After his firm achieved a set of top rankings for residential real estate sales in 2023, the founder and president of Legacy Properties Sotheby’s International Realty in Portland said 2024 could be another solid year.
“I have been at this for too long to be overly optimistic, but my crystal ball says that 2024 will be another solid year in real estate, with Maine continuing to be one of the most desired states and Portland, the most desired city, in the country,” Chris Lynch wrote in his annual report of significant sales.
In 2023, the firm achieved overall sales volume of more than $865 million, totaling 898 transactions.Â
The company beat its own record for its highest-value property sale, Floating Boulder in Orland, for $8.5 million in 2022, with 2023 sales of $9 million in Kennebunkport and $9.75 million in St. George.Â
Over 50% of sales involved properties exceeding $1 million in value; 30% involved properties over $2 million. With an average sale price of more than $964,000, the firm ranked No. 1 in Maine for all waterfront property sales and for all sales over $600,000 and every price category above that figure, Lynch said.
In 2023, Legacy became the No. 2 real estate company in Maine based on the value of properties sold, up from the No. 3 spot in 2022.Â
This year will challenges and opportunities, Lynch said.
“We are hopeful that mortgage rates will continue to come down after the shocking spike to more than 8% this past October,” Lynch wrote.
He added, “It also appears that we will have more balance, communication and cooperation between buyers and sellers, reversing much of the exaggerated market volatility brought about by the COVID-19 pandemic.”
To read the full report, click here.