With an estimated attendance of 1,000 people, MEREDA's 2023 Forecast Conference is clearly one of Maine’s most anticipated industry events of the year. That sentiment was simply stated in MEREDA President Craig Young’s opening remarks. “There’s just a buzz in the air.” From Maine’s housing crunch to commercial and residential development and the bigger economic picture, the forecast conference and member showcase covered a lot of ground.
Brit Vitalius, one of the conference’s most dynamic annual presenters, focused on the Multi-Family market and gave a clear analysis of the state of Southern Maine’s market, and, what he characterized as a “screaming hot” Lewiston-Auburn market.
Watch the full presentation and 2023 market forecast below:
2022 Multi-Family Report (PDF)
Here's what a few members of our team had to say:
BRIT VITALIUS:
There’s a lot of opportunity and excitement about the Lewiston-Auburn area and that’s being reflected in the sales activity we’re seeing up there. The high demand for housing everywhere has affected every market in Portland, and Lewiston and Auburn have a lot of housing so it’s a great place to look if you want to create more housing or improve the existing housing. Brit further explained that “Lewiston and Auburn have benefited from “positive, proactive outreach” by the cities’ leaders to attract investors.”
ELISE LOSCHIAVO:
As always, the MEREDA Forecast Conference was the perfect way to kick off the year in real estate. I, for one, spend the year so laser-focused on Portland sales, that it's refreshing to hear perspectives from sectors throughout the state - residential, commercial, retail, industrial, and hospitality. There was a common theme throughout the conference - real estate prices all over the state appear to have peaked in mid-2022 and are forecasted to plateau this year. Low inventory continues to plague us, and buyer demand is still high despite rising interest rates. The Portland market, and the state of Maine real estate market as a whole, are expected to remain healthy through 2023. I am invigorated and excited to keep helping my buyers and sellers meet their goals this year!
KAYLA DONOGHUE
It was reassuring to hear from industry leaders that our market is still strong despite rising rates. However, there continues to be a struggle with the ability of first-time homebuyers working in Maine to purchase a Property. Dava Davin, Portside Realty Group, reported that the median price of a 3 bed / 1 bath home in southern Maine was in the mid $400k’s. If this number keeps rising this will challenge some buyers hoping the current pricing would level off. Another hot spot noted was the mid-coast area where Dava reported the highest price SFH to transact was Camden, ME. No surprise there - it’s a beautiful area my husband and I visit often!
Brit's report shared significant value increases in multi-family properties from 2009-2022. Portland was up 166%, Westbrook was up 256%, and the area everyone is talking about - Lewiston/Auburn was up an incredible 273%! Brit went on to share that the L/A market is currently growing faster than any other driving up the values and creating limited inventory for the owner-occupant looking to purchase a 3 or 4 unit. It will be interesting to see how things shake out in this area over the next year. Will this upward trend in popularity and demand in the L/A market stay strong as we saw in the Biddeford area last year? I’ll be tracking this closely and look forward to sharing more investment strategies with my clients!
Our Vitalius Real Estate Group Team has hit the ground running in 2023 and, as always, we’ll be watching the markets closely to best advise and guide our clients. We are especially excited about the opportunities in the Midcoast Maine area. We can’t wait to see what MEREDA 2024 brings…
To read available media coverage of the MEREDA Forecast check out:
MEREDA: https://mereda.org/2023/01/31/peaks-plateaus-meredas-forecast-conference-gives-context-to-maines-real-estate-data/
Bangor Daily News: The hottest market for multifamily homes is Lewiston-Auburn
Mainebiz: MEREDA forecast conference presents mixed outlook for 2023
Sun Journal: Lewiston, Auburn’s ‘booming’ housing market takes center stage at annual real estate conference
