ANNUAL REPORT
Portside Real Estate Group & Portside Foundation
THE END OF THE COVID MARKET
The pandemic years, especially 2021, were a strange aberration where EVERYONE bought a peloton, adopted a dog, and MOVED! House prices skyrocketed, and nearly every real estate business posted record revenues. In 2022, the Maine residential market had a split year with prices soaring until June, and then they took a downward turn along with the number of units. Keeping in mind, Maine home prices increased 12% over 2021 overall and single family residences and condominium units translate in to an almost $8 billion industry.
We are proud and grateful that despite a tumultuous year in real estate with the Maine market down 9% in volume, Portside’s volume was up over 2021. We are excited to announce that Portside not only overcame this industry-wide trend but also celebrated our 10th year in business with our best year ever for sales volume.
We are incredibly proud of our achievements and will continue to strive for excellence in all our endeavors, here are some of the 2022 highlights:
X We opened our seventh office, located in the heart of downtown Brunswick. The new space is in a prime location, surrounded by a vibrant community and an abundance of local amenities. The office boasts a modern design while embracing the original character of the building. We are excited to be a part of the Midcoast community and look forward to serving the needs of our clients in this new location.
X Portside achieved an exceptional milestone as we recorded the highest volume increase in York County among all brokerages. This outstanding accomplishment has earned us the bragging rights title of being the "fastest growing" brokerage in the county. Our exceptional performance is a testament to our dedicated team and their commitment to providing outstanding service to our clients in Southern Maine.
X Portside was ranked at #2 in Maine for multi-family sales volume. This is a reflection to the hard work and dedication of our team, who have been consistently delivering outstanding results in the multi-family market. This achievement reflects our tenacity, connections, and our deep understanding of the multi-family market in Maine.
XX And perhaps the most impressive statistic of all, Portside has established a reputation as the premier company for uncovering hidden gems in the real estate market. This is highlighted by our ranking at #2 for buyerrepresented sales volume, showcasing the expertise and resourcefulness of our team. Our success in this area can be attributed to our extensive network through the Leading Real Estate Companies of the World, which allows us to reach a broad range of clients. We are proud to be known as the go-to company for finding that needle in a haystack for our clients.
At Portside, we are proud to have made a positive impact on our community through our 1% for Maine® initiative. We were able to give back $170,000 to Mainers in need through grants in four counties, which supported 16 different organizations. Our efforts didn't stop there, we also provided an additional $32,000 through our event series, pop-by gifts and other sponsorships, to support even more non-profits.
We also made sure to bring a little extra joy to the community by providing free coffee on our Coffee's on Us days, bringing smiles and a little caffeine boost to thousands of Mainers. We're proud of the difference we've been able to make and we're dedicated to continue supporting the community in any way we can.
All of us at Portside are beyond grateful for the numerous opportunities that have come our way in the past year and are eagerly anticipating what the future holds for us in 2023.
Dava Davin dava@portsidereg.com Founder, Portside Real Estate Group
CONTENTS Market Update ......................................................... 4 A Shifting Market 6 Shifting Prices ............................................................ 7 Portside’s Year in Review ........................................ 8 Our Reach 10 A Look Back .............................................................. 11 Portside Foundation ............................................... 12 1% for Maine® 15 Beneficiaries ............................................................. 16 Stand Out Towns in 2022 ...................................... 18 2023 Forecast .......................................................... 19 Original Maine photography provided by Anne Banfield
2022 MARKET UPDATE
In 2022, we saw continued growth in property prices, however, a decrease in the number of units traded resulted in a 9% decline in market volume. It is important to note that comparing 2022 to 2021 may not be an accurate representation, as the previous year was heavily impacted by the pandemic and unusually high market activity. Despite this, the residential market in Maine reached almost $8 billion in sales volume, making it the second highest recorded in the state's history.
$ 7.9 BILLION
19,000 UNITS
UNITS SOLD
TOTAL VOLUME OF
The market shrank by 9% in 2022.
SINGLE FAMILY & CONDO SALES
4,000 fewer units sold compared to 2021.
^12% INCREASE IN THE MEDIAN PRICE
Double digit growth for 3rd consecutive year.
