Sebago Lake Region Waterfront Property – “Buy” the Numbers?

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Sebago Lake Region Waterfront Property – “Buy” the Numbers?


Hardly a day goes by that I don’t get the question from some prospective lakefront property buyer, “How’s the market?”
Well, of course, the answer is, “That depends.” It depends on whether you’re a buyer or a seller, for one, and, for another, it depends on who’s interpreting the data.
I’ve compiled a few numbers about lakefront property sales in the Sebago Lake Region – defined by 26 towns and 60 lakes and ponds – and want to share them with you. I’ll present the numbers – you can provide the interpretation.
I will say, with some validity, that inventories are high and that listing prices are coming down, at least in some cases. There would appear to be some buying opportunities out there. Any further interpretation I’ll leave to you, dear reader.
As of today, August 19, 2008, there are 344 lakefront properties for sale in this Sebago Lake region; 151 were listed under $400k, 193 were listed over $400k. 141 of those 344 have reduced their price from the original listing price.
Since the beginning of the year, there have been 70 lakefront properties that have sold in this region; 33 were listed under $400k and 37 were listed over $400k. Of the 70 total, 28 had seen a price reduction before selling.
There are currently 19 properties that are pending – that is, an agreement to sell has been reached, but the sale has yet to close. Of those 19, 7 are listed under $400k and 12 are listed over $400k, with 9 of the total having had price reductions.
I took a closer look at three of the most popular lakes in the area – Sebago, Long, and Thompson. Here’s what I found:
For Sebago Lake there are currently 55 lakefront properties for sale, 25 have had reductions in price. Year-to-date, 9 properties have sold, with 4 of those having reduced their price.
For Long Lake there are currently 39 properties for sale, 14 have lowered their price. Year-to-date, there have been two properties sold on Long Lake and one is pending. Of the sold properties, one had reduced its price prior to its sale.
For Thompson Lake there are currently 20 lakefront properties for sale, 10 have had price reductions. Year-to-date, three properties have sold and, of those, two had reduced their price prior to sale.
What does it all mean? As I said, I think there’s an abundance of inventory, some prices are moderating, and there are opportunities for buyers. What do you think?
By the way, if you’d like to take a look at some current lakefront listings it’s as easy as clicking right here on our Lakefront Locator. View all the current lakefront listings for the entire state on this single website!

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