By Nicole Foster, Broker/REALTOR
Homes listed and sold for $1,000,000 or more are going under contract faster than ever before with the demand for luxury homes in Maine ever greater.
In recent years we’ve also experienced an increase in the
number of investor-owned properties which are rented for both short- and
long-term use. Maine was recently reported to lead the nation in the number of
vacant properties according to 2020 US Census Data with one fifth of the
housing stock vacant for at least a portion of the year with the majority of that
used seasonally for recreation or as a second home. Maine’s most premiere
lakes, located only minutes from Portland where prices for the most expensive
1% of homes has grown by 27 percent, offer some of the most exclusive
waterfront to be found.
Raymond: Happens to be where you will find the most expensive home listed and sold in the entire state of Maine last year selling for $8.5 million. The two previous years the highest-priced homes in this town sold for around half of that amount. With so many pristine lakes and ponds with waterfront homes scattered throughout Raymond, homes listed and sold in the $1 million to $4.8 million range grew from eight properties in 2019 to thirteen in 2020 with tight inventory in 2021 limiting to 12.
Naples: The cost of owning a lakefront
retreat in this town has soared in recent years unable to keep up with the huge
demand. In 2019 the highest sale here
was for just under one million dollars while 2020 saw four homes selling between
$1,000,000 to $2,000,000. Last year
prices continued to climb hitting $3,200,000 as Naples most expensive home sold
with several homes selling for over two million and several more between the
$1,000,000 to $2,000,000 price points.
Windham: After only three days on the
fiercely hot summer market of 2021 Windham’s highest priced listing located on
Sebago Lake went under contract selling for $2.75 million. Homes which were
listed and sold for above the $1 million mark rose from two homes in 2019 and
three in 2020 to five last year with two exceeding $2 million compared to 2020
when the most expensive Windham home closed at $1.575 million or in 2019 for
$1.6 million.
Standish: The demand for luxury waterfront
homes which are located here has continued to grow and last year we saw the
most expensive home sold jump from $1.490 million in 2020 to $2.722,500. During 2020 only one home sale exceeded the
$1 million price point with none the previous year but in 2021 that number
reached ten properties sold.
Casco: Homes with private lake frontage
have steadily climbed from $827,000 and under in 2019 to five properties
selling between $1 million and $1.8 million in 2021. This trend is likely to
continue here with a growing number of people choosing to make Casco their home
or vacation spot.
Sebago: Limited inventory is likely the
reason the highest sale for 2021 here was for $985,000 following 2020 when
three homes sold for more than one million dollars and the highest sale of 2019
being $1,400,000.
Bridgton: The real estate market of 2021
has blazed a trail including eight homes selling more than one million dollars
with Bridgton’s most expensive home sale of the year at $2.95 million. This is
over the previous year’s highest sale of $1.78 million with four other homes
selling in that range and one in 2019.
Harrison: In early 2019 a rare 48-acre
parcel on Long Lake with 1,500 feet of frontage topped the market at $5.1
million with three other properties selling over one million. Last year jumped
from two homes selling in the low $1 million range in 2020 to seven homes in
2021 with the highest closing for $2.2 million.
Frye Island: This completely seasonal
island normally has a limited number of sales, but we can see those numbers
doubled in the market of 2020 with an increase to overall sales with several
homes having sold between $1 million and $2 million. It is smart to move
swiftly on a property of interest located here with most homes having a low
number of days on the market in 2021.
Some of this echoes the effect of the overall increase seen in
home sale prices, but it also undoubtedly shows that high end homes are moving
now that we have more buyers for them. Sellers are wise to leverage the current
market conditions and buyers should seek out an area specialist to assist in
finding their Vacationland dream home in the Sebago Lakes Region.
Data sourced from Maine Multiple Listing Service. <
Nicole Foster is a Maine native and Windham resident with sixteen years of experience assisting home buyers and sellers who loves real estate and people Nicole@locationsinmaine.com or 207-615-7558.
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