The Belgrade Lakes Region experienced a year like no other. In 2020, there were 415 properties sold in the area, 159 of those being waterfront properties. Along with an increase in sales prices, the region realized a 31% increase in overall sales, and a 55% increase in waterfront sales volume.
There were 13 residential properties sold for last year over $700,000, compared to only 2 in 2019. 5 of these higher end sales were on Great Pond and 4 on Long Pond.
The general feeling is that these sales increases could have been even greater with improved inventory. We continue to see record low inventory of homes on the market across the area. Active listings are down over 35%.
What will 2021 bring?
It is expected that the trend we saw in 2020 will continue throughout 2021 and beyond. TheCOVID-19 pandemic has shifted homebuyers priorities on how and where to live. Owning a home in an area like the Belgrade Lakes Region provides long term flexibility for out of state buyers. Out of state buyers made up almost 50% of all waterfront sales in the area this year, up from 30% in 2019.
Many people are making purchase decisions based on lifestyle, and we believe the Belgrade Lakes Region is a great lifestyle choice.
Inventory will continue to hold back market growth, which provides a great opportunity for those who have been waiting for the right time to sell. There is plenty of demand for lakefront properties, regardless of the lake or condition of the property. Mortgage rates are at historically low levels, and are expected to stay that way for a while, making this a good buyers market.
Single Family Home Trends
The market for single family homes (year round and seasonal) in the Belgrade Lakes Region outperformed the trends that were seen statewide. This can be attributed to the higher amount of lakefront properties in the area.
Lakepoint Real Estate offers our clients unparalleled service, insight and determination for meeting your real estate needs. Lakepoint is the leader in waterfront and residential sales in the Belgrade Lakes Region every year since 2006.
We would welcome the opportunity to help you, or a family member buy or sell a home in the area.
Experience and Local Knowledge count.
221 Main Street, Belgrade Lakes Village, Maine