FIRST HALF OF 2024
With access to more than 3,500 miles of Atlantic oceanfront, 6,000 lakes and ponds, and mountains with world-class skiing, Legacy Properties Sotheby’s International Realty is uniquely positioned to help you find your dream home in Maine. Simply put, we have the premier portfolio of Maine real estate and waterfront properties for sale.
Strong Growth in Maine’s Luxury Property Market
We are once again very proud to present our collection of significant sales for the first half of 2024. Legacy Properties Sotheby’s International Realty continues to play a dominant role in the high-value and luxury property markets in Maine. In fact, not only do we rank #1 statewide for all broadly defined luxury categories, but we also rank #1 for all sales over $550,000 through June 30th.
It is always hard to believe how the first half of the year passes by so quickly. However, it was not without notable events in the Maine real estate market. As always, Maine Listings (MLS) contains a treasure trove of highly reliable and accurate data from which to draw evidence, trends, and conclusions. There are two major themes that are evolving as we progress through the year: first, inventory in the form of active homes available for sale is expanding quickly, and second, there has been significant expansion of the luxury property market.
There are approximately 5,500 homes currently available for sale statewide. This is approximately double the inventory that was marked by the pandemic lows. We expect inventory to continue to grow through the summer months and possibly into the fall. While this may seem healthy, it was recently reported by Realtor.com that Maine was only back to 40% of the early 2019 inventory levels. The growth in inventory is largely a function of fewer buyers due to high mortgage rates and the peak market prices of homes. With the current strong rally in the 10-year treasury and the expected subsequent decline in mortgage rates, we could see more buyers quickly scoop up much of the currently attractively priced homes available for sale. Our observation is that we have seen buyers move to the sidelines when rates move into the high 6% area and above. Suffice it to say that it is still a seller’s market in Maine, with unit sales increasing at a much slower rate and prices continuing to rise compared to the same period last year.
When looking at the first half of 2024 compared to the first half of 2023, unit sales volume was up only 4%, yet average home prices were up 9%. It is a different story when analyzing
the luxury property segment (sales $1 million+), which has enjoyed a 31% increase in total units sold. The results are even higher (33%) for home sales over $2 million. These strong performances are largely due to a couple of major factors, with the inflow of out-of-state cash buyers looking to relocate to Maine being the most influential. In general, as prices have performed well across the entire Maine market, there has been an expansive luxury home market increase in the types of homes and their locations. Historically, million-plusdollar sales were reserved for only the most significant homes in the most prominent locations. For reference, there were only 88 homes sold for over $1 million in 2009, compared to 908 in 2023. Even with that dramatic increase, sales below $1 million still make up approximately 95% of the overall real estate market in Maine.
In conclusion, we can expect overall market inventory to continue to expand, with prices moderating in the coming months. It is too soon to expect a shift to a buyer’s market, but it is not out of the question for 2025. We equally believe that the luxury property market will expand into unprecedented unmet buyer demand, but likely at a less frenetic pace. We are pleased to see a moderation in the pace of price increases and an increase in home choices for buyers looking for their special spot in Maine. We are in a solid position to benefit from a move by the Federal Reserve to lower interest rates as we end the summer season.
We look forward to seeing you here in Maine, and we hope you enjoy reading about our significant sales for the first half of 2024.
CHRIS LYNCH President
SIGNIFICANT SALES BUYER SIDE
* Properties marked by an asterisk indicate a top three sale in that town.
KENNEBUNKPORT 10 OLD FORT AVENUE - Sold $3,437,500
Betsy Coughlan, Kennebunk Office | 207.229.3661 | bcoughlan@legacysir.com
PORTLAND * 98 CARROLL STREET - Sold $3,325,000
Alexa Oestreicher, Portland Office | 207.329.9307 | alexa@legacysir.com
BOOTHBAY * 39 & 42 NORTH SHORE ROAD - Sold $2,700,000
Anna Charlotte, Brunswick Office | 207.807.0203 | acharlotte@legacysir.com
KENNEBUNK 61 BOOTHBY ROAD - Sold $2,650,000
Andi Robinson, Kennebunk Office | 207.604.2479 | arobinson@legacysir.com
BRISTOL * 45 MARTHA BECK DRIVE - Sold $2,367,700
Miles Geisler, Damariscotta Office | 207.380.6007 | miles@legacysir.com
Joanne Moore, Damariscotta Office | 207.350.5172 | joannemoore@legacysir.com
FALMOUTH FORESIDE 91 WAITES LANDING ROAD - Sold $2,200,000
