It is with great pride and humbling appreciation that we present our latest edition of The Legacy Collection. Over the years, this beautiful magazine has grown in scope and scale, broadening our reach and ensuring it gets into the hands of the many who share our passion for all that is Maine. Each magazine takes on customized distribution which has included the Wall Street Journal, the Boston Globe, Down East Magazine, and Maine Home and Design, in addition to local and regional Maine-based publications. We also publish our digital Legacy Collection, which is shared with hundreds of thousands of our followers via email, social media, and this Maine Real Estate Blog.
Maine has emerged from the COVID-19 pandemic and is back in full swing. We have experienced nearly the lowest incidence of the virus in the country and one of the swiftest and effective vaccine programs as well. July feels quite normal again with friends from all over the country making their way to our beaches, parks, lakes, mountains, and our world-renowned Portland restaurant scene. It is sure nice to see everyone!
Over the past number of months, we have experienced, like many of the most desirable places in the country, a surge in buyer demand. Many more people looking to work from home accompanied by a desire to live where they play has resulted in homes selling quickly and often with demand from multiple buyers. Many are calling this imbalance an “Inventory Crisis,” but 2021 is on track to be a record year for home sales by all measures. In the first six months of this year, there were more than 10,000 residential properties sold at an average price of $353,000. Although the inventory of available homes for sale has not been able to keep up with this wave of demand, there have still been about 20% more homes sold year-to-date than at this point in the previous couple of years. There are currently only 3,500 homes for sale in a state with more than 5,000 real estate agents.
Given the voracity of buyer demand and the rapid absorption of new listings coming on the market, it has never been more important for a prospective buyer to work with a real estate agent who can provide access to potential homes and strategies for a successful purchase. I know this sounds self-serving, but prospective buyers simply do not have 30 to 90 days of market activity to see how a particular home will fare. Most homes in desirable locations with a strong buyer pool will only be available for one to four days for showings, offer reviews, and offer selections.
Additionally, we have experienced that home sellers are more focused on the certainty of closing than ever before. They are increasingly reluctant to accept offers that are contingent on buyer financing and/or the sale of a home. In some cases, competitive pressures have also led buyers to offer to waive home inspections and reduce the amount of time to close in order to buy a home.
With offices in Portland, Camden, Brunswick, Damariscotta, Kennebunk, and Northeast Harbor, we are here to serve you and help you navigate these unchartered waters. Please stop in to say hello when you’re in town and we hope that you enjoy this amazing Maine summer!
Chris Lynch, President
Legacy Properties Sotheby’s International Realty
Explore the digital Legacy Collection and browse our luxury real estate listings across Maine.