LOOKING BACK TO LOOK AHEAD Maine real estate proved to be another exciting, yet challenging year! The number of homes listed was simply not enough to keep up with buyer demand, especially with added pressure from out-of-staters looking for the Maine dream! This resulted in record high prices, battles for homes with buyers plotting against buyers, and 7 day work weeks for Portside agents. Proudly and humbly we finished with a record breaking year, serving more clients and more areas than we ever have before. Our total sales volume reached over $820,000,000. Our reach stretched across the border into New Hampshire, with 10 of our agents now holding a New Hampshire license. In Maine, we served clients in 15 out of the 16 counties and our average price rose to $508,000. We officially launched our 1% for Maine® initiative and collectively donated over $155,000 and funded over 20 grants. We are grateful for the opportunities we have had in 2021; including helping over 1,600 families find their new home. Additionally, through our referral network, Leading Real Estate Companies of the World, we were delighted to assist more relocation clients than ever before; moving both into and out of Maine. 2022 will be another strong year for Maine real estate as prices continue to rise. We are anticipating inventory levels to remain low, but with an increase in land sales in 2021, we can expect new construction to be hitting the market by the end of 2022. All of us at Portside wish you a spectacular year ahead. Thank you for supporting our fiercely local, and independently owned business!
Dava Davin dava@portsidereg.com Founder, Portside Real Estate Group
CONTENTS Year in Review
4
Our Reach
6
A Look Back
7
Portside Foundation
8
1% for Maine®
10
Market Update
12
How’s the Market
14
2022 Forecast
15
Original Maine photography provided by Anne Banfield
YEAR IN REVIEW
$
820 million IN SALES
Portsiders sold more than $820 million in total sales in 2021
1,000+ buyers Portsiders helped over 1,000 clients find their new home.
LOWEST DAYS ON MARKET Our 615 listings sold faster than those of any other top 10 agency.
97 luxury properties Portsiders helped sell nearly 100 $1,000,000+ properties in 2021.
105.3% list to sale price ratio Our listings sold on average 5% over the listing price
#1 WOMAN OWNED AGENCY Portside is the #1 Woman Owned Agency in Northern New England 4
PORTSIDE WAS THE #1 INDEPENDENTLY OWNED AGENCY IN MAINE IN 2021
5
OUR REACH
OCTOBER 2012
APRIL 2016
NOVEMBER 2017
DECEMBER 2017
190 US Route One, Falmouth, ME
59 Baxter Boulevard, Portland, ME
765 US Route One, Yarmouth, ME
417 US Route One, Falmouth, ME
Portside is Founded. Opened on a wing and a prayer
Portside Portland Opens. #1 boutique agency in Portland for units and volume
Portside Acquires RE/MAX Heritage in Yarmouth. #1 agency in Yarmouth for units
Falmouth Headquarters Opens. #1 boutique agency in Falmouth for units and volume
PORTSIDE’S CORE MARKET COUNTIES SERVED IN 2021
6
DECEMBER 2018
JANUARY 2020
APRIL 2021
DECEMBER 2021
4 Scott Dyer Road, Cape Elizabeth, ME
149 Port Road, Kennenbunk, ME
155 Fleet Street, Portsmouth, NH
18 Pleasant Street, Suite 204, Brunswick, ME
Portside Cape Elizabeth Opens. #1 agency in Cape Elizabeth for units and volume
Portside Kennebunk Opens. #3 boutique agency in Kennebunk units/volumes
Portside Portsmouth Opens. Satellite office opened to serve our Seacoast clients
Portside Brunswick Opens. #1 boutique agency for units and volume in Brunswick
A LOOK BACK Sales volume growth from 2013–2021 Portside
Competing Agency
1000 $820
750 $635 500 $428 $310
250
0
2013
$67 2014
$79 2015
$129 2016
$182 2017
2018
2019
2020
2021
Portside has experienced 91% growth since the pandemic, far ahead of the pace of the market. This graph shows our growth compared to the typical real estate agency. What’s propelled us forward to reach this success? Take a look at what’s in our special sauce:
OUR SPECIAL SAUCE…
Local Businesses Supported in 2021
Ongoing Innovation
Local Non-Profits Supported in 2021
Global Reach
Marketing Pieces Delivered Monthly
Dedication to Inclusion
7
PORTSIDE FOUNDATION We believe that if we care about our neighbors, the difference we make collectively will be sustainable and life changing for our fellow Mainers. The Portside Foundation 501(c)(3) is dedicated to improving the health and well-being of Maine’s communities by supporting humanitarian, environmental and health-and-youth assistance programs. The Foundation organizes and hosts multiple fundraising events and awareness campaigns on behalf of local nonprofits throughout the year. These thoughtful events generate income through corporate sponsorships, ticket sales, auctions and direct donations. The proceeds from these events are used to support local nonprofits working to improve the lives of those in our communities. Since the Foundation’s inception, we have raised enough capital to donate over $450,000 through our Portside Gives Back events, 1% for Maine® and donation drives for cancer causes, affordable housing, youth wellness and wildlife conservation programs in Maine.
$ 8
450,000+
TOTAL FUNDS RAISED FOR MAINE NON-PROFITS
Portside Volunteering: In the spirit of giving 1% more,
Portside Gives Back Events + PopBy Initiatives Our Event + PopBy Committees are composed of both agents and staff who work collaboratively to organize a variety of fundraising events to support nonprofit organizations in our community. Events include: Hops for Habitat, Rooftop REcharge, Pins for a Cure, Autumn Equinox at the Audubon, and ReLaunch. To see what we have planned for this year, you can visit our events page at www.portsiderealestategroup.com!
