Midcoast hopes home sale increase will benefit whole region | News

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Midcoast hopes home sale increase will benefit whole region
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LINCOLNVILLE, Maine (NEWS CENTER) - Maine's real estate market may finally be climbing out of the recession. The Maine Association of Realtors released sales figures this week, showing sales in March were up more than 8% over last year. Not a boom yet, but better than they were.

In Lincolnville Tuesday, there is what brokers say is another hopeful sign:  a new housing project. 

The Homes at Ducktrap will be a development of 18 condominium homes, on a property originally built as part of the MBNSA complex in the late 1990's. 

The property already has five single family units, and the plan is to build the remainder as two or three unit buildings on the same 30-acre parcel near the Ducktrap River. Prices are described as in the $200,000 to $250,000 range, and the developers say they already have contracts for two of the units. 

People in the real estate business in the Midcoast say they've seen a noticeable increase in business this year. 

Brokers say homes are selling in all price ranges, which is a change from the past few years, They also say that more people are looking at houses, apparently encouraged by a better economy and continuing low mortgage interest rates.  

Bankers and brokers alike tell NEWS CENTER this bodes well for the Midcoast in general. They say that, prior to the  start of the 2008 recession, real estate was one of the biggest drivers of the region's economy. They point out that several years of poor sales have rippled through the economy as well, and that an increase in sales will translate into more business for builders, other construction trades, lumberyards, even insurance companies and automobile dealers. Statewide, the Realtors Association says March home sales were up 8.3% from March of 2012.

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