WHAT DOES $ 475,000 GET YOU IN SOUTHERN MAINE?
PORTLAND
List Price: $409K
Sold Price: $472K
Lot Size: .21 Acres
Square Ft.: 1,516
Year Built: 1964
Bed: 3 | Bath: 1
STANDISH
List Price: $430K
Sold Price: $480K
Lot Size: 1.5 Acres
Square Ft.: 2,157
Year Built: 1990
Bed: 3 | Bath: 1.5
KENNEBUNK
List Price: $450K
Sold Price: $470K
Lot Size: .98 Acres
Square Ft.: 1,718
Year Built: 1971
Bed: 3 | Bath: 1
^ ^ 4
STATE OF MAINE SINGLE FAMILY
The median price of a single family residence skyrocketed by 56% in the last five years. A buyer that bought a home in 2018, likely had a mortgage with a 4% interest rate. Many homeowners refinanced in 2021 and 2022, maki ng it increasingly difficult for those who purchased their homes in 2018 for $215,000 to afford the same home they currently live in today at $335,000 with interest rates at 6% or higher. We may see people staying in their homes longer as even a lateral move will be unaffordable.
FIVE YEAR PRICE TREND - SINGLE FAMILY
100%
9 ^56% $335K
List to sale price ratio statewide in 2022, down from 103% in 2021.
Median single family home statewide in 2022, up 12% over 2021.
Increase in median home price since 2018.
Median days on market to sell a home statewide in 2022. 5
A SHIFTING MARKET
A shifting market: from frenzied to balanced. Let’s explore the market shift we saw in 2022 and the more buyer-friendly market we are now experiencing. Even with a shift in the market, prices remained strong through the year.
AVERAGE 30 YEAR FIXED MORTGAGE RATES BY MONTH
Interest rates took a jump to 5% in April, but in Maine, it wasn’t until we took the leap to 6% that we saw the effect on sales. There is a 45–60 day lag time between under contracts and closings. As the rates went up in August, we started to see the drop in Sales in October. There is a direct correlation between the rise in rates to the number of units trading.
MAINE SINGLE FAMILY HOME SALES BY MONTH (UNITS)
Despite a strong summer performance, the market experienced a decline in unit sales in 2022 compared to the previous year. The upward trend in interest rates negatively impacted sales, as evidenced by a significant decrease in sales during the last quarter of the year. ng the last quarter of the year.
DAYS ON MARKET
As the intensity of the market is easing, the amount of time a home stays on the market is increasing, although it is still a historically swift market.
The Shift The Shift
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SHIFTING PRICES
During the second half of the summer, we started to see the shifting market and prices soften from the 2022 peak, but remain significantly higher than 2021. The pace was slower and it became slightly more buyer friendly.
COVID MARKET
X All cash
X No building inspection
X No appraisal
X If appraisal, buyer to make up difference
X One showing
X 10–20 offers
X Seller can stay for free
X Escalation clauses
CURRENT MARKET
X Cash on the decline
X Building inspections are back
X Gap coverage is less
X Time for second showings
X 1–5 offers
X Price reductions
X Withdrawn listings
X Buyer friendly contracts
$318,000 $360,825
MEDIAN SINGLE FAMILY HOME PRICE BY MONTH 2021 + 2022
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PORTSIDE'S YEAR IN REVIEW
$859 MILLION IN SALES
Portsiders sold more than $859 million in total sales in 2022.
231 LUXURY PROPERTIES
Portsiders helped sell over 200 $800,000+ properties in 2022.
6 AVERAGE DAYS ON MARKET
1,500+ UNITS SOLD
Portsiders helped over 1,500 clients buy or sell in 2022.
#2 MULTI-UNIT SALES
#2 for volume in Maine
Average Price: $635,000
Median Price: $550,000
106% LIST TO SALE PRICE RATIO
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PORTSIDE WAS THE #1 INDEPENDENTLY OWNED
BROKERAGE
IN MAINE IN 2022
#2
for Buyer Represented Sales in Maine
#3 for Sales Volume in Maine
Portside was the fastest growing agency in York County, outpacing a market that was down 9%.
