Maine Lakes Real Estate Report 2022 Central by belgradelakes

Maine Lakes Real Estate Market Report 2022 year end www.belgradelakepoint.com

Cover: Aerial photo of the great pond, Belgrade - July 2022 1 2 3 4 5 6 7 8 9 10 11 12 Lakepoint Highlights Year in Review Belgrade Lakes Region Belgrade Lakes Waterfront Belgrade lakes by Water Body Cobbossee Region Cobbossee Region Waterfront Cobbossee Region by Water Body 30-Mile Watershed 30-Mile Watershed Waterfront 30-Mile Watershed by Water Body Luxury Properties Table of Contents

Throughout most of 2022, the real estate story remained the same: low inventory, high demand and increasing prices. As we approached the end of the year, interest rates, inflation and a lagging stock market causing more uncertainty in the real estate market.

As we progress into 2023, there is still a lack of inventory in Central Maine, but we are in a much better position than a year ago. With increased inventory, decreased buyer demand and stabilizing interest rates the market will be more balanced between buyers and sellers.

For buyers, this means more homes to choose from, a better opportunity to negotiate and less immediate pressure to make an offer. For sellers it means longer days on market,stabilizing prices (not reductions) and a return to traditional marketing of homes.

As we move into spring, there will be more new listings to view. Because there is still strong demand, the highly desired homes and lakes will still sell quickly, but there will be more opportunities across the region.

Lakepoint Real Estate remained a significant part of the sales in the region in 2022. We posted the highest waterfront sale in Rome at $2.4 million, and the highest non-waterfront sale at $1.45 million also in Rome. We also had the highest sales in Belgrade, Fayette, Mt Vernon, Smithfield and Vienna.

Across the region in 2022, the number of single family home sold decreased 17%, while waterfront homes decreased by 25%. Due to the lack of inventory and buyer demand, the median sales prices rose by 10% overall and 9% for waterfront homes. These numbers are consistent with the results statewide.

Throughout this publication, you will be able to see the market conditions in each town and water body. This helps you to stay informed and stay a step ahead in today’s complex real estate market. As always, the professionals at Lakepoint Real state are ready to offer you the information and exceptional service you need to achieve your goals.

Dan McCarron Owner & Broker Lakepoint Real Estate, Belgrade Lakes, Maine

Lakepoint Highlights

#1

In the Belgrade Lakes Waterfront in the Belgrade Lakes

Waterfront in Kenenbec County

Listing Volume in the Belgrade Lakes

Highest Average Sale Price listed properties

Buyer Volume in the Belgrade Lakes

Luxury Homes Sold

99%

Sale to List Price

$525,000 average Sale Price

$635,000 average Sale Price Waterfront

165 Properties Sold in 2022

1,600 Properties sold since 2006

$1,450,000 highest non-waterfront sale

$2,400,000 highest sale in the region

11 Luxury Properties Sold

2022 year in review Belgrade Lakes Region Belgrade l Mercer Mount Vernon l Rome Oakland l Sidney Smithfield $352,000 Median Sales Price 289 11 Homes Sold in 2022 Days on Market

2022 Belgrade Lakes Sales & Comparison by Town

Regionwide 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 289 11 $352,000 340 9 $320,000 -15% 22% 10% Belgrade 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 61 13 $395,000 92 9 $349,500 -34% 44% 13% Mercer 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 9 7 $329,000 20 10 $205,000 -55% -30% 61% Mt Vernon 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 30 20 $363,000 24 18.5 $260,000 25% 8% 40% Oakland 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 92 5.5 $305,000 77 9 $260,000 19.5% -39% 17% Rome 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 25 11 $490,000 29 16 $525,000 -14% -31% -7% Sidney 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 61 11 $365,000 79 6 $320,000 -23% 83% 14% Smithfield 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 11 6 $384,000 19 21 $349,900 -42% -71% 10%

$1,450,000 Highest Price non-waterfront Sale - Rome Sold by Lakepoint Real Estate 10% Increase in median Sales Price regionwide Single family home sales 2022 vs 2021 40% Increase in Sales Price - Mt Vernon

2022 year in review Belgrade Lakes Region Belgrade l Mercer Mount Vernon l Rome Oakland l Sidney Smithfield $500,000 Median Sales Price 93 13 Waterfront Homes Sold Days on Market Waterfront

