay Harbor)

46 Bay View Street, Camden, ME 04843 – 207-230-1003 (Camden, Rockport, Mount Desert, Mid-Coast)

Maine Home Prices Rise 5.12 Percent In May

PORTLAND, ME (June 27, 2017) – Legacy Properties Sotheby’s International Realty, with offices in DamariscottaPortlandKennebunkBrunswick, and Camden,  has  announced that Lower-than-normal inventory of existing single-family homes in Maine led to an 8.85 percent decline in May 2017 sales. However, according to Maine Listings, the median sales price (MSP) for the 1,524 homes sold last month rose 5.12 percent to $200,000. The MSP indicates that half of the homes were sold for more and half sold for less.

“2016 was a record year for real estate in Maine,” states Greg Gosselin, 2017 President of the Maine Association of REALTORS®, “and while these current numbers show a decline from last year’s highs, the 2017 May and Rolling Quarter Statistics are the second highest numbers during this time period, since we began keeping records in 2003.

“For sale inventory is 20 percent lower than this time last year, and multiple offer situations are becoming more prevalent for properties that are move-in ready and properly priced.”

Nationally, single-family home sales increased 2.7 percent. The National Association of Realtors reported a nationwide MSP of $254,600—a 6.0 percent jump from one year ago. The Northeastern US experienced a sales increase of 2.6 percent and the regional MSP rose 4.7 percent to $281,300.

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of May only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of March, April and May of 2016 and 2017.

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900, by email at info@legacysir.comand via our website LegacySIR.comLegacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Damariscotta, Brunswick, and Camden, is Maine’s leading luxury and lifestyle property company with more than 70 agents and 5 offices serving Maine coastal communities from York County to Hancock County as well as the New Hampshire Seacoast.

Offices Located at:

2 City Center, Portland, ME 04101 – 207-780-8900 (Greater Portland Real Estate)

141 Maine Street, Brunswick, ME 04011 – 207- (Mid-Coast Maine Real Estate)

150 Port Road, Lower Village, Kennebunk, ME 04043 – 207-967-0934 (York, Ogunquit, Kittery, the Kennebunks, Biddeford and Seacoast New Hampshire)

170 Main Street, Damariscotta, ME 04543 – 207-563-2775 (Bristol, Christmas Cove, Boothbay Harbor)

46 Bay View Street, Camden, ME 04843 – 207-230-1003 (Camden, Rockport, Mount Desert, Mid-Coast)

Maine Home Prices Rise 2.78 Percent In April

PORTLAND, ME (May 24, 2017) – Legacy Properties Sotheby’s International Realty, with offices in DamariscottaPortlandKennebunkBrunswick, and Camden,  has  announced that low inventory of single-family existing homes contributed to a 13.93 percent decrease in sales figures across Maine comparing April 2017 to April 2016. REALTORS® reported 1,106 homes changed hands last month, and the median sales price (MSP) for those homes rose 2.78 percent to $185,000. The MSP indicates that half of the homes were sold for more and half sold for less.

“Across Maine, for-sale inventory is tight. Single family homes actively listed for sale in April 2017 were down 25 percent statewide, compared to April 2016,” states Greg Gosselin, 2017 President of the Maine Association of REALTORS®. “Low inventory is impacting potential sellers as well. Some are hesitant to list their homes without a suitable ‘next step’ to move into, but now is a great time to work with your REALTOR® to navigate the real estate market, whether you are on the selling end or buying end of the transaction.”

The National Association of Realtors (NAR) today reported a national sales increase of 1.6 percent in the past year for single-family existing homes. A national MSP of $246,100 in April reflects a rise of 6.1 percent. Regionally, sales in the northeast dipped 2.7 percent while the regional MSP increased 1.6 percent to $267,700.

Gosselin added, “The basics continue; families need someplace to live, interest rates continue to be historically low, and owning your own home and real estate is one of the best ways to build your net worth over the long term.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of April only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of February, March and April of 2016 and 2017.

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900, by email at info@legacysir.comand via our website LegacySIR.comLegacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Damariscotta, Brunswick, and Camden, is Maine’s leading luxury and lifestyle property company with more than 70 agents and 5 offices serving Maine coastal communities from York County to Hancock County as well as the New Hampshire Seacoast.

