Interest rates and lower-than-normal inventory led to a single-family existing home sales decline of 16.78 percent in March. According to Maine Listings, 858 homes changed hands last month, compared to 1,031 homes in March 2022. The median sales price for homes sold rose 3.85 percent to $337,500 comparing March 2023 to March 2022. The MSP indicates that half of the homes were sold for more and half sold for less.
As spring arrives, potential buyers are adjusting to the increased mortgage interest rates and returning to actively searching for their next home. However, the low inventory of forsale homes continue to be a challenge. The tight for-sale inventory, while bolstering sales prices overall, has contributed to the rate of statewide price growth slowing. In some counties, median sales prices have declined during the first quarter.
The National Association of Realtors reported a home sales decline nationwide of 21.1 percent in March 2023 compared to March 2022. Prices also eased 1.4 percent to a national MSP of $380,000. Regionally, home prices in the Northeast rose 1.0 percent to $395,400, while sales dipped 21.2 percent comparing March 2023 to March 2022.
To navigate the challenging market, sellers and buyers should partner with a Newcastle Realty agent for expert counsel. Now is a terrific time to list your property for sale. Buyers are searching for and finding new property options every day and purchasing the right home for their needs. Don’t wait to place your home, camp or land parcel on the market; qualified buyers are searching now. Reach out to our professional broker staff today by calling 207-563-1003. They can quickly tell you what your property is worth!
We are pleased to remain a leading real estate firm in Lincoln County as we serve buyers and sellers. As of the date of this report, our brokers have closed 30 transaction sides with a total volume of $9,685,500. We are excited to report that approximately one-quarter of our sales volume has come through our new Boothbay Harbor branch office. In comparison and of this date, Drum and Drum Real Estate has sold $3,769,500 with five sides, and Tindal & Callahan has sold $4,137,722 with 12 sides.
It is early yet, but most of the 2023 year-to-date property sales locally have occurred in Wiscasset (16), Waldoboro (18), Jefferson (12), Bristol (12), Boothbay Harbor (9), Whitefield (9), and Boothbay (15). Slightly fewer sales have happened so far in Newcastle (7), Dresden (7), Edgecomb (8), Alna (3), Damariscotta (9), and Nobleboro (6). Towns seeing just a few or no sales include South Bristol (1), Southport (1), Westport Island (2), Bremen (3), and Southport (3).
There are currently just 53 single-family homes for sale in Lincoln County (up from 46 in March), with 62 percent of those priced at or above $500,000. The 542 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (22%), $250,000-$499,999 (45%), $500,000-$999,999 (22%), and $1 million-plus (7%). Listing inventory remains low—it is a great time to sell and our brokers are ready to answer your questions about the process.
The current market absorption rates for Lincoln County homes are 0.5 months (under $100,000), 1.9 months ($100,000-$249,999), 2.1 months ($250,000-$499,999), 2.6 months ($500,000-$999,999), and 6.7 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 client needs. Questions or comments may be directed to Dennis Hilton, President of Newcastle Realty at dennishilton@cheneycompanies.com or 207-380-3435.
- Statistics are from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2023 through 04/23 /2023.
