Bristol Maine Real Estate
One of the most popular locations in Midcoast Maine for prospective buyers is the township of Bristol. Within this township you'll find Pemaquid Point, New Harbor, Pemaquid Harbor and Round Pond Harbor. The history of property sales for Bristol speaks volumes about the popularity of this location.
Year "Sold" Residences $ in Millions
1997 31 $ 5.4
1998 50 10.6
1999 49 9.6
2000 42 8.2
2001 44 11.5
2002 40 10.4
2003 44 18.4
2004 38 15.8
2005 57 21.5
2006 30 11.1
Source: MREIS Data Base
Bristol has approximately 3,500 units on its grand list (includes land and residences). Historically, the number of units sold publicly has been below 2%. More importantly, the average time to sell a residence in Bristol has been 9-months ---- until 2006!
Overall, Bristol residential sales for 2006 were down nearly 50% from the record level for 2005. All price categories were affected. However, those residences with listing prices over $400,000 were hit the hardest. For example, in 2005 there were 16 sales with a listing price of $400,000 or over. In 2006, only 7 were sold in this price range.
Interestingly, the number of units sold in 2006 (30) was one unit below the number sold in 1997 (31), yet the sales dollar value in 2006 was double that of 2005. This underscores the increases in sales prices over the ten year period, particularly for waterfront residences.
As we enter the 2007 buying season, the inventory of residences currently for sale in Bristol is over 60 units. Based on 2006 sales level, this represents what we call an inventory of 2-years sales. For buyers, this means they will have many options to choose from and potentially some good bargains. For sellers, this inventory requires discipline to avoid overpricing their property.
If anyone would like to know more about Bristol or other townships, please send us an email. We've got enough real estate statistics to fill-up your email box!
The Lincoln County News also ran an article this week that says that the valuation of Bristol is over $1 Billion. http://www.mainelincolncountynews.com/index.cfm?ID=23892
Posted by: Tom Field | March 09, 2007 at 10:13 AM