What a difference a year has made for Maine waterfront. Coming into the end of 2016 it appears that the waterfront land market is heading in the direction of a sellers market. The indicators are a 20% increase in the number of waterfront land sales in the past 12 months as compared to the 2015 numbers and an average market time reduced by nearly 50 days . Depending on the part of Maine you are in you are seeing prices, that were flat in the beginning of 2016 caused by an excess of inventory, now starting to creep up a little.
Factors in our markets contributing to the increase in sales are a combination of a number of things. Asking prices being lowered by sellers who have realized that the values of the mid 2000's are in many cases unobtainable, low interest rates offered by some of Maine's land lenders and owner financing increasing in popularity.
We are seeing new lakefront, riverfront and other waterfront parcels in both approved subdivisions or divisions of existing properties coming into the market. Strong interest from buyers both prior to and after the presidential elections leads me to believe that waterfront prices will continue to increase slightly in 2017 assuming that inventories continue to dwindle.
Is it time to sell your land? All market areas are different, give us a call and we can give you an idea what your property might be worth on the market today.