Significant Sales 2023

by | Jan 30, 2024

Dear Friends,

We are pleased and proud to share our 2023 Significant Sales publication. Personally and professionally, its creation is one of the most impressive yet humbling exercises that we undertake each year. Now is the time to take stock in our accomplishments and numerous record-breaking achievements throughout the state of Maine. More importantly, it is an opportunity to reflect on the faith and confidence entrusted to us by our buyer and seller clients. We are appreciative beyond words as we continue to strive to offer the most comprehensive and professional real estate services imaginable. While we have grown over the years, most recently with an office in Northeast Harbor serving Hancock and Washington Counties, we have kept a critical eye on the high level of service our very talented agents provide.

Overall, we had an excellent year despite the headwinds from significantly higher mortgage rates and materially lower listing inventory. We were successful in increasing our overall sales volume to more than $865 million. We also increased our market share and relative ranking by moving, for the first time, to the number two property company in Maine. There is no question that we were aided by “a flight to quality” by consumers who were looking for the most experienced agents to help them navigate the turbulent market conditions.

As you will see in the following pages, over 50% of our sales involved beautiful properties exceeding $1 million in value, while 30% of our sales involved properties in excess of $2 million. We continue to help our clients buy and sell special properties at all prices and are proud to present each of our listings with incredible photography, the latest technology, unparalleled luxury branding, and a unique global marketing strategy through our affiliation with Sotheby’s International Realty.

For 2023, our average sale price was more than $964,000, and we ranked #1 in Maine for all waterfront property sales, as well as all sales over $600,000 and every price category thereafter. In most cases, we were in first place by a significant margin. For example, Legacy Properties Sotheby’s International Realty ranked #1 in Maine for sales over $1 million, closing 75% more in sales volume than our next closest competitor, and that gap widens as we move into the higher price points and more complex properties.

While we are only three weeks into 2024, it is clear that this year will have its own set of challenges and exciting opportunities. We are hopeful that mortgage rates will continue to come down after the shocking spike to more than 8% this past October. There is no question that mortgage rates will be extremely influential, as they affect both prospective sellers and buyers. It also appears that we will have more balance, communication, and cooperation between buyers and sellers, reversing much of the exaggerated market volatility brought about by the COVID-19 pandemic. I have been at this for too long to be overly optimistic, but my crystal ball says that 2024 will be another solid year in real estate, with Maine continuing to be one of the most desired states and Portland, the most desired city, in the country.

We thank you for your support and for allowing us to be a part of your real estate journey. It has been a year for all of us to be thankful for our collective success and appreciative of the hard work and dedication that go along with serving our beautiful communities in Maine.