Realtors across Maine report steady activity in most markets. According to Maine Listings, sales of single-family existing homes increased 0.21 percent comparing January 2018 to January 2017. The value of those homes, tracked statistically by the Median Sales Price (MSP), indicates a jump in home values of 5.26 percent to an MSP of $200,000 during that same time period. The MSP indicates that half of the homes were sold for more and half for less.
Now is a great time to list your property, because buyers are searching for homes in anticipation of spring. Realtors are reporting that multiple offer situations are common in areas that are at full employment. In Maine’s rural areas, buyers are more cautious, but they are finding great values. (Contact a Newcastle Realty broker today if you plan to buy or sell Maine real estate this year).
Nationwide sales have dipped 4.8 percent comparing January 2018 to January 2017. The National Association of Realtors today announced the national MSP in January was $241,700, an increase of 5.7 percent from January 2017. Regionally, sales in the Northeast declined 7.6 percent while the regional MSP of $269,100 represents a climb of 6.8 percent comparing January to January.
Newcastle Realty has had a very strong start to the 2018 selling season. As of February 22, 2018, our brokers have closed 17 transaction sides with a total volume of $5,571,301—a 47% increase over our same Y-T-D sales in 2017. Our current median sales price is $205,000. By comparison, Drum & Drum Real Estate has posted four sides for $1,062,000 in volume and a current MSP of $320,000, and Farrin Properties has sold $230,000 with three sides and an MSP of $75,000.
Most of the early 2018 property sales in the local area have occurred in Waldoboro (5), Jefferson (6), Wiscasset (4), Boothbay (11), and Bristol (6). Just a few sales have happened so far this year in Boothbay Harbor (3), Damariscotta (2), Edgecomb (2), Nobleboro (2), Bremen (2), Dresden (2), and Newcastle (2). Towns showing just one sale include Westport Island, Somerville, and Whitefield, and no 2018 sales have been posted yet in Alna, South Bristol, or Southport.
There are currently 325 single family homes for sale in Lincoln County (down from 360 last month), with 25 percent of those priced at or above $500,000. The 618 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (14%), $100,000-$249,999 (50%), $250,000-$499,999 (25%), $500,000-$999,999 (9%), and $1 million-plus (2%).
The current market absorption rates for Lincoln County homes is 2.5 months (under $100,000), 4.7 months ($100,000-$249,999), 8.3 months ($250,000-$499,999), 13.7 months ($500,000-$999,999), and 20.3 months ($1 million and up). This tells us how long it would take for existing inventories to be absorbed into the market at current rates of sales if no new listings were introduced.
Newcastle Realty tracks Lincoln County and statewide sales, along with other important metrics, which keeps our brokers fully informed of current market conditions and emerging trends as they serve buyer and seller client needs. Questions or comments may be directed to Dennis Hilton, President of Newcastle Realty at dennishilton@cheneycompanies.com or 207-380-3435.
- Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/18 through 2/22/18.
# END #