Linda MacDonald Associates, Portland Office | 207.749.1215 | lma@beautifulmainehome.com
ROCKPORT * 8 FISK LANE - Sold $2,100,000
Maria Weymouth, Camden Office | 804.339.6227 | mweymouth@legacysir.com
LINCOLNVILLE * 62 NORTON POND ROAD - Sold $2,050,00
Aaron Crossman, Camden Office | 207.322.6638 | acrossman@legacysir.com
FALMOUTH 13 KISMET LANE - Sold $1,875,000
Linda MacDonald Associates, Portland Office | 207.749.1215 | lma@beautifulmainehome.com
YARMOUTH 157 W ELM STREET - Sold $1,825,000
Linda MacDonald Associates, Portland Office | 207.749.1215 | lma@beautifulmainehome.com
SOUTHWEST HARBOR * 15 KINFOLK LANE- Sold $1,650,000
Laura Farr, Northeast Harbor Office | 207.348.1200 | lfarr@legacysir.com
FALMOUTH 8 SAINT ANDREWS CIRCLE - Sold $1,650,000
Sandra Shapiro-Hurt Portland Office | 207.807.8704 | sshapirohurt@legacysir.com
NORTHPORT * 113 STONE DRIVE - Sold $1,550,000
Heidi Steele, Camden Office | 207.542.4316 | hsteele@legacysir.com
CAPE ELIZABETH 6 BOATHOUSE LANE - Sold $1,550,000
Sandra Shapiro-Hurt Portland Office | 207.807.8704 | sshapirohurt@legacysir.com
SACO * 173 FERRY ROAD - Sold $1,450,000
Emilie Cole, Portland Office | 207.400.2071 | ecole@legacysir.com
PORTLAND 72 STROUDWATER ROAD - Sold $1,450,000
Alexa Oestreicher, Portland Office | 207.329.9307 | alexa@legacysir.com
PORTLAND 217 SHERIDAN STREET, UNIT 13 - Sold $1,425,000
John Collins, Brunswick Office | 207.607.2442 | jcollins@legacysir.com
PORTLAND 387 COMMERCIAL STREET, UNIT 330 - Sold $1,295,000
Marika Clark, Kennebunk Office | 207.671.6927 | mclark@legacysir.com
KENNEBUNK 3 PARK STREET - Sold $1,265,000
Elise Kiely, Portland Office | 207.838.1050 | elise@elisekiely.com
OWLS HEAD * 22 BELLEVUE STREET - Sold $1,260,000
Aaron Crossman, Camden Office | 207.322.6638 | acrossman@legacysir.com
KENNEBUNK 142 PORT ROAD - Sold $1,175,000
Linda MacDonald Associates, Portland Office | 207.749.1215 | lma@beautifulmainehome.com
PORTLAND 387 COMMERCIAL STREET, UNIT 335 - Sold $1,067,500
Lori Alexander, Portland Office | 207.837.0804 | lalexander@legacysir.com
NORTH YARMOUTH * 15 CARRIAGE HILL - Sold $1,000,000
Linda MacDonald Associates, Portland Office | 207.749.1215 | lma@beautifulmainehome.com
CAPE ELIZABETH 4 DIPPER ROAD, UNIT 4 - Sold $1,000,000
Heather Shields, Portland Office | 207.596.4050 | hshields@legacysir.com
KENNEBUNK 44 SUMMER STREET - Sold $1,000,000
Bill Gaynor, Kennebunk Office | 207.468.3002 | bgaynor@legacysir.com
NORTH YARMOUTH * 37 LONG HILL ROAD - Sold $940,000
Heather Shields, Portland Office | 207.596.4050 | hshields@legacysir.com
BREMEN * 300 WALDOBORO ROAD- Sold $915,0000
Dennis Duggan, Brunswick Office | 207.522.3747 | dduggan@legacysir.com
ROME * 50 TRACY COVE DRIVE - Sold $830,000
Mary Jo Cross, Portland Office | 207.671.4006 | mcross@legacysir.com
THOMASTON * 7 HYLER STREET - Sold $821,000
Dennis Duggan, Brunswick Office | 207.522.3747 | dduggan@legacysir.com
SOUTH THOMASTON * 6 & 10 SEA STREET - Sold $750,000
Michael Kevin Lynch, Camden Office | 207.558.3131 | mlynch@legacysir.com
ROCKLAND * 35 JAMESON POINT ROAD, UNIT 3 - Sold $720,000
Aaron Crossman, Camden Office | 207.322.6638 | acrossman@legacysir.com
LIBERTY * 35 RIDGE SCHOOL ROAD - Sold $675,000
Michael Kevin Lynch, Camden Office | 207.558.3131 | mlynch@legacysir.com
NOBLEBORO * 300 EAST NECK ROAD - Sold $581,000
Anna Charlotte, Brunswick Office | 207.807.0203 | acharlotte@legacysir.com
GLENBURN * 39 ASHLEY AVENUE - Sold $499,900
Kristin Heal, Camden Office | 207.542.8890 | kheal@legacysir.com
ALNA * 1878 ALNA ROAD - Sold $285,000
Stephanie Branch, Damariscotta Office | 207.751.4093 | sbranch@legacysir.com
CARNBERRY ISLES * 11 NORTH WOODS ROAD - Sold $230,000
Nicole Richardson, Northeast HarborOffice | 207.479.7551 | nrichardson@legacysir.com
for all homes sold over $1,000,000 in Maine for all waterfront sales in Maine for all homes sold over $600,000 in Maine for all homes sold over $2,000,000 in Maine for all homes sold over $4,000,000 in Maine for all homes sold over $3,000,000 in Maine THANK YOU FOR YOUR TRUST AND SUPPORT
WE ARE #1
Legacy Properties Sotheby’s International Realty attributes its success to offering its clients a very strong package of marketing services including: professional photography, Matterport 3D Virtual Tours, glossy print advertising, global property distribution through its exclusive network of agents, and luxury branding through its affiliation with Sotheby’s International Realty. *Based
PORTLAND
Greater Portland and Cumberland County 2 City Center Portland, Maine 04101
207.780.9800
KENNEBUNK
Southern Maine and York County 150 Port Road
Kennebunk, Maine 04043
207.967.0934
BRUNSWICK
Midcoast, Cumberland, Lincoln, and Sagadahoc Counties 141 Maine Street Brunswick, Maine 04011
207.729.2820
DAMARISCOTTA
Midcoast, Lincoln and Sagadahoc Counties
170 Main Street
Damariscotta, Maine 04543
207.563.2775
CAMDEN
Midcoast and Islands, Knox and Waldo Counties
46 Bay View Street Camden, Maine 04843
207.230.1003
NORTHEAST HARBOR
Hancock and Washington Counties 6 Neighborhood Road Northeast Harbor, Maine 04662
207.780.8900
SERVING COASTAL MAINE AND THE NEW HAMPSHIRE SEACOAST