Offices Located at:

2 City Center, Portland, ME 04101 – 207-780-8900 (Greater Portland Real Estate)

141 Maine Street, Brunswick, ME 04011 – 207- (Mid-Coast Maine Real Estate)

150 Port Road, Lower Village, Kennebunk, ME 04043 – 207-967-0934 (York, Ogunquit, Kittery, the Kennebunks, Biddeford and Seacoast New Hampshire)

170 Main Street, Damariscotta, ME 04543 – 207-563-2775 (Bristol, Christmas Cove, Boothbay Harbor)

46 Bay View Street, Camden, ME 04843 – 207-230-1003 (Camden, Rockport, Mount Desert, Mid-Coast)

Opportunity is Knocking

Opportunity is Knocking

The real estate market is moving more and more into a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the summer, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

Chris Lynch, Owner, Legacy Properties Sotheby’s International Realty:

 

“We have had the best of both worlds for so long that we didn’t think the solid real estate market fundamentals would ever come to an end. For the better part of the last 5 years we have enjoyed a healthy stretch of what is a “classically Maine” slow and steady growth in unit sales, accompanied by trending modest increases in the median price. In general, there was seemingly just enough inventory of well priced homes to satisfy the demands of a growing number of new Maine lifestyle converts joining an already enthusiastic local buyer base. We should have been able to see an inventory shortage coming in selected cities and towns in Maine.

There were plenty of warning signs that inventory in some of the most popular markets in Maine would start to suffer with growing demand overwhelming available inventory for sale. The not so subtle hints were evidenced in the first half of 2016 with year over year unit sales reported to be more than 20% higher in February, April, and May and positive growth during 11 of 12 months in 2016. The Maine real estate market overall has also posted annual increases in the median sales price for the 13th consecutive month.

Lawrence Yun, Chief Economist at NAR:

 

“Sellers are in the driver’s seat this spring as the intense competition for the few homes for sale is forcing many buyers to be aggressive in their offers. Buyers are showing resiliency given the challenging conditions. However, at some point — and the sooner the better — price growth must ease to a healthier rate. Otherwise sales could slow if affordability conditions worsen.”

Ralph McLaughlin, Chief Economist at Trulia

 

“Nationally, housing inventory dropped to its lowest level on record in 2017 Q1. The number of homes on the market dropped for the eighth consecutive quarter, falling 5.1% over the past year.”

Freddie Mac

 

“Tight housing inventory has been an important feature of the housing market at least since 2016. For-sale housing inventory, especially of starter homes, is currently at its lowest level in over ten years. If inventory continues to remain tight, home sales will likely decline from their 2016 levels. …all eyes are on housing inventory and whether or not it will meet the high demand.”

Bottom Line

If you are thinking of selling, now may be the time. Demand for your house will be strongest at a time when there is very little competition. That could lead to a quick sale for a really good price.

If you have concerns about being able to find a home once your’s is under contract, we have creative solutions that may help. Contact us for more information. We are Maine’s leading real estate company.

The Maine real estate fundamentals are undoubtedly strong, as is the economic environment with low interest rates, low unemployment (3%), and improving inventory numbers. We suspect that 2017 will be another record year!

Maine Home Sales and Values Up In March, Single Family Homes Remain In Demand

PORTLAND, ME (April 21, 2017) – Legacy Properties Sotheby’s International Realty, with offices in Damariscotta, Portland, Kennebunk, Brunswick, and Camden, announced today that single-family home values in the state of Maine remain in a healthy terrain. According to Maine Listings, the median sales price (MSP) reached $191,000 in March—a 4.66 percent price increase over March of 2016. The MSP indicates that half of the homes were sold for more and half sold for less. Home sales were up 9.18% comparing March 2017 to March 2016.

“Real estate activity remains steady across Maine with a tightened for-sale housing inventory,” says 2017 Maine Association of REALTORS President Greg Gosselin, Owner/Broker of Gosselin Realty Group in York. “In many markets across Maine, REALTORS are reporting multiple offer situations on most listings. Buyers and sellers should partner with a REALTOR for expert counsel around inventory availability, marketing and pricing strategies, and negotiating approaches to find the right home and successfully navigate the real estate transaction given the current market conditions of your area.”

