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Dear Friends,
There are several factors contributing to the swings in real estate activity in Maine. Seasonality seems to be a long lived tradition with our deep, dark winters keeping prospective buyers closer to home. The spring market typically blooms in April and will last through June, while our equally strong autumn activity will begin near Labor Day and continue into early November. Contrary to popular opinion, the summer vacation peak months of July and August do not historically enjoy a boom in activity commensurate with the boom in the Maine population.
A look at historical data is complicated by the influence of the "First Time Home Buyer" tax credit which was in effect from April of 2009 and extended until April 30, 2010. The anomalies created by the tax credit continue to provide misleading headlines on the underlying recovery in Maine home sales. For example, the headline number for real estate sales in March reported a 20% decline in home sales and it is likely that the April numbers will be even more shocking. Suffice to say that the rush to close homes in March and April of 2010 with a government subsidy was very powerful from a unit volume perspective. We will not really see comparable sales numbers begin to normalize until the third quarter of this year.
While the huge volume of first time home sales last year skewed the data, the middle market and higher value homes have demonstrated a very strong recovery. The chart below reflects pending volume for single family homes (Statewide) priced over $400,000. Under Contract home volume has improved by 18% versus last year and more than 100% versus the lows of 2009. This recovery is supported by strong market activity in terms of showings, and pendings that the market is currently experiencing.
Single Family Homes over $400,000
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If we were fortunate enough to have a crystal ball, it would likely tell us that the spring and fall selling seasons will be fruitful for both buyers and sellers. Listing prices reflective of current market conditions remains the single most important ingredient generating the successful sale of a home. Maine's award winning lifestyle, culture and natural beauty are the ongoing magnets which will keep Mainers here while drawing new converts from all over the world. Needless to say, you are always welcomed to visit our offices in Portland, Camden, Brunswick and Kennebunk for more information. We look forward to seeing you this spring.
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F E A T U R E D C U R R E N T L I S T I N G S
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This gorgeous oceanfront luxury home is the epitome of privacy and relaxation. Located on a secluded 7.5 acre oceanfront lot, this home is uniquely situated on an island within an island. Relax, unwind, and disconnect from the hassles of life as you watch the waves crash. Truly a special home and one of a kind view.This gorgeous oceanfront luxury home is the epitome of privacy and relaxation. Located on a secluded 7.5 acre oceanfront lot, this home is uniquely situated on an island within an island. Relax, unwind, and disconnect from the hassles of life as you watch the waves crash. Truly a special home and one of a kind view. $7,500/week
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Located near charming Pemaquid Point in Bristol, this renovated cottage offers dramatic views of the crashing surf from nearly every room. With panoramic vistas of Johns Bay, keep your eye out for seals, porpoises, eagles and whales. $6,000/week
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This stunning waterfront contemporary home is located minutes from Bowdoin College and downtown Brunswick. Offering four acres and plenty of room to play, this oceanfront retreat combines luxurious living with an idyllic setting. $3,000/week or $10,000/month
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"When no one is looking..."
Last summer, I went to a Winton Marsalis concert in Rutland, Vermont. I watched Winton perform again this week at Lincoln Center. Winton honors each of the musicians with whom he performs. Not in their role supporting him but as individual artists. Winton is authentic. Prior to the Rutland performance, Winton spent the day teaching a Masters class at the Rutland Regional High School. Not for compensation but to inspire a new generation of young musicians. No one was watching. Only a few knew where he had been during the day.
We can often excel when we know we are being watched. We can rehearse. We know what we're going to say. We can even rehearse what is to appear spontaneous. The real test of character is when we are not being watched. It is the person our spouse, significant other, grandchildren or dog knows. No rehearsal but the opportunity for a succession of right choices.
Clients, customers, managers, sales associates and firm owners want to spend time with people who do the right thing, when no one is looking. It isn't something that you periodically decide as needed. Doing the right thing when no one is watching can produce a lifetime of satisfaction and joy. Excelling when everyone is watching may provide momentary recognition. In our world, it is the difference between consistent performance and spurts of high visibility and recognition.
In the short-term, we often see well rehearsed behavior rewarded. We do the right thing but our competition secures the listing or sale. How we are seen is through cumulative experiences. Long-term, you really don't get away with anything. As my Canadian grandmother would say, "Water seeks its own level".
Think of doing the right thing when no one is looking.
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