15 Jul 2011

Luxury Home Sales in Maine

Posted by Michael Sosnowski

What is the luxury home market?  In many markets around the country it is defined as the top 10% of all homes listed by price, or homes that offer unique features within a specific price range.   Using the 10% calculation, with just over 1,600 single family homes for sale in Maine, this would be only 160 properties.

Naturally, generalities don’t always apply.  Currently in Maine there are 535 homes for sale priced at $1,000,000 or more.  In many ways this is somewhat out-of-balance given the overall size of our housing market.  Of these, 461 (86%) are located along the ocean or a lake.  461 homes is also considerably higher than the 10% often used.

2011 vs 2010 Luxury Home Sales

During the first six months of 2011 there have been 49 sales of homes priced at or above $1,000,000 compared to 53 during a similar period in 2010.  Although this is a relatively small percentage of overall home sales, the amount of decline year-over-year (7.5%) is much less than the entire market (see post dated July 14, 2011).  The median selling price in 2011 has been $1,200,000 compared to $1,300,000 in 2010.  Interestingly, the median price of those homes currently on the market is $1,600,000 – quite a bit higher than what has actually sold.

The median time for a home to sell, in this price range, was 215 days in 2011.  Conversely, homes priced below $1,000,000 across the entire state, were on the market only 100 days in 2011 and 74 days in 2010.

When it comes to high-end real estate sales statistics in Maine, the results can be quite volatile.  Due to the vast differences and distances in geography and the overall limited number of sales each moth, it can be difficult to draw conclusions that are universally applicable.

Sebago Lakes Region

One of the most popular places for luxury homes in Maine is the Sebago Lakes Region.  Currently there are 18 homes on the market priced at $1,000,000 or greater and only 3 have sold in the last six months.  None are currently pending and none were sold during the first six months of 2010, just confirming the limited size and overall volatility of the market.

Perhaps one of the most interesting homes for sale in the area is located along the Gold Coast of Long Lake.  30 Woodland Shores Drive is an 8,000 sqft estate that combines the inspiration of a Frank Lloyd Wright design with modern quality and craftsmanship that yields an impressive blend of organic design features and a connection with the waterfront.  We invite you to take a video tour of this magnificent home.

As always we can create custom reports to meet your specific needs.

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Media Archive
Buying Your Home Heart and Mind Buyer Agency
Exclusive Services Agency Relationships Title Insurance
Home Buying Process Advice and Strategy
Affect of the Economy Determining A Price First Time Buyers Viewing Homes Second Homes Home Search Strategy Waterfront Real Estate
Common Forms
Selling Your Home CMA Request Marketing Programs
Search Engine Marketing Promotion Showing Results Internet Marketing Advertising Keller Williams Advantage Opt-In Marketing Staging Transaction Reporting Web Statistics
Pricing Factors Advice and Strategy
Counteroffers Establishing a Price Listing Agreements Feng Shui Principles Considering Repairs Value of Improvement Choosing A Realtor Common Mistakes
Home Selling Process
Maine Maine History Maine Geography Maine Economy Maine Demographics Maine Education Maine Climate Maine Beaches
Maine Real Estate Blog
Search for Properties
Maine Communities Portland South Portland Scarborough Falmouth Cape Elizabeth Cumberland Yarmouth Old Orchard Beach Biddeford
Search For Homes Maine Map Search Detailed Property Search Search By Address Search By MLS Number
Lifestyle Map Search
Daily Property Updates
Waterfront Real Estate Coastal Maine
Maine Coastal Properties
Maine Lakes
Maine Lake Properties
Maine Rivers Casco Bay Islands
Peaks Island Chebeague Island Great Diamond Island Long Island Cliff Island Cushing Island
Waterfront - FAQ's
Relocation Services Relocation Package Area Digital E-Guide Maine Counties Quality of Life Education and Schools Art and Culture Property Tax Rates Common Relocation FAQs Moving Long Distance
Mortgage Center Mortgage Types Credit Scoring Fee & Closing Costs Mortgage FAQs Tax Credit
Retirement in Maine Retirement Planning Retirement Communities Changing Demographics
Real Estate Investing Vacation Homes 1031 Tax Exchanges Condos and Townhomes Remodeling: Cost vs Value
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