The National Association of Realtors (NAR) today reported a 6.1 percent rise in single-family home sales. The national MSP was up 6.6 percent to $237,800. The regional Northeast experienced a 4.1 gain in sales while the MSP increased 2.8 percent to $260,800 in March.

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of March only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of January, February and March of 2016 and 2017.

MaineHousingReport-March2017_Page_2

Legacy Properties Sotheby’s International Realty can be reached at 207-563-2775, by email at info@legacysir.com, and via our website LegacySIR.com. Legacy Properties Sotheby’s International Realty, with offices in Damariscotta, Kennebunk, Portland, Brunswick, and Camden, is Maine’s leading luxury and lifestyle property company with more than 70 agents and 5 offices serving Maine coastal communities from York County to Hancock County as well as the New Hampshire Seacoast.

Offices Located at:

2 City Center, Portland, ME 04101 – 207-780-8900 (Greater Portland Real Estate)

141 Maine Street, Brunswick, ME 04011 – 207- (Mid-Coast Maine Real Estate)

150 Port Road, Lower Village, Kennebunk, ME 04043 – 207-967-0934 (York, Ogunquit, Kittery, the Kennebunks, Biddeford and Seacoast New Hampshire)

170 Main Street, Damariscotta, ME 04543 – 207-563-2775 (Bristol, Christmas Cove, Boothbay Harbor)

46 Bay View Street, Camden, ME 04843 – 207-230-1003 (Camden, Rockport, Mount Desert, Mid-Coast)

Home Prices Up Across the Country

FHFA-Home-Prices-KCM-768x1175
Keeping Current Matters

Lack of Homes for Sale Slowing Down the Housing Market

Lack of Homes for Sale Slowing Down the Housing Market | Keeping Current Matters

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

National Association of Realtors

“Total housing inventory at the end of December dropped 10.8%…which is the lowest level since NAR began tracking the supply of all housing types in 1999. Inventory has fallen year-over-year for 19 straight months and is at a 3.6-month supply at the current sales pace.”

Jonathan Smoke, Chief Economist for Realtor.com

“More than two-thirds of the markets are seeing less inventory now compared to a year ago.”

Lawrence Yun, Chief Economist at NAR:

“The dismal number of listings in the affordable price range is squeezing prospective first-time buyers the most. As a result, young households are missing out on the wealth gains most homeowners have accrued from the 41% cumulative rise in existing home prices since 2011.”

Sam Khater, Deputy Chief Economist at CoreLogic

“The lack of affordable supply is really driving up home prices.”

Peter Muoio, Chief Economist at Auction.com

“Tight housing inventory remains a constraining factor limiting stronger sales growth…

We expect further price growth to entice more homeowners to list their homes, particularly as existing homeowners have greater equity.”

Bottom Line 

If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.

 

Keeping Current Matters

Legacy Properties Sotheby’s International Realty Ranks #1 for Home Sales in Cape Elizabeth

Cape Elizabeth Maine Real Estate (January 31, 2017) – Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it continues to hold the #1 Ranking for 2016 for real estate sales in Cape Elizabeth Maine. The company reported today that it closed a record 42 transaction sides totaling $39.2 million.  The Company’s sales have outperformed last years’ result by nearly 30%. By comparison, Maine Listings data shows that the Company was more than 40% ahead of the #2 real estate company reporting sales for Cape Elizabeth. This marks the second consecutive year that Legacy Properties Sotheby’s International Realty has ranked #1 for sales in town.

“Cape Elizabeth has always been a great market for us.  With its Maine State Parks, beaches, lighthouses and Fort Williams Park, it attracts prospective home owners from all over the world” said Chris Lynch, President. “Although our average sale per side is nearly $1 million, we are involved in so much of the Town real estate at all price points with our sales spanning a range from $200,000 to $4 million.”

