I read with interest the most recent press release from the Maine Association of Realtors, reporting, among other things, the largest number of homes on the market in 45 months. A deeper look into the data may not be so comforting, that the increase may be a result of an economic squeeze on the vacation homeowner.
I have been tracking real estate listings here in Wells for a few years, separating listings of homes that I consider to be vacation properties from year-round residences. We do have a somewhat unique situation in Wells, an abundance of owned vacation properties, but I wonder if Wells is not a microcosm of the rest of the state.
At the end of July 2023, I counted 65 properties (excluding raw land) for sale, of which 20 were vacation properties with a median listing price (MLP) of $346,000, and 43 were year-round residences that included new construction, listed at a median price of $599,900. Another two were mixed-use residential and commercial properties.
As of July 28, 2024, that total had ballooned to 139 properties, of which 86 were vacation homes, while 50 were year-round residences. The MLP for vacation homes has dropped by 6%, while that for residential housing has increased by 8%. Essentially, permanent housing availability is little changed, while the number of vacation properties has quadrupled, vastly outnumbering residential listings. One might ask why so many vacation properties in Wells, and perhaps in the rest of Maine, are for sale.
Michael Smith
Wells
Send questions/comments to the editors.
Join the Conversation
We believe it’s important to offer commenting on certain stories as a benefit to our readers. At its best, our comments sections can be a productive platform for readers to engage with our journalism, offer thoughts on coverage and issues, and drive conversation in a respectful, solutions-based way. It’s a form of open discourse that can be useful to our community, public officials, journalists and others. Read more...
We do not enable comments on everything — exceptions include most crime stories, and coverage involving personal tragedy or sensitive issues that invite personal attacks instead of thoughtful discussion.
For those stories that we do enable discussion, our system may hold up comments pending the approval of a moderator for several reasons, including possible violation of our guidelines. As the Maine Trust’s digital team reviews these comments, we ask for patience.
Comments are managed by our staff during regular business hours Monday through Friday and limited hours on Saturday and Sunday. Comments held for moderation outside of those hours may take longer to approve.
By joining the conversation, you are agreeing to our commenting policy and terms of use. More information is found on our FAQs.
You can modify your screen name here.
Show less
Join the Conversation
Please sign into your Press Herald account to participate in conversations below. If you do not have an account, you can register or subscribe. Questions? Please see our FAQs.