Mainebiz

V O L . X X V I I N O. X V I 84 Fact Book / Doing Business in Maine WO R K F O R C E A Different Way of Looking at Things dwmlaw.com dwmlaw.com | 800.727.1941 800.727.1941 In business, you have a lot to keep your eye on. Sometimes it's hard to In business, you have a lot to keep your eye on. Sometimes it's hard to see the opportunities and the risks clearly. see the opportunities and the risks clearly. That's where Drummond Woodsum can help. We use a team approach – That's where Drummond Woodsum can help. We use a team approach – a small group of highly specialized attorneys focused on helping your a small group of highly specialized attorneys focused on helping your business see what's ahead before you take that next step. business see what's ahead before you take that next step. It's extremely efficient and cost-effective, and an excellent way to get the It's extremely efficient and cost-effective, and an excellent way to get the legal insight you need when you need it. legal insight you need when you need it. We practice law differently. Since 1965. Number of building permits issued highest since 2007 $337,000 in 2020. In each county, sales were down single digits from a year ago. Aroostook County had Maine's most affordable houses, with a median price of $120,000, up 14.29% from $105,000 in 2020. Maine's most-northerly county also saw Maine's largest spike in home sales, going up 19.09%. M S O U R C E : U.S. Census Bureau 2014 2015 2016 2017 2018 2019 2020 2021 2022 3,249 3,699 4,010 4,358 4,697 4,760 5,304 6,530 3,212 0 2.0K 1.5K 1.0K 0.5K 2.5K 3.0K 3.5K 4.0K 4.5K 5.0K 5.5K 6.0K 6.5K Through May Building permits for new, privately owned housing units in Maine 1 unit 2 units 3–4 units 5+ units B y P e t e r V a n A l l e n aine saw a significant increase in building permits issued last year, surpassing some benchmarks from the last building boom. According to U.S. Census data, the number of building permits issued last year was the highest since 2007, before the Great Recession of 2008-09. For 2021, there were 6,825 build- ing permits issued in Maine, 4 out of 5 of which were for single-family homes, according to Census data. The value of all that new housing was $1.64 billion. By comparison, in 2007, there were 5,690 building permits issued in Maine, with a valuation of $875 million. It was the last year of a buildup that collapsed with the recession of 2008-09. That build- ing boom actually peaked in 2006, with 7,304 permits issued, and a valuation of $1.14 billion. Among the six New England states last year, only Massachusetts issued more building permits than Maine. The Bay State issued 17,661 building per- mits last year, while New England states overall issued 36,809. While construction costs have spiked in the past two years, the cost of exist- ing houses has also grown, and Realtors have repeatedly said in the past year that inventory is shrinking as is the average time a house is on the market. For 2021, the median home price was $299,000, up 12.22% from $256,000 in 2020, according to the Maine Real Estate Information System Inc., better known as Maine Listings. The median home price has since surged to $360,825, as of June, though rising interest rates have put a damper on what had been a hot market. There were 20,401 homes sold in Maine in 2021, a 2.41% gain from 19,921 in 2020. Median home prices were highest in Cumberland County, $434,900, up from $365,000 in 2020. In York County, the median home price was $398,750 last year, up from Maine needs housing, but as the cost of construction rises so do interest rates.

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