9
OUR REACH
OUT OF STATE BUYERS
In 2022, Maine remained a top destination for out-ofstate buyers. Out-of-state buyers represented over 30% of our buyer-presented sales, down just slightly over 2021. Portside ranked #2 for buyer-represented sales (volume) thanks to our broad reach through the Leading Real Estate Companies of the World ® .
PORTSIDE’S CORE MARKET COUNTIES SERVED IN 2022 PORTSIDE MOUNTAINSIDE 59 Pleasant Street, Brunswick 765 US Route One, Yarmouth 417 US Route One, Falmouth 59 Baxter Boulevard, Portland 4 Scott Dyer Road, Cape Elizabeth 149 Port Road, Kennebunk 155 Fleet Street, Portsmouth 1 3 2 4 5 6 7 LOCATIONS
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CELEBRATING 10 YEARS!
In 2022, Portside celebrated our 10th year in business! We are proud to serve the beautiful state of Maine. Since 2012, Portside has proudly helped over 8,000 families, raised $650,000 for our communities and maintained our philosophy of hiring only the best of the best.
8,000+ UNITS SOLD
$ 3.5 BILLION SALES VOLUME
TOP 5 COMPANIES IN MAINE
$ 650K GIVEN BACK
PORTSIDE CONTINUES TO OUTPACE THE MARKET
In 2022, Portside emerged as the only brokerage among the top five to have recorded growth. Portside agents have distinguished themselves as among the top producers in the state, showcasing a level of professionalism that is unparalleled in the industry.
A
LOOK BACK
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PORTSIDE FOUNDATION
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GIVING BACK TO MAINE
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. Throughout the year, the Foundation organizes and hosts several fundraising events and awareness campaigns on behalf of local nonprofits. These thoughtful events generate income through corporate sponsorships, ticket sales, auctions and direct donations. Through these community events, funds are raised to support local nonprofits working to improve the lives of our neighbors.
Over $650,000 has been donated since the Foundation was founded through its Portside Gives Back events, 1% for Maine® and donation drives to support cancer causes, diversity equity and inclusion efforts, affordable housing, youth wellness, and wildlife conservation.
$650K
TOTAL FUNDS RAISED FOR MAINE NON-PROFIT ORGANIZATIONS
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PORTSIDE FOUNDATION IN 2022
HABITAT FOR HUMANITY
Volunteer Day with Habitat for Humanity of Greater Portland
CULTIVATING COMMUNITY
Volunteer Day With Cultivating Community in Portland
EARTH DAY CLEAN UP
Earth Day Clean Up in York, Portland, and Brunswick
SPRING FOR A CURE
Pop By - Benefitting the Maine Cancer Foundation
HOPS FOR HABITAT AT HOME
Pop By - Benefitting Habitat for Humanity of Greater Portland, York County, and Seven Rivers
COFFEE'S ON US
Paying it forward in Maine and Seacoast New Hampshire
AUTUMN EQUINOX
Benefitting the Maine Audubon and DEI Efforts
1% FOR MAINE® PANEL
Doing Good in the Neighborhood
RELAUNCH
Benefitting Ben's Fight in Kennebunk, Maine
KIDS TRIATHALON
Sponsorship - Cumberland and North Yarmouth Kids' Triathalon
MAINE MARATHON
Sponsorship - Stop Trafficking US, Wayfinder Schools, Through These Doors, World of Change
YARMOUTH CLAM FESTIVAL
Sponsorship - Benefitting Over 30 Local Non-Profits
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$170,000 FUNDS RAISED IN 2022
$325,000+ FUNDS RAISED SINCE 2021
16 GRANTS FUNDED IN 2022
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.
The Portside Foundation and participating Portside agents give 1% of top line revenue to local nonprofits supporting systemic Maine problems.
Why we choose to support Maine’s Youth:
HOW IT WORKS
1 1% for Maine® board members work in tandem with Maine Community Foundation to unanimously select nonprofit grants.
GENERATIONAL POVERTY & AFFORDABLE HOUSING
On any given day, 260 family households and 420 unaccompanied students experience homelessness throughout Maine.
EDUCATION
In our public schools, nearly 40% of students come from economically disadvantaged backgrounds and almost 20% are in special education programs.
2
The Portside 1% for Maine® board selects nonprofit grants to fund that align completely with our mission.
