The market for single-family homes and land to build them on in Washington County, particularly the coastal areas, is booming, with local real estate companies in agreement that properties are flying off the shelves. "People are buying waterfront in all shapes and sizes," says Heidi Holley, a broker with Realty of Maine.
      The pandemic has been one of the primary reasons why way Downeast, normally a much slower real estate market, has also been selling well. "We're not being perceived as remote anymore. Waterfront prices here can't compare to other places," says Holley about Downeast affordability in comparison to other waterfront areas in the state and elsewhere.
      Kim Rush, a designated broker with the Christopher Group, says that with the pandemic people are rethinking how close they need to be to busy service centers. Where it used to be that the absence of malls and other crowded venues was perceived by some to be a detriment, with many having changed how they run their lives, including how they work and shop, they've begun to realize that they don't need or "want to be close to everything now." She notes, "There are still 172 residential transactions pending and 59 land transactions pending in Washington County and more contracts being written every day."
      "The majority of residential buyers are looking for move in ready properties versus ones that need renovating. Most of the buyers we're seeing are out of state from a wide variety of states," Rush comments. These include California, Connecticut, Florida, Georgia, Missouri, Virginia, Texas and even quite a few from within Maine. She adds, "There haven't been a lot of first time home buyers. We're seeing a lot of second home purchases from buyers who plan to use their Maine home for themselves, versus renting it to vacationers." While a few are buying houses or land as investments, the majority of buyers are looking to use the properties for their own housing needs, and that includes land purchases as well.
      The national company Realtor.com compiles weekly housing reports along with economic indicators that show that Maine's real estate market is no different from many areas in the country that are seeing booms. Housing is selling much faster than last year, there is less of it as it gets gobbled up by new owners, and housing prices are up as well. Washington County multiple listing service sales figures show that from January through early September of this year, there have been 307 residential sales, with 11 selling for between $400,000 and $800,000. For the same time period in 2019, there were 262 residential sales, with 12 of those sold for between $400,000 and $1,595,000.
      "It's crazy out there," says Due East Real Estate's Al Rummel. With 12 agents working for the company, he says that they are seeing many buyers from away who want to leave their city lives and COVID 19. He's seeing a fair amount of cash sales, and he agrees that prices are escalating. Properties selling for full asking price are becoming the norm, with higher end properties selling. For way Downeast, many properties over the $200,000 threshold languished on the market for years. Not any more.
      Rummel notes that his company had 50 properties under contract in early September. With such fast and furious demand for housing with buyers willing and able and with some buying after only seeing the property through remote video tours, some of the stumbling blocks are the sudden waiting time for inspectors and appraisers. Holley notes, "For financed deals it can be 45 to 60 days out because of that. Banks are trying to keep up, and title companies are just as busy." And with mortgage rates quite low, Rush notes that many buyers are taking advantage of financing.
      New homeowners run the gamut, but younger retirees in the making are definitely in the mix. They may not be planning on moving into their new homes full time quite yet, but with many now able to conduct their work remotely, Rummel says, "People can make a living from their home. With the virus, folks from the city have found that out." He anticipates that more buyers interested in working remotely from their new Downeast home will increase in the future. Rush says that many of this year's buyers "want to relocate here and work from home." Those buyers have to keep a keen lookout for the availability of high speed Internet because it is not available everywhere in the region.
      Holley has been pleased to hear from a colleague that families with children are also moving to the region. "Which is wonderful. I'm happy that families are coming with children of school age." She too has seen the younger retiree age customers snapping up homes. "Some are here year round, some seasonal. But most are hoping to be year round."
      She and Rummel are both a bit cautious in their overall enthusiasm. While boom times are great, they both want the best for their Downeast communities, with new residents who love it as much as they do and who will want to stay, rather than the customer who told Rummel, "There's too much of nothing here."
      Holley remembers the housing bubble and crash of 2008 and the homes that were suddenly empty and foreclosed on, a few of which still stand in limbo today. She's not fearful, just concerned about a bubble, "because we have to think about the future of the community." The recipe for success, she feels, is in the families and young retirees that discover way Downeast, love the community they settle in and want to stay.