“We are fortunate to have several of the top agents in the state focused on coastal communities” adds Lynch. “With so many great homes at every price, our photos, 3D Virtual Tours and aerial video can really give a potential home buyer, regardless of their location, an amazing experience and ability to understand the home we are selling.”

Legacy Properties Sotheby’s International Realty recently reported this it has a #1 market position statewide for homes sold over $400,000 as well as for sales exceeding $1 million in Maine. It has listed nearly one in every 10 homes over $500,000 statewide. The company also reported that it was involved in 1 of every 3 home sales over $1million in the entire state in 2016. “Cape Elizabeth has been very good to us and we, in return, have given our clients the very best marketing and branding available in the marketplace. When one considers that our median sale price for our listings last year was $925,000, we have to be pleased with such a strong result.”

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and by email at info@legacysir.comLegacy Properties Sotheby’s International Realty, with offices in Kennebunk, Portland, Brunswick, Damariscotta, and Camden, is Maine’s leading luxury and lifestyle property company with more than 70 agents and 5 offices serving Maine coastal communities from York County to Hancock County as well as the New Hampshire Seacoast.

Offices Located at:

2 City Center, Portland, ME 04101 – 207-780-8900 (Greater Portland Real Estate)

141 Maine Street, Brunswick, ME 04011 – 207-729-2820 (Mid-Coast Maine Real Estate)

150 Port Road, Lower Village, Kennebunk, ME 04043 – 207-967-0934 (York, Ogunquit, Kittery, the Kennebunks, Biddeford and Seacoast New Hampshire)

170 Main Street, Damariscotta, ME 04543 – 207-563-2775 (Bristol, Christmas Cove, Boothbay Harbor)

46 Bay View Street, Camden, ME 04843 – 207-230-1003 (Camden, Rockport, Mount Desert, Mid-Coast)

The information on MLS listings has been assembled from various sources of varying degrees of reliability. Any information that is critical to your buying decision should be independently verified. All dimensions are approximate and not guaranteed. ©2017 Maine Real Estate Information System, Inc. All Rights Reserved.

Legacy Properties Sotheby’s International Realty Ranks #1 for Residential Sales in Yarmouth Maine

Yarmouth Maine Real Estate (January 27, 2017) – Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it continues to hold the #1 Ranking for 2016 for real estate sales in Yarmouth Maine. The company reported today that it closed a record 56 transaction sides totaling $31.7 million. By comparison, Maine Listings data shows that the Company was more than 80% ahead of the #2 real estate company in this market segment. This marks the second consecutive year that Legacy Properties Sotheby’s International Realty has ranked #1 for sales in Yarmouth.

“We are so thankful to have such terrific buyer and seller clients who trusted us to help them in Yarmouth” said Chris Lynch, President. “Yarmouth has so many special features and a classic New England feel. Our agents are very well connected with the buyers and sellers in town which has allowed us the opportunity to source buyers for many of our listings.”

“The fact that we often have many of the best listings in a particular town helps up find the best buyers for our listings as well as similarly priced properties in the area” adds Lynch. “We really go the extra mile for our listing clients with stunning photography, 3D Virtual Tours, Custom Videos and top notch client service.”

“There is a myth that we only deal with super high value homes, but that is not the case” Lynch concludes.  “We know there are special, distinctive, beautiful properties at all price points throughout Maine. We love to give them the exposure that they need to shine against competing properties.”

Legacy Properties Sotheby’s International Realty recently reported this it has a #1 market position statewide for homes sold $400,000 and higher. It has listed nearly one of every 15 homes over $400,000 and one in every 10 homes $500,000 statewide.  “Yarmouth has a broad range of homes in terms of price, but the consistently high quality allows us to do our marketing magic in terms of presentation.”

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and by email at info@legacysir.comLegacy Properties Sotheby’s International Realty, with offices in Kennebunk, Portland, Brunswick, Damariscotta, and Camden, is Maine’s leading luxury and lifestyle property company with more than 70 agents and 5 offices serving Maine coastal communities from York County to Hancock County as well as the New Hampshire Seacoast.

