Courtesy / Maine Association of Realtors
Carmen McPhail
January 13, 2023
Incoming head of Maine Association of Realtors brings expertise in rural properties
COURTESY / LEGACY PROPERTIES SOTHEBY’S INTERNATIONAL REALTY
A 483-acre residential complex on Craig Pond in Orland sold for $8.25 million, a record lakefront sale in Maine for 2022 and an illustration of the strong residential market.
In 2021, Maine’s real estate industry accounted for $14.8 billion, or 19.5%, of Maine’s gross state product.
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The new head of the Maine Association of Realtors brings expertise in rural Maine with waterfront, large land parcels and off-grid properties.
Carmen McPhail has started the year-long term as the industry association’s president for 2023, the trade association said Thursday.
McPhail has held a Maine real estate license since 1997 and is affiliated with United Country Lifestyle Properties of Maine, owned by the McPhail family, based in Lincoln with offices also in Bangor and Lubec.
She previously served as the Maine Association of Realtors' president-elect and first vice president and currently serves on the board of directors for the Maine Real Estate Information System Inc., better known as Maine Listings.
She also serves as a director for the National Association of Realtors.
McPhail succeeds Madeleine Hill, the association’s 2022 president.
It’s expected that McPhail's expertise in rural Maine will lend a new perspective to Maine’s real estate industry’s issues and challenges.
That includes an environment that has evolved from 2021’s rapid increase in demand in the residential market, with double-digit increases in sales and values while the number of days-on-market dropped precipitously.
By November 2022, Maine home values remained strong and inventory remained low, but the situation had eased.
In November, 1,289 homes changed hands, a decline of 28.7% from November 2021.
And it’s expected that, with rising interest rates and tight inventory, Maine’s residential real estate market is likely to see fewer transactions in 2023 than in the last three years.
The biggest variable in commercial real estate over the past year has been commercial office space. It’s expected that’s likely to continue through 2023.
Founded in 1936, the Maine Association of Realtors represents 6,300 Realtors, who are involved in all aspects of residential and commercial real estate, and 425 affiliated professionals involved in real estate transactions such as lenders, closing agents, title agents, appraisers, building inspectors and surveyors. In 2021, Maine’s real estate industry accounted for $14.8 billion in sales, or 19.5% of Maine’s gross state product.
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