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5 signs the real estate market is cooling in Maine

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5 signs the real estate market is cooling in Maine


The BDN is exploring Maine’s housing disaster from each doable angle, from the way it impacts house costs, to what it means for Mainers throughout the state. Learn our ongoing protection right here and fill out this manner to inform us what you wish to know.

A number of key financial indicators are aligning in Maine and nationally that present the actual property market, which has been on a tear the previous two years, is beginning to cool.

Residence costs are excessive, however gross sales in 2022 are anticipated to be down about 9 %, largely due to a decent for-sale market, Lawrence Yun, chief economist of the Nationwide Affiliation of Realtors, mentioned.

Rising rates of interest are also an element. If 30-year mounted mortgage charges climb from the present 5.48 % to six %, then gross sales exercise may fall by 15 %, he mentioned.

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Listed here are some indicators that already point out a market decline, and a few metrics would-be purchasers and sellers ought to proceed to observe.

Pending house gross sales

Pending contracts for houses, which replicate a extra well timed influence of rising mortgage charges than closings, fell for the sixth consecutive month from March to April by 3.9 %, in response to the Nationwide Affiliation of Realtors, pending house gross sales index launched Thursday. Pending contracts fell probably the most within the Northeast, by 16.2 %.

Constructing permits and housing begins

Housing begins and constructing permits decreased each in Maine and nationally in March, in response to U.S. Census Bureau information launched final Wednesday. Constructing permits in Maine have been down 52 % from February to 414 permits in March after a pointy enhance in January.

Builder confidence available in the market for newly constructed single-family houses fell 8 factors to 69 in Might, in response to the Nationwide Affiliation of Residence Builders index launched final Tuesday, the fifth straight month it declined and the bottom studying since June 2020.

Days on market

How fast a house sells displays market demand. Thus far, the times on market are comparatively steady and low, however there are some early indicators all through the nation that houses are taking longer to promote.

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Nonetheless, houses in Maine proceed to promote shortly at a mean of seven days in January, February and April, whereas taking 9 days in March, in response to the Maine Actual Property Info System. Nationally, houses took 17 days to promote in March and April of this 12 months and the identical quantity in April of 2021, in response to the Nationwide Affiliation of Realtors.

Much less competitors

A lower in a number of bids on houses as some potential consumers retreated from the market till it cools will assist reasonable costs and provides consumers extra of an opportunity. A number of bid competitors confirmed indicators of a decline in March and April, in response to on-line actual property market Redfin.com.

Some 61 % of house provides written by Redfin.com brokers in April acquired a number of bids in comparison with 63 % in March. The April determine was the second consecutive month-to-month decline and the bottom fee since March 2021.

Falling gross sales

Maine single-family house gross sales decreased for the third month in a row in April after reaching a excessive in January due to a scarcity of obtainable houses on the market, in response to the Maine Affiliation of Realtors. Some potential sellers are sitting out the unstable actual property market as they face a troublesome time discovering new housing for themselves.

On the similar time, Google searches for “houses on the market” have been down 9.7 % through the week that ended on March 19 in comparison with the identical week in 2021. Searches for “houses on the market” have been flat as of late January, and searches for “houses for lease” and “actual property” additionally dropped, falling 9.6 % and 5.1 %, respectively.

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Maine

Woodland tour in Cornville

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CORNVILLE — The public is welcome to join Maine Woodland Owners and Maine Forest Service on Monday, July 22 from 1-2:30 p.m. for a tour of Stottler Memorial Woodland on Barter Hill Road in Cornville. Maine Woodland Owners Land Trust forester Mike Kinney will discuss and showcase the various active forest management projects that focus on developing a healthy forest. Additionally, Maine Forest Service District Forester Jim Ferrante will discuss what key characteristics can be used to identify the various tree species found on the property. 

This is a free event. Contact Jenn Hicks, Maine Woodland Owners director of communications and outreach, for more information or to let her know you plan to attend at jenn@mainewoodlandowners.org or 207-626-0005. Visit the Maine Woodland Owners website at www.mainewoodlandowners.org.

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Here’s how experts want to see Maine combat climate change in the next four years • Maine Morning Star

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Here’s how experts want to see Maine combat climate change in the next four years • Maine Morning Star


Maine’s climate action plan is due for an update later this year, and experts have already put forward a draft of what they’d like to see included. 

The Maine Climate Council has until December 1 to update “Maine Won’t Wait,” the state’s four-year plan that outlines strategies for reducing carbon emissions and introducing cleaner energy sources in the state. In June, the council’s working groups dedicated to housing, transportation, coastal and marine sectors and more put forth suggestions for new and refined strategies the state should include in the updated plan. 

Gov. Janet Mills created the climate council in 2019 to establish an action plan to help the state achieve carbon neutrality by 2045 and combat climate change. A recently-released assessment of climate change and its impacts on Maine showed that the state’s climate is getting warmer and seeing more severe weather. According to the report, each year from 2020 through 2023 ranked among the ten warmest years on record for Maine. 

Many of the suggested strategies build on the efforts outlined in the original climate action plan, but there are a few new proposals  — such as resiliency measures to address increasingly common spills from residential heating oil tanks and bolstering local food production. 

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Here’s a closer look at a sample of the strategies that the council is suggesting to implement in the next action plan.