Offices Located at:

2 City Center, Portland, ME 04101 – 207-780-8900 (Greater Portland Real Estate)

141 Maine Street, Brunswick, ME 04011 – 207-729-2820 (Mid-Coast Maine Real Estate)

150 Port Road, Lower Village, Kennebunk, ME 04043 – 207-967-0934 (York, Ogunquit, Kittery, the Kennebunks, Biddeford and Seacoast New Hampshire)

170 Main Street, Damariscotta, ME 04543 – 207-563-2775 (Bristol, Christmas Cove, Boothbay Harbor)

46 Bay View Street, Camden, ME 04843 – 207-230-1003 (Camden, Rockport, Mount Desert, Mid-Coast)

 The information on MLS listings has been assembled from various sources of varying degrees of reliability. Any information that is critical to your buying decision should be independently verified. All dimensions are approximate and not guaranteed. ©2017 Maine Real Estate Information System, Inc. All Rights Reserved.

#1 in Maine For Waterfront Property Sales in 2016

Maine Real Estate (January 25, 2017) – Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it again retained the #1 Ranking for 2016 Waterfront  Property sales in Maine. The company reported it was successful in closing more Maine Waterfront Properties than any other real estate company in the State. Legacy Properties Sotheby’s International Realty closed 258 transaction sides totaling $198.3 million in total property value. According to Maine Listings, the statistics also show that the company held a very substantial lead over the #2 participant by more than 35% in terms of dollar volume sold.

“Maine Waterfront Property has always been an important area of focus for our company” said Chris Lynch, President. “We approach real estate with a Maine lifestyle angle that helps the rest of the world appreciate what a beautiful place Maine is to live, work, recreate, and enjoy. Our lake front and ocean front homes, with our beautiful proprietary professional photography, 3D virtual tours, aerial videography, and overall property presentation have had a tremendous impact on our success!”

Legacy Properties Sotheby’s International Realty also reports that it is looking to expand its reach into Maine’s Lake Region area.  With more than 6,000 lakes and ponds in Maine, the company sees growth opportunities for sellers looking to get more regional, national, and international exposure when selling their homes.  “The Lakes Region is a great fit for our business” adds Lynch. “But it does not stop there, we see several Maine lakes, such as Sebago Lake, the Belgrade Lakes, the Rangeley Lakes, Long Lake, Thompson Lake, Damariscotta Lake, and Megunticook Lake, as just a few of the many Maine lakes that fit our branding and marketing very well.”

Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including critical professional photography, 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of agents, and luxury branding through its affiliation with Sotheby’s International Realty.  It also brings a very experienced and professional broker base of high service, high touch and personalized attention to its clients. “It is very rare that one finds a lock box at one of our listings. Our agents want to be at the showings so they can sell the house and its unique features and lifestyle attributes” says Lynch.

“It is important to note that we are a Maine real estate company first and foremost” Lynch concludes. “We are engaged in many aspects of the market and not exclusively oceanfront or lakefront properties. Our focus is to offer distinctive properties at all prices and to present them in a way that a buyer, regardless of where they begin their search, can find our listings and gather enough relevant information to make a big decision as to whether to proceed with a showing and ultimately an offer to purchase the property. Our intent is to make the process very buyer friendly.”

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and by email at info@legacysir.comLegacy Properties Sotheby’s International Realty, with offices in Kennebunk, Portland, Brunswick, Damariscotta, and Camden, is Maine’s leading luxury and lifestyle real estate company with more than 70 agents and 5 offices serving Maine coastal communities from York County to Hancock County as well as the New Hampshire Seacoast.

Offices Located at:

2 City Center, Portland, ME 04101 – 207-780-8900 (Greater Portland Real Estate)

141 Maine Street, Brunswick, ME 04011 – 207-729-2820 (Mid-Coast Maine Real Estate)

150 Port Road, Lower Village, Kennebunk, ME 04043 – 207-967-0934 (York, Ogunquit, Kittery, the Kennebunks, Biddeford and Seacoast New Hampshire)

170 Main Street, Damariscotta, ME 04543 – 207-563-2775 (Bristol, Christmas Cove, Boothbay Harbor)

46 Bay View Street, Camden, ME 04843 – 207-230-1003 (Camden, Rockport, Mount Desert, Mid-Coast)