On Thursday, January 20th the 2022 MEREDA Annual Forecast conference made its return as an in-person event in Portland. While the 2021 conference was completely remote, this year’s conference allowed attendees to attend virtually or in person at the Cross Insurance Arena.
The conference kicked off with keynote speaker, Representative Ryan Fecteau, D-Biddeford, Speaker of the Maine House of Representatives. Rep. Fecteau highlighted the importance and need to address Maine’s affordable housing crisis. Portside’s Designated Broker Mike Lepage’s biggest takeaway from Fecteau’s presentation was one quote: “We need more housing”
Portside’s Founder and Principle, Dava Davin was a featured speaker at this year’s conference delivering the 2021 Southern Maine Residential Market Update for single-family homes alongside Brit Vitalius, of Vitalius Real Estate, who presented on the multi-unit market.
Dava recapped the 2021 market, in which Maine ended with a total volume sold of $8.7 billion in sales! With over 23,000 single-family and condos sold, an increase of 22% over the previous year. We saw a continued influx of out-of-state buyers, an increase of 35% with the majority of buyers coming from Massachusetts, New Hampshire, Florida, and California.
Davin rounded out her presentation with her predictions for what 2022 will bring:
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Prices continue to rise
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Out-of-state demand levels off
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Growth in more rural areas
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More new construction - single-family homes + condos
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Another strong year.
Portsider Mary Conroy, had this to say after watching Davin’s presentation: “It's simply wild to see the continued increase in sales prices, sales volume, and percentage of out-of-state buyers in so many Maine markets. There is no denying Maine is the way life should be. “
Brit Vitalius reported on the Southern Maine Residential Multi-Unit market, touching on similar points as Davin. Both seeing an increase in areas such as Westbrook, Gorham, Saco/Biddeford, and Brunswick, touching on how they have quickly become ideal locations for real estate purchases.
It’s sure to be another exciting year in real estate, stay tuned for future market updates as 2022 unfolds!
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