Maine Land Market Trending Up

If you have been thinking about selling all or part of your Maine land, now might be the right time. In the past 2 weeks we have noticed a marked increase in the volume of inquiries and offers for our land listings. A quick check of the MLS land listings in the State of Maine show an increase of nearly 12% in the number of pending listings from 1/1/15 - 1/22/15 versus the same time period in 2014. A very positive indicator this January is the average days on market of the new year pending listings. This time period has decreased by over 140 days! A statistical change of note is average lot size. So far this year the number has decreased to approximately 14 acres, nearly half the acreage from the 2014 pending sales of land. With only 7 of the 2015 pending listings successfully closed, it is too early to compare the sale price to list price ratio, but the average list price increased by about 8% to over $103,000 in 2015. Sales are definitely looking up across the state. The number of transactions in early 2015 are up nearly 35% from the same time period in 2013. If a sale is in your future you need to know that every market is different with prices varying greatly from county to county, even from town to town. Buyer preferences for lot sizes, locations, offers of owner financing, permitted uses, access and other factors will determine the potential value for your property. Call us to get an estimate of your land value today.