Mainebiz

W W W. M A I N E B I Z . B I Z 19 Fact Book / Doing Business in Maine Q UA L I T Y O F L I F E e home, which dates to 1920 and was refreshed this year, has views of Casco Bay from nearly every room. It has three bedrooms, three full bathrooms, two primary suites, a "chef- inspired" kitchen and exterior features like a firepit, patio area and perennial gardens. e property includes deeded rights to Mussel Cove beach and dock. Located in a serene and private area, it's only 10 minutes from downtown Portland, which Benchmark said appeals to a buyer "seeking luxury combined with convenience." e property was assessed at $1.2 million, according to Zillow. e home is 1,789-square-feet and the lot size is 5,227 square feet. And, as Realtors like to say, it's about "location, location, location." Cumberland Foreside has Maine's priciest ZIP code and is one of New England's 50 most expen- sive ZIP codes, with a median home price of $1.23 million, as Mainebiz reported recently. Maine has roughly 500 properties listed at $1 million or more, including 28 listed at more than $5 million and four listed at more than $10 million, according to the real estate site Trulia. Overall, there are more than 5,800 properties listed. Tom Landry, broker-owner of Benchmark Real Estate, which brokered the Falmouth Foreside deal, said location continues to be "the golden rule." But, as the pandemic-fueled real estate market shifts to a buyers' market, people are looking for move-in ready homes. He said buyers are still looking to Portland and area towns for plum properties — in some cases, still going through bidding wars. "People are looking for 'turnkey' homes. ey don't want a project. [Many buyers] are moving from outside the market; they don't know anyone here. ey don't want to have to hire a contractor. But they may be able to afford $1.2 million or $1.3 million," especially if they sold a house in a pricier market, Landry told Mainebiz. Markets that might have had pre-pandemic median prices of around $425,000 might have jumped to $700,000 in a two-year period, particu- larly in areas with highly rated schools and walk- able downtowns, he said. "COVID took a match and some accelerant" to the Maine home market, Landry said. Portland and surrounding towns are seeing some softening, he said, but values are coming down by 10% after nearly doubling in recent years. e $1 million-and-up market is not being as affected as the market around $400,000, which is being affected more by higher interest rates. "Buyers could ratchet up when rates were lower. People were 'up-shopping,'" Landry said. "We've seen a softening of the middle market. We're transitioning to a buyers' market, but not on everything," he added. "We're still seeing bidding wars on some properties, but others are sitting." L a u r i e S c h r e i b e r , M a i n e b i z s e n i o r w r i t e r , c a n b e r e a c h e d a t l s c h r e i b e r @ m a i n e b i z . b i z P e t e r Va n A l l e n , M a i n e b i z e d i t o r , c a n b e r e a c h e d a t p v a n a l l e n @ m a i n e b i z . b i z Units sold 2023 Units sold 2022 Percent change 2022–23 2023 median sales price 2022 median sales price Percent change 2022–23 Androscoggin 904 1,169 −22.67% $310,000 $279,000 11.11% Aroostook 672 831 −19.13% $150,000 $148,800 0.81% Cumberland 2,747 3,306 −16.91% $531,111 $491,723 8.01% Franklin 360 474 −24.05% $250,000 $246,500 1.42% Hancock 612 769 −20.42% $404,000 $355,000 13.80% Kennebec 1,282 1,522 −15.77% $299,000 $272,797 9.61% Knox 472 552 −14.49% $430,000 $390,000 10.26% Lincoln 403 508 −20.67% $440,000 $392,000 12.24% Oxford 705 907 −22.27% $318,000 $275,000 15.64% Penobscot 1,412 1,753 −19.45% $250,000 $230,000 8.70% Piscataquis 323 341 −5.28% $189,000 $189,900 −0.47% Sagadahoc 365 414 −11.84% $400,670 $389,500 2.87% Somerset 521 644 −19.10% $210,000 $193,800 8.36% Waldo 396 497 −20.32% $325,000 $292,000 11.30% Washington 375 481 −22.04% $220,000 $215,000 2.33% York 2,073 2,664 −22.18% $475,000 $450,000 5.56% STATE TOTAL 13,622 16,832 -19.07% $360,000 $335,000 7.46% Studio One bedroom Two bedroom Three bedroom Four bedroom Androscoggin (Lewiston-Auburn MSA) $756 $877 $1,111 $1,462 $1,635 Aroostook $664 $758 $948 $1,292 $1,374 Cumberland (HMFA) $1,035 $1,162 $1,527 $1,904 $2,251 Franklin $723 $812 $1,067 $1,416 $1,421 Hancock $996 $1,002 $1,188 $1,576 $1,582 Kennebec $857 $860 $1,104 $1,374 $1,622 Knox $890 $929 $1,120 $1,406 $1,585 Lincoln $942 $978 $1,183 $1,575 $1,654 Oxford $814 $820 $1,077 $1,321 $1,699 Penobscot (HMFA) $740 $794 $1,043 $1,298 $1,457 Piscataquis $697 $782 $1,028 $1,271 $1,535 Sagadahoc (HMFA) $848 $1,023 $1,251 $1,763 $2,123 Somerset $815 $846 $1,026 $1,269 $1,465 Waldo $886 $892 $1,160 $1,431 $1,606 Washington $669 $751 $987 $1,371 $1,453 York (HMFA) $1,023 $1,136 $1,416 $1,853 $2,033 1 Based on real estate brooker transactions. S O U R C E : Maine Real Estate Information System Inc. 1 Amounts include the cost of utilities. S O U R C E : MaineHousing Maine home sales, 1 by county Listed by sales of existing single-family homes, 2023 Fair market rent for existing housing in Maine, 1 by county Rates effective Oct. 1, 2023 Studio One bedroom Two bedroom Three bedroom Four bedroom Five bedroom Five bedroom Bangor $881 $971 $1,239 $1,585 $1,705 $1,921 $1,827 Lewiston/Auburn $756 $877 $1,111 $1,462 $1,635 $1,759 $1,527 Portland $1,319 $1,512 $1,946 $2,418 $2,742 $2,940 $2,408 York/Kittery/South Berwick $1,150 $1,292 $1,697 $2,232 $2,880 $2,923 $2,544 Fair market rents for existing housing in Maine, by MSA Rates effective Oct. 1, 2023 Amounts include the cost of utilities. S O U R C E : MaineHousing −

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