Archive for Economic News

High Demand For Maine Real Estate Leads to an 18% Increase in Sales and a 16% Increase in Prices

AUGUSTA (Feb.19, 2021)—Buyer demand for Maine’s real estate is strong and for-sale home inventory is historically low. According to Maine Listings, the median sales price (MSP) for a single-family existing home in Maine rose 15.57 percent to $255,300 and sales volume jumped 18.38 percent comparing January 2021 to January 2020. The MSP indicates that half of the homes were sold for more and half sold for less.

“Residential real estate in 2021 is kicking off in continued positive territory with sales volume and median sold values significantly out-pacing those of a year ago,” says Aaron Bolster, Broker/Owner of Allied Realty in Skowhegan and 2021 President of the Maine Association of Realtors.

“Coming off 2020, the best year ever for sales volume, we are struggling with historically low for-sale inventory statewide. Buyers are facing far fewer available home choices and sellers are reluctant to list their properties without their next move-in property in place. Buyer demand is strong, and a continuing positive trajectory for 2021 is dependent on homes for sale coming onto the market.”

The National Association of Realtors today reported a 23 percent rise in sales of single-family existing homes across the country comparing January 2021 to January 2020. Home prices jumped 14.8 percent over January 2020, reaching a national MSP of $308,300 in January 2021. Regionally, sales in the Northeast increased 24.3 percent and the regional MSP was up 15.8 percent to $361,400 comparing January 2021 to January 2020.

“This high demand, low supply dynamic can be challenging for buyers and for sellers. Rely on your REALTOR® for local market knowledge, your ‘next move’ strategy, and negotiating expertise.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of January 2021 and 2020 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling three months of November (2019/2020), December (2019/2020) and January (2020/2021).

Legacy Properties Sotheby’s International Realty Ranks #1 in Maine For Luxury Property Sales

FOR IMMEDIATE RELEASE

CONTACT: Christopher Lynch
207-780-8900
clynch@legacysir.com

Legacy Properties Sotheby’s International Realty Ranks #1 in Maine For Luxury Property Sales

Maine Real Estate (January 2021) – 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 Luxury Property Sales in Maine. The company reported results based on its ongoing success selling residential homes priced over $1 million. According to Maine Listings statistics, Legacy Properties Sotheby’s International Realty closed 183 transaction sides over $1 million in 2020 which is a nearly 54% increase from its own 2019 record. Dollar sales volume also expanded by more than 95% to $351 million in luxury sales compared to $180 million the previous year. The statistics also show that the company held a very substantial lead over the #2 agency in this highly competitive market segment. With luxury sales performance exceeding that of its next closest competitor by more than double in dollar terms, the company continues to extend its leadership role in both listing and selling the highest value homes in Maine.

“We have been investing heavily in innovative products and global advertising that were critical to cementing purchase decisions when buyers and sellers did not have the flexibility to travel.  This high-value segment of the market really requires the global access, luxury branding, and white-glove service we provide,” said Chris Lynch, President. “There were lots of new buyers looking at Maine real estate this year and we were well-positioned to help them.”

Legacy Properties Sotheby’s International Realty is also proud to report that it ranks as the #1 real estate company in Maine for all property sales above $450,000. “We are very fortunate to have so many top-performing agents who have built their businesses around a high-touch approach, exceptional personal service, and professional sales results,” adds Lynch. “We have been able to offer our exceptional service and advertising model across more price points and new markets. The size of our company allows us to be focused on our efforts while providing the service our clients expect. We believe that all of our clients’ homes deserve the kind of custom attention we provide.”

Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including extraordinary professional photography, Matterport 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of dedicated and professional agents, and luxury branding through its affiliation with Sotheby’s International Realty.

“Despite the very low availability of homes for sale, we managed to achieve a record number of transaction sides,” Lynch concludes. “Closing 1,034 sides as a company in 2020 is a direct reflection of the focus, diligence, and professionalism of our talented agents.  They were able to find the gems for their clients and get the properties closed, which should not be taken for granted in 2020.”

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and info@legacysir.com. Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, is Maine’s leading luxury and lifestyle property company with more than 80 agents and 5 offices serving Maine coastal communities from York County to Hancock County as well as Seacoast New Hampshire.

