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V O L . X X I X N O. X X I I I O C T O B E R 2 , 2 0 2 3 6 Mills urges voters to reject utility proposal After a years-long and sometimes bit- ter public feud over the performance of Maine's electricity companies, voters this November will decide whether the state buys out Central Maine Power and Versant Power and replaces them with a customer-owned nonprofit utility. Gov. Janet Mills weighed in, strongly urging Mainers to reject the proposal, which will appear as Question 3 on the Nov. 7 statewide ballot. Backers say the new entity, dubbed Pine Tree Power and overseen by a publicly elected board, would deliver lower-cost, more reliable electricity. Not surpris- ingly, opponents including CMP and Versant dispute that claim — and point out that Maine might have to borrow as much as $13.5 billion to pay for the two investor-owned companies. Mills cited the potential costs, as well as predic- tions by the Maine Office of the Public Advocate and "independent analyses" that the price of electricity would not fall and could even increase under the new authority. 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 Workplace Solutions for Maine Employers dwmlaw.com dwmlaw.com | 800.727.1941 800.727.1941 There is simply no substitute for good judgment and getting There is simply no substitute for good judgment and getting things right the first time. That's where Drummond Woodsum things right the first time. That's where Drummond Woodsum attorneys can help. Our group of highly specialized attorneys attorneys can help. Our group of highly specialized attorneys are focused on providing human resource professionals with are focused on providing human resource professionals with the guidance they need in dealing with personnel matters. the guidance they need in dealing with personnel matters. BIZ MONEY Home sales plummet, but 'move-in ready' houses still shine B y L a u r i e S c h r e i b e r A n adequate supply of single-family homes for sale con- tinues to be a challenge for buyers of single-family exist- ing homes across Maine. Maine Listings reports an increase of 9.41% in home val- ues while sales dipped 18.77% in August 2023 compared to August 2022. Realtors reported that 1,510 homes changed hands across Maine's 16 counties in August. The median sales price reached $372,000, an increase of 9.41% from a year earlier. But the median sales price declined for the second straight month after an all-time peak of $385,000 in June and a dip to $380,000 in July. The MSP is the price at which half of the homes sold for more and half sold for less. Lack of for-sale inventory remains a challenge for poten- tial buyers. "Active buyers remain in the market, creating competition for move-in ready, attractively priced homes," said Carmen McPhail, 2023 president of the Maine Asso- ciation of Realtors and associate broker at United Country Lifestyle Properties of Maine. McPhail added, "As demand continues to outpace sup- ply, the gap between new and outstanding mortgage inter- est rates is likely to keep the for-sale inventory constrained." US numbers The numbers also reflect national and regional trends. The National Association of Realtors announced a sales dip of 15.3% nationwide in August compared to the previous year. Prices rose 3.7% to a national MSP of $413,500, comparing August 2023 to August 2022. Regionally, sales in the North- east eased 22.6%, while the regional MSP increased 5.8% to $465,700 over that same time period. "As a prospective seller, now is an opportune time to list your property for sale while demand remains high," noted McPhail. Maine highs and lows Cumberland County remained Maine's most expensive market in August, with a median sales price of $550,000, which was flat compared to July but 9.24% higher than August 2022. York County's MSP was $487,500 in August, up nearly 6% from a year ago. Maine's most affordable county remained Aroostook, with an MSP of $151,000, less than 1% higher than a year ago. Two counties saw their median sales price decline from a year ago: Washington County, where the MSP was $210,000 in August, an 11.58% decline; Piscataquis, where the MSP was $194,000, down 4.64%.

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