Mainebiz

V O L . X X I I N O. X I X A U G U S T 2 2 , 2 0 1 6 8 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E Your business may be eligible for up to $12,500 in incentives for high-efficiency heating equipment. For more information, visit efficiencymaine.com 866-376-2463 some restrictions apply Summer is the perfect season to evaluate your heating system Luxury coastal home market is trending up P O R T L A N D — Sales of luxury coastal homes in southern Maine are picking up in pace and price, according to a new report by RE/MAX. That fi nding refl ects national market trends, said broker Don Wunder, one of the owners of RE/MAX Realty One, with fi ve offi ces in southern Maine. "Nationally, the market has recovered, especially in southern New England, which was a little ahead of Maine," which is a secondary market and tends to follow the primary market elsewhere in New England, said Wunder. "Now Maine has caught up." Wunder evoked a picture of a typical customer in the market these days for a luxury coastal home in Maine. "Say we have a buyer from Massachusetts who is looking for a second home along the coast of Maine," he said. "They might not know where they want to be, from Kittery to Kennebunkport, but they know they want a second home, typically for their family to use and mostly in the summer season but also some in the off-season. They might have an eye toward retirement: maybe they're here six months and six months somewhere warm. They've made the decision that this is where they want to be and it's all about fi nding the perfect match." The demographic that can afford these homes appears to be growing. Buyers hail from southern New England, New York, New Jersey, California and Canada. Increases in median home prices don't seem to be deterring buyers, Wunder said. "Our inventory is shrinking," he said. "In our coastal communities, there's not a whole lot of land left to build, so while there's some new build going on, it hasn't been as prevalent as re-sales." Issued July 18, the report fi nds signifi cant growth in single-family luxury coastal home sales throughout the second quarter of 2016. For coastal Maine, the report fi nds: ¡ Nearly all towns in coastal Maine have seen an increase in median price for luxury single-family homes. ¡ In Portland, the average number of days on market has dropped from 107 to 28 days between 2015 and 2016. Likewise, Ogunquit's average days on market dropped from 232 last year to 59. But some communities, such as Kennebunk, saw an increase in the number of days on the market. ¡ Cape Elizabeth, York, Kennebunkport, Kennebunk, Ogunquit and Falmouth saw increases in median sale prices, ranging from 1.5% to 20%. Portland saw a 3.2% decrease in median sale price. For New England in general: ¡ First-time and move-up buyers fuel the overall market. ¡ Homebuyers looking to start a family, purchase a vacation home or settle into retirement close to the water also drive rising sales. ¡ More than 50% of communities in these markets report an increase in median price. ¡ The volume of homes sold has risen, and the average number of days on the market has decreased. — L a u r i e S c h r e i b e r P H O T O / C O U R T E S Y R E / M A X A luxury coastal property in Kennebunkport.

• Cover