2022 Belgrade Lakes Sales & Comparison by Town Waterfront

Regionwide 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 93 13 $500,000 109 12 $480,000 -15% 8% 4% Belgrade 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 24 16 $518,750 26 9 $588,000 -8% 78% -12% Mercer 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 4 7 $320,000 4 47 $315,000 0% -86% 2% Mt Vernon 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 15 17 $375,000 15 21 $329,000 0% -19% 15% Oakland 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 19 10 $499,000 16 15 $428,500 19% -36% 17% Rome 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 17 16 $655,000 24 21 $645,500 -29% -22% 2% Sidney 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 10 13 $400,000 13 4 $570,000 -23% 225% -29% Smithfield 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 4 17 $597,000 11 21 $399,900 -64% -19% 49%

home sales 2022 vs 2021 $2,400,000 Highest Price home Sale - Long Pond, Rome Sold by Lakepoint Real Estate 4% Increase in median Sales Price regionwide 49% Increase in Sales Price - Smithfield

2022 year in review The Belgrade Lakes East Pond l Great Pond Long Pond l McGrath Pond Messalonskee Lake l North Pond Salmon Lake $500,000 Median Sales Price 93 13 Waterfront Homes Sold Days on Market Waterfront

2022 Belgrade Lakes Sales & Comparison by Lake

Waterfront home sales 2022 vs 2021 East Pond

East Pond 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 9 13 $518,888 9 12 $575,000 0% 8% 10% Great Pond 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 17 26 $975,000 12 32 $756,500 41% -19% 41% Long Pond 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 16 12 $439,000 28 9 $530,000 -43% 36% -17% Messalonskee 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 15 13 $499,000 18 13 $582,500 -17% 0% -14% McGrath Pond 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 5 10 $350,000 4 33 $429,500 25% -70% -19% North Pond 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 2 95 $534,500 8 15 $367,500 -75% 552% 45% Salmon Lake 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 11 6 $384,000 19 21 $349,900 -42% -71% 10%

Great Pond Long Pond McGrath Pond Messalonskee North Pond Salmon Lake $518,888 $975,000 $439,000 $350,000 $499,000 $534,500 $570,000 North Pond East Pond Great Pond Messalonskee Long Pond Salmon McGrath $975,000 Median Sales Price 2022 Great Pond Water Body Median Sales Price

2022 year in review Cobbossee Watershed Litchfield l Manchester Monmouth l Readfield West Gardiner l Winthrop

Median Sales Price 289 22 Homes Sold in 2022 Days on Market

$356,000

2022 Cobbosseecontee Watershed Sales & Comparison by Town

Single family home sales 2022 vs 2021

$1,000,000 Highest Price non-waterfront

7% Increase in median Sales Price regionwide

25% Decrease in home sales Regionwide

Regionwide 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 289 22 $356,000 386 29 $332,000 -25% -24% 7% Litchfield 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 36 8 $420,000 58 8 $360,000 -38% 0% 17% Manchester 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 32 10 $390,500 34 22 $363,000 -6% -55% 8% Monmouth 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 55 9 $310,000 63 8 $290,000 -13% 12% 7% Readfield 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 34 5 $337,500 50 7 $335,000 -32% -29% 1% W Gardiner 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 42 9 $320,800 70 7 $292,000 -40% 29% 10% Winthrop 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 90 5 $260,200 111 7 $270,000 -19% -29% -4%

Sale Manchester Keller Williams Photo

2022 year in review Cobbossee Watershed $511,000 Median Sales Price 76 35 Waterfront Homes Sold Days on Market Waterfront Litchfield l Manchester Monmouth l Readfield West Gardiner l Winthrop

2022 Cobbosseecontee Watershed Sales & Comparison by Town

Waterfront home sales 2022 vs 2021

Regionwide 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 76 35 $511,000 123 36 $445,600 -15% -3% 15% Litchfield 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 13 8 $420,000 22 13 $360,000 -41% -39% 17% Manchester 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 6 49 $937,500 8 25 $445,000 -25% 96% 111% Monmouth 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 14 19 $537,500 22 8 $385,800 -36% 138% 39% Readfield 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 8 43 $472,500 18 18 $415,500 -55% 114% 14% W Gardiner 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 11 15 $405,000 15 7 $480,000 -27% 114% -16% Winthrop 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 24 7 $427,500 38 10 $446,000 -37% -30% -4%

$1,700,000 Highest Price home Sale - Manchester Cobbosseecontee Lake Maine Realty LLC Photo 15% Decrease in home Sales regionwide

Increase in Sales Price - Monmouth

40%

2022 year in review Cobbossee Watershed Lake Annabessacook Cobbosseecontee Lake Maranacook Lake Torsey Pond The Tacoma Lakes $511,000 Median Sales Price 76 35 Waterfront Homes Sold Days on Market Waterfront

2022 Cobbosseecontee Watershed

Sales & Comparison by Lake

Annabessacook 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 3 26 $550,000 8 7 $338,750 -63% 270% 62% Cobbossee 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 20 24 $629,500 25 12 $550,000 -20% 100% 15% Maranacook 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 14 19 $472,500 23 14 $495,000 -39% 36% -5% Torsey 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 3 27 $921,000 8 27 $240,500 -63% 0% 283%

home sales 2022 vs 2021 Annabessacook Cobbossee Maranacook Torsey Tacoma Lakes $550,000 $629,500 $472,500 $921,000 $492,000