3 We ensure that our grants emphasize diversity and inclusivity and provide sustainable solutions to challenges facing Maine’s youth.
FOOD INSECURITY
1 in 6 children in Maine are facing hunger and 43% of children in school rely on school meals every day. Kids need access to consistent, nutritious meals.
MEDICAL & 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.
1% FOR MAINE®
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BENEFICIARIES
2022 BENEFICIARIES & GRANT INFO
Apex Youth Connection | Grant Amount: $10,000
Active and intentional programs that connect & strengthen the next generation through opportunities to practice owning, directing, and finding fulfillment in their own lives.
Midcoast Youth Center | Grant Amount: $10,000
Requested support to continue meeting the social-emotional, academic, healthcare, mental health, and basic needs of youth in Sagadahoc County, Brunswick, & Harpswell.
Thrive New England | Grant Amount: $10,000
Create a safe place for at-risk teens to receive training and support for pursuing healthy relationships, building character, developing leadership skills, and achieving life goals.
Big Brothers Big Sisters of Southern Maine | Grant Amount: $10,000
These funds will support BBBS's one-to-one mentor relationships between children/ youth and student/adults.
Cultivating Community | Grant Amount: $10,000
Cultivating Community's program's, while diverse and wide-reaching, are all rooted in the same vision: that every single member of our community has the right to grow, buy, & eat healthy foods.
Locker Project | Grant Amount: $7,500
Locker Project provides school-based programs that help children and families at risk of hunger with reliable access to healthy fresh food and staples.
Maine Youth Led Justice | Grant Amount: $5,000
The funds donated assist a youth-led restorative justice diversion program , which also includes training youth volunteers.
Learning Works | Grant Amount: $10,000
The funds help to provide an alternative high school program for teens facing substance use disorders who have dropped out of high school.
Telling Room | Grant Amount: $7,500
Funds will help empower youth through writing and sharing their voices with the world. Focusing on young writers ages 6 to 18.
Intercultural Community Center | Grant Amount: $5,000
The $5,000 from 1% for Maine® will grant students immediate academic support.
SEED | Grant Amount: $25,000
To use storytelling to elevate messaging about substance use and to augment formal health education with locally produced videos, thereby bringing the topic and its impact to life, in an effort to help middle and high school students make better-informed decisions regarding the use of chemical substances
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Safe Families for Children Maine | Grant Amount: $15,000
Safe Families for Children’s most important program is to host children and create extended family-like support for families who have nowhere else to turn through a community of devoted volunteers who are motivated by compassion to keep children safe and families intact.
Mainely Teeth | Grant Amount: $10,000
Mainely Teeth serves patients that lack access to care across the State of Maine through strategic partnerships formed with schools, churches, community-based organizations, primary care offices, and others. Target areas are those with lowincome residents that see significant barriers to quality care in their community.
White Pine | Grant Amount: $15,000
White Pine provides transformational nature experiences that forge personal resilience, inspire lifelong commitment to our environment, and connect individuals to community.
Coastal Kids Preschool | Grant Amount: $10,000
Coastal Kids offers high quality, developmentally appropriate preschool, after school, and summer camp programs for 90 students from 15 months to 7 years old.
Housing Resources for Youth | Grant Amount: $10,000
Using an alternative housing model called "host homes", HRY connects youth at risk of becoming homeless to housing in their community through our network of trained volunteers.
PAST BENEFICIARIES
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STAND OUT TOWNS IN 2022
^70% LEWISTON
Median Single Family Price:
2018: $149,950
2022: $265,000
^67% WESTBROOK
Median Single Family Price:
2018: $256,000
2022: $429,000
^77% CUMBERLAND
Median Single Family Price:
2018: $402,500
2022: $712,250
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TIGHT INVENTORY
PRICES CONTINUE TO LEVEL OFF
MORE VARIABILITY BETWEEN MARKETS
CREAM PUFFS WILL CAUSE BIDDING WARS
INTEREST RATES MODERATE (5.5%–6.5%)
FEWER TRANSACTIONS OVERALL
SEASONALITY RETURNS: HOT
SPRING & SUMMER
2023 FORECAST
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207.619.7571 www.portsidereg.com