Drive fewer miles, and do it with electric vehicles

As a rural state with limited public transportation, the last climate action plan underscored transportation — particularly personal vehicles — as the largest source of greenhouse gas emissions in Maine. 

The proposed plan suggests accelerating the transition to light-duty electric vehicles, including plug-in hybrids. Likewise, the climate council is proposing a faster switch to zero-emissions medium- and heavy-duty vehicles.

In its proposal, the council’s Transportation Working Group outlined ways to aid in that transition including rebate programs to lower the cost and an education campaign for Maine communities and car dealerships to teach about the technology involved with electric cars and the incentives for buying one.

Maine toyed with the idea of ramping up electric vehicles earlier this year, but the Board of Environmental Protection rejected a rule in March that would have required clean, electric vehicles to make up the majority of new car sales by 2030. The board rejected it because of lingering questions about the policy, and said they believed such a large decision would be better placed in the hands of elected officials. 

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However, the state has and continues to expand charging infrastructure for electric vehicles. Maine plans to add more than 50 new high-speed EV chargers near busy highways and outdoor recreation areas in the next year. Currently, Maine has more than 1,000 EV charging ports across nearly 500 locations, according to a map from Efficiency Maine. 

Even with cleaner cars, the proposed plan still suggests reducing the number of vehicle miles traveled. 

Conserve more land, consume more local food 

The climate council’s working group dedicated to Natural and Working Lands proposed to further three of its original goals in the new action plan. These include conserving more acreage of land, consuming more food grown in Maine and incentivizing woodland owners to do more carbon removal and storage. 

The proposal notes that Maine has conserved about 50,000 acres annually in recent years, with a total of more than 4.3 million acres permanently conserved. That accounts for a little more than 22% of the state’s total acreage, but the working group is proposing to bump that up to 30% by 2030. To achieve that goal, the proposal said the annual conservation rate would need to increase nearly fivefold. 

Since about a third of all human-caused greenhouse gas emissions are linked to food, there’s also a suggestion to increase the amount of food consumed in Maine from state food producers to 30% by the end of this decade. 

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To do that, the proposal outlines ways to bolster local food production by strengthening Maine farms and creating more markets to increase access to local food. 

Make our buildings more resilient

To this point, climate strategies pertaining to buildings have focused on reducing the emissions coming from them. But the council’s Building, Infrastructure and Housing Working Group proposed an emphasis on resilience. 

From homes to offices, buildings in the state are susceptible to climate-driven hazards such as large storms that can cause damage and create power outages. The proposal said buildings are even at an increased risk for wildfires. Flooding has also increased the number of oil spills from residential heating oil tanks, the working group wrote in the proposal. 

That’s why the proposal has suggestions for increased resiliency measures like flood insurance and sump pumps with battery back-ups. The working group also recommends creating a new program to properly drain, remove and dispose of high-risk residential heating oil tanks and considering a comprehensive management plan for what to do with those tanks as the state transitions to cleaner energy sources. 

Public feedback

A survey is available on the council’s website for people to share suggested updates to the state’s strategies to address climate change. The written proposals and video presentations from all of the working groups are also available on the council’s website.

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These Revolutionary War Battlefields Are in Maine

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These Revolutionary War Battlefields Are in Maine


Independence Day is here! Do you know how much history from the Revolutionary War is within current day Maine? I say current day, because as you may know, Maine did not become a state until 1820. The war for America’s independence ended in 1783 with The Treaty of Paris. Nonetheless, the history in Maine during this time period is fascinating.

America Suffered Her Worst Naval Defeat in Maine Until Pearl Harbor

And you stand exactly where it happened and get a tour in beautiful Castine!

Castine Sign

David Bugenske/TSM Maine

Fort George was built by Great Britain in 1779. The Patriots, outnumbering the British, wanted to overtake the fort and access to the Penobscot River, but lost this battle called the Penobscot Expedition. Even Paul Revere’s reputation (yes, THAT Paul Revere) was tarnished as a consequence of this defeat, and he was arrested for being cowardice … yikes.

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Fort George, ME

David Bugenske/TSM Maine

Although the battle at Fort George did not end in our forefather’s favor, this serves as a great reminder that it isn’t who wins the battle, but the war. Castine is a beautiful area to visit especially on our nation’s birthday with it being rich in history that helped make America what it is today. Read more on the Penobscot Expedition here before you visit! 

The First American Naval Battle Occurred in Maine

Machias, Maine

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The Battle of Machias, also known as Battle of the Margaretta, broke out on June 11th, 1775. It was the first naval engagement during the Revolutionary War. THE FIRST! The CliffsNotes version is that some aggressive British soldiers sailed into Machias Bay and wanted future Mainers to sign a document proving their loyalty. They rebelled, fought off the British with pitchforks, axes, and hunting rifles melting down anything for ammunition, and took over the British ship, the Margaretta!

If you decide to visit Machias, definitely checkout Burnham Tavern Museum which features artifacts and further information on the Battle of Machias.

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The Most Popular Dog Names in Maine for 2024

Gallery Credit: Jordan Verge

Hiking Great Pond Mountain in Maine

Pictures from hiking Great Pond Mountain in Maine.

Gallery Credit: David





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