Waterfront

Torsey Pond

Water Body Median Sales Price

Cobbosseecontee Lake Tacoma Lakes 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 7 68 $492,000 9 16 $335,000 -22% 325% 47%

Cobbosseecontee

$629,500 Median Sales Price 2022

Maranacook Lake Lake Annabessacook The Tacoma Lakes

2022 year in review 30 Mile Watershed Chesterville l Fayette Leeds l Mt Vernon Readfield l Vienna Wayne $300,000 Median Sales Price 137 11 Homes Sold in 2022 Days on Market

2022 30-Mile Watershed Sales & Comparison by Town

Regionwide 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 137 11 $300,000 178 9 $270,000 -23% 22% 11% Chesterville 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 14 6 $194,250 15 7 $184,000 -7% -14% 6% Fayette 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 15 8 $319,900 23 11 $309,000 -35% -27% 4% Leeds 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 19 6 $260,000 27 5 $261,000 -30% 20% 0% Vienna 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 7 15 $290,000 13 8 $245,000 -46% 88% 18% Wayne 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 18 9 $306,500 26 9 $313,250 -31% 0% -2% $505,000 non-waterfront Sale - Mt Vernon Sold by Lakepoint Real Estate 11% Increase in median Sales Price regionwide Single family home sales 2022 vs 2021 23% Decrease in home sales Regionwide

Readfield 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 34 5 $337,500 50 7 $335,000 -32% -29% 1% Mt Vernon 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 30 20 $363,000 24 18.5 $260,000 25% 8% 40%

2022 year in review 30-Mile Watershed $377,500 Median Sales Price 51 17 Waterfront Homes Sold Days on Market Waterfront Chesterville l Fayette Leeds l Mt Vernon Readfield l Vienna Wayne

2022 30 Mile Watershed Sales & Comparison by Town

Regionwide 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 51 17 $377,500 76 9 $329,000 -33% 89% 15%

Waterfront home sales

33% Decrease in Waterfront Sales Regionwide 14% Increase in Sales Price - Readfield Chesterville 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 4 8 $180,000 7 10 $190,000 -43% -20% -5% Fayette 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 11 7 $405,500 13 14 $355,000 -15% -50% 14% Leeds 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 3 23 $240,000 10 5 $223,500 -70% 360% 7% Vienna 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 7 48 $82,000 6 8 $284,000 17% 500% -71% Wayne 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 3 23 $240,000 7 $270,000 -57% 475% -11% Readfield 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 8 43 $472,500 18 18 $415,500 -55% 114% 14% Mt Vernon 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 15 17 $375,000 15 21 $329,000 0% -19% 15% $1,500,000 Highest Price Waterfront Sale - Mt Vernon Sold by Lakepoint Real Estate

2022 vs 2021

2022 year in review 30 Mile Watershed Androscoggin Lake Echo Lake l Lovejoy Pond Flying Pond l Parker Pond Pocasset Lake $377,500 Median Sales Price 51 17 Waterfront Homes Sold Days on Market Waterfront

2022 30 Mile Watershed Sales & Comparison by Lake

Androscoggin 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 2 22 $395,000 5 14 $550,000 -60% 57% -28% Echo Lake 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 6 5 $538,000 5 7 $480,000 20% -29% 12% Lovejoy Pond 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 6 16 $335,000 12 5 $247,500 -50% 220% 35% Flying Pond 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 4 16 $382,500 6 11 $427,500 -33% 46% -11%

home sales 2022 vs 2021 Androscoggin Echo Lake Lovejoy Flying Pond Parker Pond Pocasset Lake $395,000 $538,000 $335,000 $382,500 $675,000 $650,000 Flying

Water Body Median Sales Price

Median Sales Price 2022 Parker Pond Parker Pond 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 3 13 $675,000 5 8 $399,000 -40% 63% 69% Echo

Parker

Pocasset 2022 2021 Change SALES UNITS DAYS ON MARKET MEDIAN PRICE 1 6 $650,000 5 2 $570,000 -80% 200% 14%

Waterfront

Pond

$675,000

Lake Lovejoy Pond Androscoggin Lake

Pond Pocasset Lake

Luxury 18 Luxury Homes Sold

70 Average Days on Market

$1,440,870 Average Sales Price

$2,400,000 Highest Price

Waterfront Home

6 Sold in Belgrade

2022 year in review

221 Main Street, Belgrade Lakes, Maine 04918 belgradelakepoint.com | 207-495-3700