Mirroring national statistics, sales of Maine’s existing single-family homes dipped in March. According to the Maine Association of Realtors, Realtors reported a 3.11 percent decline in sales last month with 1,120 homes changing hands—36 fewer than March of 2018. The median sales price for homes sold in March 2019 eased 0.94 percent to $210,000, down slightly from $212,000 in March 2018. The MSP indicates that half of the homes were sold for more and half sold for less.
For the fourth consecutive month, residential sales volume has shown decreases compared to figures from a year ago but are the third highest March sales volume during the past 17 years. Typically, with a decline in the number of sales, we’d see an increase in the for-sale inventory, but that’s not the case this month with sales down three percent and for for-sale inventory down five-and-a-half- percent. Buyers are in the marketplace but may not be finding the home that meets their needs due to the tight supply.
The National Association of Realtors released statistics showing a 4.7 percent decrease in sales nationwide for single-family existing homes, and an increase of 3.8 percent in the national MSP to $261,100 comparing March 2019 to March 2018. Home sales in the Northeast were down 1.5 percent and the regional MSP rose 2.5 percent to $277,500 over that same time period.
Newcastle Realty has had a good start to 2019. As of April 22, 2019, our brokers have closed 38 transaction sides with a total volume of $9,334,630—down slightly from our same Y-T-D sales in 2018. By comparison, Tindal & Callahan has booked $8,911,000 from 26 sides, and Drum and Drum Real Estate has sold $4,851,815 with 20 sides. We are pleased to remain the #1 real estate firm in our area.
Most of the year-to-date 2019 property sales in the local area have occurred in Waldoboro (25), Boothbay (20), Jefferson (17), Bristol (16), Boothbay Harbor (12), and Damariscotta (11). Slightly fewer sales have happened so far this year in Westport Island (7), Bremen (6), Wiscasset (7), South Bristol (7), Dresden (6), Edgecomb (5), Nobleboro (8), and Newcastle (7). Towns seeing just two or four sales are Alna (2), Southport (2), and Whitefield (4). Those that show one or no sales include Somerville (1), and Monhegan Island (0).
There are currently 263 single-family homes for sale in Lincoln County (up from 245 last month), with 33 percent of those priced at or above $500,000. The 635 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (9%), $100,000-$249,999 (49%), $250,000-$499,999 (30%), $500,000-$999,999 (9%), and $1 million-plus (3%).
The current market absorption rates for Lincoln County homes is 3.6 months (under $100,000), 2.6 months ($100,000-$249,999), 5.8 months ($250,000-$499,999), 11.7 months ($500,000-$999,999), and 26.2 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 1/1/19 through 4/22/19.