Offices Located at:

2 City Center, Portland, ME 04101 // 207.780.8900 (Greater Portland Maine Real Estate)

150 Port Road, Kennebunk, ME 04043 // 207.967.0934 (Southern Maine and Seacoast New Hampshire Real Estate)

141 Maine Street, Brunswick, ME 04011 // 207.729.2820 (Mid Coast Maine Real Estate)

170 Main Street, Damariscotta 04543 // 207.563.2775 (Boothbay Harbor, Damariscotta and Bristol Regions Real Estate)

46 Bay View Street, Camden, ME 04843 // 207.230.1003 (Rockland, Camden and North to Mount Desert Real Estate)

Legacy Properties Sotheby’s International Realty Ranks #1 in Maine For All Waterfront Property Sales in 2020

FOR IMMEDIATE RELEASE   

CONTACT: Christopher Lynch
                                    207.780.8900
                                    clynch@legacysir.com

Legacy Properties Sotheby’s International Realty Ranks #1 in Maine For All Waterfront Property Sales in 2020

Maine Real Estate (January 2021) – Legacy Properties Sotheby’s International Realty, Maine’s leading luxury property company, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it again retained the #1 Ranking for 2020 Waterfront Home sales in Maine. The company reported it was successful in closing more Maine Waterfront Properties than any other real estate company in the state based on total dollar sales volume. Legacy Properties Sotheby’s International Realty closed 338 transaction sides, totaling $350 million in property value.

“Maine Waterfront Property has always been an important area of focus for our company,” said Chris Lynch, President. “Buyers and sellers seek us out because we have many of the best listings in the most desirable locations throughout Maine. In recent years, we have added agents with expertise in the Lakes Region to supplement our dominant presence along the coast of Maine.  We continue to sell more homes for more money than any other real estate company in Maine and the market has rewarded us with a constant flow of terrific new listings to feed our strong buyer client base.“

Legacy Properties Sotheby’s International Realty also plans to continue its expansion into Maine’s Lakes Region. With more than 6,000 lakes and ponds in Maine, the company sees a growth opportunity for sellers looking to get more regional, national, and international exposure when selling their homes. “We have focused our efforts on the lakefront business in recent years and were rewarded with a renewed surge in demand in 2020,” said Lynch. “Maine’s beautiful coastline and bountiful lakes are a perfect fit for our branding and global marketing strength. We continue to seek out agents with expertise and experience in selling the best lakefront properties.”

Legacy Properties Sotheby’s International Realty attributes its success to offering clients a very strong package of marketing services including extraordinary professional photography, Matterport 3D Virtual Tours, glossy print advertising, global property distribution through their exclusive network of agents, and luxury branding through their affiliation with Sotheby’s International Realty. The company also brings a very experienced and professional broker base that provides exceptional service, touch, and personalized attention to its clients. According to Lynch, “It is very rare to find 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. Coupling personal service with beautiful properties in great locations throughout Maine has been a winning strategy for us.”

“While we have enjoyed the #1 ranking in Waterfront Homes sold for several years, we captured a #1 share of all homes in Maine sold for $450,000 or more,” 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 buyers, regardless of where they begin their search, can find our listings and gather enough relevant information to make the big decision of whether to proceed with a showing and ultimately an offer to purchase a property. We know that if we create the most buyer friendly process with the best inventory of homes for sale, then all of our clients will be well-served.”

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and info@legacysir.com. Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, is Maine’s leading luxury and lifestyle property company with more than 80 agents and 5 offices serving Maine coastal communities from York County to Hancock County as well as Seacoast New Hampshire.

Offices Located at:

2 City Center, Portland, ME 04101 // 207.780.8900 (Greater Portland Maine Real Estate)

150 Port Road, Kennebunk, ME 04043 // 207.967.0934 (Southern Maine and Seacoast New Hampshire Real Estate)

141 Maine Street, Brunswick, ME 04011 // 207.729.2820 (Mid Coast Maine Real Estate)

170 Main Street, Damariscotta 04543 // 207.563.2775 (Boothbay Harbor, Damariscotta and Bristol Regions Real Estate)

46 Bay View Street, Camden, ME 04843 // 207.230.1003 (Rockland, Camden and North to Mount Desert Real Estate)

Legacy Properties Sotheby’s International Realty Ranks #1 in Maine For Home Sales Over $450,000

FOR IMMEDIATE RELEASE 

CONTACT: Christopher Lynch
207-780-8900
clynch@legacysir.com

Legacy Properties Sotheby’s International Realty Ranks #1 in Maine For Home Sales Over $450,000

Maine Real Estate (January 2021) – 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 Property Sales over $450,000 in Maine. According to Maine Listings statistics, Legacy Properties Sotheby’s International Realty closed 596 transaction sides over $450,000 for total sales in excess of $631,000,000.  This is among the most competitive sectors in Maine with hundreds of offices and thousands of agents competing for listings and buyers.

