Condo Media - April 2018 - 52

The Region

MAINE

Maine Condo Sales are Soaring
Price, Trends, and Growing Market Demands
[by Jack Carr, P.E., RS, LEED-AP]

Maine's real estate market is climbing to new heights and residential
sales are leading the way. This is
particularly important to the condominium market as it now makes up
more than 42 percent of all home sales.
This good news was recently released
at the annual Maine Real Estate and
Development Association's (MEREDA)
annual forecasting conference at which
a record 900-plus real estate industry
professionals listened to experts in all
of the major Maine real estate sectors
providing 2017 real estate statistics and
their forecast of things to come.
The state median home price increased about 6 percent from last year.
The single family median sale price was
$286,000 while the condo median sales
price rose to $290,000. It is the third

52

CONDOMEDIA

year in a row statewide records have
been broken for sales volume, according to data released by Maine Listing.
SALES DECLINE IN
SOUTHERN MAINE
What is truly remarkable about these
numbers is the most populated city
and counties, namely Greater Portland, and both York and Cumberland
Counties, had relatively flat and even
declines in sales.
How could that happen? The answer
is lack of inventory in southern Maine.
There are not enough single-family
homes and condo units to fill the southern Maine real estate market demand,
even with the rising median home
prices. The present list-to-sale price
ratio for Portland condos is 99 percent.

The local joke is "if you plan to put your
house on the market, you better have
your bags packed." In 2017, a Cumberland County home average listing sale
time on the market was only 15 days.
Just six years ago the average sales time
was 71 days. Statewide, 2017 saw the
sales time on the market at 35 days.
This has resulted in multiple offers
creating an auction-like market. Cash
is king. "Clean" offers get the best
response in this sellers' market. This
means offers do not include a requirement for 1) home inspections; 2) no
appraisal or not contingent; 3) tight
timeframes; 4) escalation clauses; and
5) appraisal issues. Buyers are often
shocked to find some sellers are setting
prices unrealistically high and only
allowing very brief showings and short



Table of Contents for the Digital Edition of Condo Media - April 2018

Contents
Condo Media - April 2018 - BB1
Condo Media - April 2018 - BB2
Condo Media - April 2018 - Cover1
Condo Media - April 2018 - Cover2
Condo Media - April 2018 - Contents
Condo Media - April 2018 - 2
Condo Media - April 2018 - 3
Condo Media - April 2018 - 4
Condo Media - April 2018 - 5
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Condo Media - April 2018 - Cover3
Condo Media - April 2018 - Cover4
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