HOPS FOR HABITAT at home
#PORTSIDEGIVESBACK
Portsiders dedicate at least 1% of their time to supporting local nonprofit efforts through in-person volunteer opportunities and donation drives.
bringing people together to build homes, communities and hope
FIND US AT...
AUTUMN EQUINOX AT THE AUDUBON BENEFITTING THE MAINE AUDUBON
WEDNESDAY , SEPTEMBER 22 • 5:00 - 7:30PM MAINE AUDUBON 20 GILSLAND FARM ROAD FALMOUTH
food trucks • local brews • LIVE MUSIC
9
1% FOR MAINE ®
200,000+
$
FUNDS RAISED IN 2021 FOR MAINE NON-PROFITS
20+ GRANTS FUNDED IN 2021
OUR FOCUS AREAS Generational Poverty + Affordable Housing. As of January 2020, on any given day 260 family households and 420 unaccompanied students experienced homelessness throughout Maine, an extremely challenging situation that has been exacerbated by the pandemic. Education. In our public schools, almost 40% come from economically disadvantaged backgrounds and almost 20% are in a special education program. This means extra support and opportunities, both in and out of the classroom, are imperative to ensure we are giving Maine’s children the tools and skills they need to succeed! Food Insecurity. 1 in 6 children in Maine are facing hunger and 43% of children in school rely on school meals every day. With schools being closed during the pandemic, the rate of childhood hunger has grown. Kids need access to consistent, nutritious meals to help them reach their full potential. Medical and Mental Health. 1 in 4 children in Maine are diagnosed with a mental health disorder yet only 16% reported receiving mental health treatment in the past 12 months (as of 2017 survey). 1 in 12 babies are born drug affected in Maine. Eliminating barriers to treatment for children is imperative to creating healthy families where children can thrive.
10
1% for Maine® focuses on supporting the next generation of Mainers, Maine’s youth, helping to give them the greatest chance at creating a more wonderful world. Selling homes in the community affords us the privilege of giving back to the communities that we live and work in. On a quarterly basis the Portside Foundation and participating Portside agents give 1% of top line revenue to local nonprofits supporting systemic Maine problems.
How it works: X Portside 1% for Maine® board members work in tandem with Maine Community Foundation to unanimously select grants X We chose for nonprofits that align completely with our mission as 1% for Maine®. X We ensure that our grants emphasize diversity and inclusivity and provide sustainable solutions to challenges facing Maine’s youth.
OUR CURRENT BENEFICIARIES:
11
MARKET UPDATE
8.7
23,000+
20%
BILLION TOTAL SOLD VOLUME
UNITS, SINGLE FAMILY & CONDO
INCREASE IN MEDIAN PRICE
There was a 22% increase in volume over 2020
Units remained relatively stable, with less than a 2% increase over 2020
The highest annual increase Maine has ever experienced
419,000
MEDIAN PRICE IN SOUTHERN MAINE. WHAT DOES THAT LOOK LIKE IN 2021?
$
$
WINDHAM Price: $417K Listed: $365K Acres: 2.07 Sq ft: 1,728
12
Year: 1993 Bed: 3 Bath: 1.5 No garage
KENNEBUNK Price: $420K Listed: $415K Acres: .09 Sq ft: 1,440
Year: 1910 Bed: 3 Bath: 1.5 Garage
WESTBROOK Price: $415K Listed: $380K Acres: .47 Sq ft: 1,326
Year: 2003 Bed: 3 Bath: 1.5 No garage
STATE OF MAINE SINGLE FAMILY Maine’s single family home prices continued to rise through out the year, peaking in September, and ending the year 24% higher than the start of the year. In York and Cumberland counties prices peaked in June. In Cumberland county prices held strong. York county took a bit of a dip after June, but picked up to close out the year.
Maine
Cumberland
York
24%
$500,000
Single family homes sold 24% higher than the start of the year
$400,000
$300,000
$ $200,000
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sept.
Oct.
Nov.
Dec.
299k
Median single family home statewide in 2021
HOW LONG DOES IT TAKE TO SELL A HOME IN MAINE? Homes sold faster than they ever have in Maine’s history, about 5 days in Southern Maine during the summer months. 76% of all single family homes sold at or over the asking price and 81% of all condos. Maine
Cumberland
York
25
6
20 days it took in the summer to sell a home in Maine
15
10
103%
5
0
Jan.
Feb.
March
April
May
June
July
August
Sept.
Oct.
Nov.
Dec.
list to selling price ratio in Maine in 2021
13
HOW’S THE MARKET? LAND SALE TREND In 2021, 28% more parcels of land sold than the previous year, totalling 85% increase since the onset of the pandemic. 37% of the parcels sold in 2021 were over 10 acres. More new construction inventory will be hitting the market in 2022 and 2023 as a result of of these sales
Pandemic
Pre-Pandemic
28%
6,000
5,000 more parcels of land sold in 2021 than 2020
4,000
3,000
$ 2,000
1,000
2017
2018
2019
2020
2021
median price for new condos in Southern Maine ($288/sq ft)
NEW BUILDS BEFORE COVID VS DURING COVID TIMES: Price per square foot went from $198 ➔ $245 for Single Family Price per square foot went from $241 ➔ $285 for Condos
14
487k
11% of sales in Southern Maine were new builds
$
480k
median price new single family home in Southern Maine ($267/sq ft)
In 2022 we are excited to expand our footprint into NH and the Midcoast of Maine with the opening of satellite offices in these beautiful markets.
2022 FORECAST
X
Interest rates rise modestly
X
Prices continue to rise (7-10%)
X
Out-of-state demand levels off
X
Growth in more rural areas
X
New construction of single family homes + condos increases
X
Another strong year, but will it be the last one?
15
207.619.7571 www.portsiderealestategroup.com