“Even after 15 years in business, there is a misconception that we only sell the most expensive homes, but the reality is that we have grown throughout the state and expanded into more markets and price points than ever before,” said Chris Lynch, President. “Given our commitment to professional photography and world class advertising, I am confident that we will continue to be the top real estate agency across all of our markets. ” Legacy Properties Sotheby’s International Realty is also proud to report that it ranks as the #1 real estate company in Maine for all property sales above $1 million, a record it has held for over a decade.

Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including high-definition professional photography, Matterport 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of dedicated and professional agents, and luxury branding through its affiliation with Sotheby’s International Realty.

“Our agents love working with new clients and new markets,” Lynch concludes. “We make our listings shine on a relative and absolute basis.  As a result, we sell more homes for more money than any real estate company in the state.”  We were invited to do business in 11 counties and over 100 towns in 2020, and I am excited to see that list grow in 2021.”

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and info@legacysir.com. Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, is Maine’s leading luxury and lifestyle property company with more than 80 agents and 5 offices serving Maine coastal communities from York County to Hancock County as well as Seacoast New Hampshire.

Offices Located at:

2 City Center, Portland, ME 04101 // 207.780.8900 (Greater Portland Maine Real Estate)

150 Port Road, Kennebunk, ME 04043 // 207.967.0934 (Southern Maine and Seacoast New Hampshire Real Estate)

141 Maine Street, Brunswick, ME 04011 // 207.729.2820 (Mid Coast Maine Real Estate)

170 Main Street, Damariscotta 04543 // 207.563.2775 (Boothbay Harbor, Damariscotta and Bristol Regions Real Estate)

46 Bay View Street, Camden, ME 04843 // 207.230.1003 (Rockland, Camden and North to Mount Desert Real Estate)

Legacy Properties Sotheby’s International Realty Reports Record Results in 2020 for Maine Home Sales (Sales Rise 45% Despite Complex Market Conditions)

 

FOR IMMEDIATE RELEASE

CONTACT: Christopher Lynch
207-780-8900
clynch@legacysir.com

Legacy Properties Sotheby’s International Realty Reports Record Results in 2020 for Maine Home Sales
(Sales Rise 45% Despite Complex Market Conditions)

Maine Real Estate (January 2021) – Legacy Properties Sotheby’s International Realty, Maine’s leading luxury property company, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that it achieved record sales in 2020. The company reported annual property sales of $755 million as well as a record number of transactions totaling 1,034 sides. Legacy Properties Sotheby’s International Realty continues a long running string of record annual performance results.

“There has never been a more complex operating environment than 2020,” said Chris Lynch, President. “There was an extended period of time where homes were nearly impossible to show followed by the inability for many out of state buyers to come to Maine to see properties for sale. We were so fortunate that we had made the largest investment in Maine in Matterport 3D Virtual Tours and Virtual Reality Tools allowing buyers to have an in depth and immersive tour without leaving their homes.”

Legacy Properties Sotheby’s International Realty is also proud to report that it ranks as the #4 real estate company in Maine for all sales statewide.  ”We are very pleased with this result.  The agencies ahead of us have many more agents than we do, but our productivity per agent is extraordinarily high and makes up the difference.” adds Lynch. “Our average sale price for all properties increased to more than $730,000 per property. We have excelled in our ability to put our buyer clients in a position to succeed in such a competitive market environment while also securing many of the most attractive listings in Maine.”

Legacy Properties Sotheby’s International Realty attributes its success to offering its listing clients a very strong package of marketing services including critical professional photography, Matterport 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. “We continue to heavily invest in new marketing platforms and office efficiency systems to ensure that we can get the maximum exposure for homes in our network,” states Chris Fortunato, Chief Operating Officer. “Our expanded relationship with the Wall Street Journal and Boston Globe are a couple of great examples of the many exciting marketing venues we offer.”

“There is no doubt that there was a flight to quality when it comes to consumers selecting a real estate agent to help them,” Lynch concludes. “In 2020, both buyers and sellers migrated to more experienced agents with a long track record of success.  Once again, we sold more homes for more money than any real estate company in the state.”

Legacy Properties Sotheby’s International Realty can be reached at 207-780-8900 and info@legacysir.com. Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, is Maine’s leading luxury and lifestyle property company with more than 80 agents and 5 offices serving Maine coastal communities from York County to Hancock County as well as Seacoast New Hampshire.

