Mainebiz

V O L . X X I X N O. V I I A P R I L 3 , 2 0 2 3 6 MaineHouse addresses homelessness A $16 million award from MaineHousing is projected to affect more than 500 people experiencing homelessness or housing insecurity through 17 different housing and shelter projects across the state. e grants sup- port local proposals under consideration for a new shelter space in Lewiston, as well as adding new shelter capacity in Portland. Several will help Maine's growing immigrant and asylum-seek- ing population. All the initiatives are expected to be operational by fall 2023. N O T E W O R T H Y S T A T E W I D E U.S. Sen. Susan Collins and U.S. Rep. Jared Golden announced that the state of Maine received an additional $5 mil- lion for the Low-Income Home Energy Assistance Program. The Federal Emergency Management Agency said it will be sending $2.7 million to the state of Maine to reimburse the state for purchasing personal protective equipment for state employees during the COVID-19 pandemic. The National Park Service's Historic Preservation Fund awarded a total of $1.3 million to the Maine State Historic Preservation Office and four tribal com- munities. The preservation office received $877,873; the Passamaquoddy Tribe, $117,521; Penobscot Nation, $113,769; Houlton Band of Maliseet Indians, $103,705; and Mi'kmaq Nation, $96,176. Credit union opens Westbrook site Atlantic Federal Credit Union, Maine's largest credit union, opened its new- est branch in Westbrook at the corner of Larrabee Road and Riverside Street, at Exit 48 off the Maine Turnpike. Construction for the branch began in October 2021, but the company faced many challenges due to supply chain issues. "It has been an odyssey, but well worth the effort," said Scott Chretien, president and CEO. Atlantic FCU has over $1 billion in assets and serves 49,000 members through 10 branches. N O T E W O R T H Y S O U T H E R N Coastal Enterprises Inc. in Brunswick announced that it received a $600,000 grant with a $1 million program-related investment (a revolving loan fund) from Lumina Foundation and Lumina Impact Ventures to help expand its Child Care Business Lab, which provides training and an opportunity to access capital to start childcare enterprises in Maine. Full Plates Full Potential in Brunswick was awarded $10 million by the USDA to manage the School Food System Transformation Challenge Sub-Grants. This cooperative agreement was awarded to only four organizations nationwide and is a part of the USDA's Healthy Meals Incentives Initiative. Bar Harbor Chamber picks next director e Bar Harbor Chamber of Commerce executive director will bring experience in strategic planning, rebranding and principles of diversity, equity and inclusion from his roles with the Greater Wyoming Valley Chamber of Commerce in Wilkes-Barre, Pa. Everal Eaton, whose first day will be April 3, will succeed Alf Anderson, who stepped down at the end of 2022. N O T E W O R T H Y M I D C O A S T & D O W N E A S T Herrick & Salsbury Inc., a land surveying and land use consulting firm in Ellsworth, purchased the building and will relocate its Northeast Harbor office to 2 Rock End Road. Rockland Main Street, the Island Institute, Steelhouse, the Penobscot Bay Chamber of Commerce, the city of Rockland and Mid-Coast School of Technology announced a partnership with Northeastern University's Roux Institute to host a Start Summit on Innovation in B U S I N E S S M A I N E Business news from around the state S T A T E W I D E S O U T H E R N M I D C O A S T & D O W N E A S T B R I E F Even as housing market slows, Cumberland County houses are scarce B y P e t e r V a n A l l e n Even as home sales across most counties in Maine declined in February, southern Maine has shown its resilience. The number of homes sold in Maine decreased by more than 10% in February, Maine Listings reported. Yet the median sales price continues to hold its own, with scarce inventory and continued demand for homes that are in move-in condition. Lack of for-sale inventory continues to be an issue for buy- ers of single-family homes across Maine, the Maine Association of Realtors said in releasing the February numbers. "The shortage of move-in ready homes for sale continues to be the challenge for buyers in today's market," said Carmen McPhail, 2023 president of the association and associate broker at United Country Lifestyle Properties of Maine. "Homeowners who purchased in recent years with record-low mortgage inter- est rates are staying put and, like the rest of the country, new home construction in Maine has not kept pace with demand." Maine's median sales price in February was $329,250. Prices peaked in June 2022 at $360,825, but will likely never get back to pre-pandemic levels. Remember, as recently as 2017, Maine's median home price was a comparatively affordable $200,000. Cumberland County, including greater Portland, continues to be Maine's highest-priced market. February's median sales price was $459,000, up 6.76% from $429,950 a year ago. At the same time, the number of units sold went down by 24.4%, from 626 in February 2022 to 473 in February 2023. The demand is still there. Move-in ready homes continue to sell well — in some cases, attracting the bidding wars that characterized homebuying during the pandemic feeding frenzy. Even recently, Trulia listed 64 homes with asking prices of $1 million or more. They range from Portland condos to lake houses in Raymond to single-family homes on Cumberland Foreside. Cumberland County continues to have Maine's highest median home price at $459,000. 2021–22 2022–23 Change Androscoggin $250,000 $300,000 20.00% Aroostook $129,950 $132,750 2.15% Cumberland $429,950 $459,000 6.76% Franklin $247,500 $225,000 −9.09% Hancock $315,000 $366,500 16.35% Kennebec $239,900 $260,000 8.38% Knox $362,500 $372,500 2.76% Lincoln $350,250 $375,000 7.07% 2021–22 2022–23 Change Oxford $275,000 $275,000 0.00% Penobscot $202,000 $206,000 1.98% Piscataquis $170,000 $166,000 −2.35% Sagadahoc $333,049 $371,500 11.55% Somerset $172,000 $170,000 −1.16% Waldo $281,250 $314,500 11.82% Washington $219,000 $211,000 −3.65% York $419,900 $430,000 2.41% Comparing December 2022 through February 2023 with same period from a year ago S O U R C E : Maine Listings ROLLING QUARTER CHART FOR SINGLE-FAMILY HOME MEDIAN SALES PRICE IN MAINE

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