A village of 1,200 near the western shore of Sebago Lake is the most competitive place to buy a home in Maine, a recent study found.
Multiple offers and frequently waived contingencies such as inspections lifted the Standish village of Steep Falls to top the list of places where home seekers faced more buying competition, according to Redfin’s Maine real estate market outlook for April. Steep Falls beat Westbrook, Bath, Lisbon Falls and Freeport for its competitive buying environment.
The average home there sold for 7 percent over list price in April and was on the market only 7 days. Steep Falls home prices were up 61.7 percent over last year, selling for a median price of $437,000, according to Redfin. By comparison, homes in Westbrook were up almost 27 percent compared to last year with a median price of $425,000.
Steep Falls, which lies 28 miles northwest of Portland, saw its population grow 7 percent from 2010 to 2020, according to U.S. Census data. It is a forested town with a wildlife management area and outdoor activities, including the ice fishing derby on Sebago Lake.
The city with the fastest-growing sales prices was South Portland, according to Redfin, which surveyed the top 10 metropolitan areas in the state. Prices were up more than 44 percent to a median sales price of $512,000 in April compared to the previous year. In line with inventory shortages throughout the state, the number of homes sold was down 36 percent.
Westbrook again ranked second with an almost 27 percent yearly rise in median sales price to $425,000, and a 33 percent decline in homes sold.
Statewide home prices were up 16 percent to $342,100, but the number of homes sold fell 22 percent to 1,321 in the comparable months of April. That is because there is not enough supply to fill demand. The number of homes for sale, 1,650, was down 61 percent from year to year.