Offices Located at:

2 City Center, Portland, ME 04101 // 207.780.8900 (Greater Portland Maine Real Estate)

150 Port Road, Kennebunk, ME 04043 // 207.967.0934 (Southern Maine and Seacoast New Hampshire Real Estate)

141 Maine Street, Brunswick, ME 04011 // 207.729.2820 (Mid Coast Maine Real Estate)

170 Main Street, Damariscotta 04543 // 207.563.2775 (Boothbay Harbor, Damariscotta and Bristol Regions Real Estate)

46 Bay View Street, Camden, ME 04843 // 207.230.1003 (Rockland, Camden and North to Mount Desert Real Estate)

Sotheby’s International Realty to Open its First Office in South Korea

NEW YORK, N.Y. (Dec. 30, 2020) – Sotheby’s International Realty today announced that WP Realty in the country of South Korea is the newest member of its global network and will now operate as Korea Sotheby’s International Realty. The addition marks the brand’s first affiliated office in the country and its continued strategic growth in Eastern Asia, bringing its presence in the region to 18 offices.

Korea Sotheby’s International Realty is led by Chair, Dr. Lei Wang, and Co-Chair, Tiffany Park, who bring 35 years of real estate experience to the company. Korea Sotheby’s International Realty is headquartered in the capital city of Seoul and will serve the residential markets of Seoul, Gyeonggi-do, and the surrounding areas.

“South Korea’s economic strength and geographical advantage as a peninsular country greatly appeal to global investors and luxury buyers,” said Philip White, president and CEO, Sotheby’s International Realty. “The market is seeing a significant rise in luxury real estate and high-rise developments, making it a prime location for expansion. Dr. Wang and his team have a strong understanding of the local market and we are proud to have Korea Sotheby’s International Realty as our affiliate in South Korea.”

“From a global perspective, we are seeing interest from investors in China, Japan, and the United States, in addition to an increased demand from local luxury buyers,” said Dr. Wang. “Aligning our company with Sotheby’s International Realty enables us to capitalize on our shared vision of artfully uniting extraordinary properties with extraordinary lives and will permit us to showcase our listings on an international scale.”

Korea Sotheby’s International Realty has experience working with investors, luxury buyers, and developers with plans to work alongside luxury hotel brands to develop residential resale in the market. The company is actively involved in the local community participating in various art and educational initiatives.

Maine Home Sales Increase More Than 31 Percent in November

AUGUSTA (Dec. 22, 2020)—Low for-sale inventory and high demand for Maine’s lifestyle has driven real estate sales and values into double-digit gains. Today, Maine Listings reported that 1,965 single-family existing homes changed hands in November—a rise of 31.17 percent compared to November 2019. Values also increased 20 percent to a median sales price (MSP) of $270,000, comparing November 2020 to November 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

“Residential real estate activity in Maine is vigorous,” says Tom Cole, 2020 President of the Maine Association of Realtors and Broker with Better Homes and Gardens Real Estate The Masiello Group in Brunswick. “In most markets across Maine, Realtors are reporting multiple offer situations on move-in ready listings. The increased competition for historically low for-sale inventory availability is resulting in price appreciation.”

“January through November sales are 7.9 percent ahead of the comparable time period for 2019—Maine’s best year ever. One-third of November’s sales involved outof-state buyers, compared to one-fourth during November of 2019.” Nationally, sales of single-family existing homes rose 25.6 percent in November 2020 compared to November 2019. According to The National Association of Realtors, values also increased 15.1 percent to a national MSP of $315,500. The regional Northeast witnessed a sales jump of 25.7 percent, and the regional MSP of $354,100 represents a 17.4 percent increase comparing November 2020 to November 2019.

“Maine’s reputation as a safe place is fueling interest,” says Cole. “With tight market conditions, buyers and sellers should partner with a Realtor for expert counsel around inventory availability, marketing and pricing, and negotiating strategies to successfully achieve their real estate needs and goals.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of November 2019 and 2020 only, statewide. The second chart compares the number of existing, single-family homes sold (units) and volume (MSP) during the rolling quarter of September, October and November of 2019 and 2020.

 

Experience Maine – The Way Life Should Be – The Legacy Collection Vol. 14

We have always enjoyed accolades for the Maine lifestyle with its easy access to beaches, boating, lakes, mountains, restaurants, galleries, hotels, and cultural amenities. Now, we are in the midst of a more significant change in which Maine has become a new home for many and seemingly will continue along this trend for years to come.

When asked, “Why do people live in Maine?” I have always answered, “Because they can! And you would too if you could!” 

With the recent changes we have all experienced in our various living, working, and learning environments, many more people have awakened to the realization that they can now couple their desire to live in Maine with the very real ability to achieve their personal and professional goals.
Click here to explore our most recent edition of The Legacy Collection and to view the finest homes in Maine.

May Home Sales Increase 6.32 Percent

AUGUSTA (June 21, 2019)— The single-family existing home market in Maine remains healthy as the summer sales season is in full-swing. According to Maine Listings, Realtors reported selling 6.32 percent more homes in May 2019 compared to May 2018. The Median Sales Price (MSP) for the state also jumped 4.59 percent to $230,000. The MSP indicates that half of the homes were sold for more and half sold for less.

“May was a strong month for residential real estate sales in Maine and, after a slow start to 2019, we’re pulling even to 2018 levels,” says Peter Harrington, 2019 President of the Maine Association of REALTORS and Broker/Partner with Malone Commercial Brokers in Portland. “Sustained job security and low unemployment rates, healthy consumer finances, and lower mortgage interest rates have fueled real estate markets across Maine.”

The National Association of Realtors says nationwide sales dipped 0.8 percent, while the national MSP increased 4.6 percent to $280,200 in May. Sales in the Northeast rose 4.7 percent while the regional MSP jumped 6.6 percent to $304,100.

“For-sale inventory continues to be at historically low levels with pent-up buyer demand in the marketplace. Sellers are listing when they have their next move in place, and buyers are reacting quickly. Statewide, the ‘days on market’ for the first five months of 2019 is 47 days (down 8 percent) from the same time period during 2018. Activity has certainly bumped up over the past quarter.”

Below are two charts showing statistics for Maine and its 16 counties. The first chart lists statistics for the month of May 2019 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 2018 and 2019.

Legacy Properties Sotheby’s International Realty Achieves National Recognition by Swanepoel Mega 1000 Ranking in 2018

Maine Real Estate (April 2019) – Legacy Properties Sotheby’s International Realty, Maine’s leading luxury property company, with offices in Portland, Kennebunk, Brunswick, Damariscotta, and Camden, announced today that they have been ranked in the Swanepoel Mega 1000 Real Estate Companies for 2018.

T3 Sixty, the residential real estate brokerage industry’s leading consulting and research firm, has released its second annual Mega 1000, the real estate industry’s definitive ranking of brokerage companies.

Legacy Properties Sotheby’s International Realty is ranked 674th in 2018 with a sales volume of $456 million, 818 transaction sides, and more than 70 full time agents. “We are so pleased to be recognized on a national scale,” states Chris Lynch, President. We are so thankful for the support and confidence of our amazing buyer and seller clients. It is also rewarding to see so many Sotheby’s International Realty companies enjoying great success worldwide.”

The second annual Mega 1000, available now at mega1000.com, provides the industry’s most comprehensive and accurate information it needs to make informed, smart decisions.

The report ranks the nation’s top 1,000 brokerage companies by annual sales volume, transaction sides, and agent count. T3 Sixty uses sales volume as its lead ranking criteria because it is the core metric used to calculate agent commissions, transaction volume, and company revenue, and therefore reflects a company’s overall strength.

Unlike other industry lists, T3 Sixty is determined to include all of the nation’s largest companies, whether they participate in official annual surveys or not.

“Without the best data available, assumptions and decisions are flawed before they’re even made,” said T3 Sixty CEO Stefan Swanepoel. “The Mega 1000 is committed to provide the most accurate and complete information possible,” Swanepoel added.

Legacy Properties Sotheby’s International Realty can be reached at 207.780.8900 and info@legacysir.com. Legacy Properties Sotheby’s International Realty, with offices in Portland, Kennebunk, 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 Seacoast New Hampshire.

Offices Located at:

2 City Center, Portland, ME 04101 // 207.780.8900 (Greater Portland Maine Real Estate)

150 Port Road, Kennebunk, ME 04043 // 207.967.0934 (Southern Maine and Seacoast New Hampshire Real Estate)

141 Maine Street, Brunswick, ME 04011 // 207.729.2820 (Mid Coast Maine Real Estate)

170 Main Street, Damariscotta 04543 // 207.563.2775 (Boothbay Harbor, Damariscotta and Bristol Regions Real Estate)

46 Bay View Street, Camden, ME 04843 // 207.230.1003 (Rockland, Camden and North to Mount Desert Real Estate)