Sales of single-family home sales in Maine remain healthy and in-demand, though the number of units-for-sale remains low. Maine Listings reported 1,482 homes changed hands during the month of July, up 10.93% compared to July 2023. The median statewide sales price increased 5.07 percent over the past 12 months to $399,250. The MSP indicates that half of the homes were sold for more and half sold for less.
During 2024, Maine’s statewide real estate market continues to see inventory grow gradually. The 4,705 homes for sale in July was the highest number in 45 months. However, unit sales continue to gain as well, keeping Maine’s for-sale inventory at a 3.2-month supply level. A ‘balanced market’ for both buyers and sellers is a 6-month supply level.
The National Association of Realtors today reported a national sales dip of 1.4 percent, while the national MSP rose 4.2 percent to $428,500 comparing July 2024 to July 2023. Regionally, sales in the Northeast increased 2.1 percent, and the regional MSP increased 8.3 percent to $505,100 over that same time period.
Our company continues to excel with a full staff of exceptional local agents. We are proud 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 assisted 61 families with a total sales volume of $24,369,015, up $4 million since last month alone! As a locally owned company, Newcastle Realty is committed to supporting our local communities and families. Through our Charitable Giving and Community Outreach committee, a portion of every transaction is invested back into the Lincoln County community. Over the past 30 years, we have donated over $450,000 and hundreds of hours to local organizations. Learn more about our charitable giving at www.mynewcastle.com/about/community-support/.
Most of the year-to-date 2024 property sales locally have occurred in Waldoboro (50), Wiscasset (35), Boothbay (39), Jefferson (30), and Bristol (33). Slightly fewer sales have happened so far in Whitefield (19), Damariscotta (23), Bremen (19), Boothbay Harbor (25), Westport Island (12), and Nobleboro (15). Towns seeing even fewer sales include South Bristol (7), Newcastle (13), Dresden (9), Edgecomb (15), Somerville (5), Southport (6), Alna (3), and Monhegan Island (0).
There are currently 195 single-family homes for sale in Lincoln County (up from 168 in July), with 63 percent of those priced at or above $500,000. The 490 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (15%), $250,000-$499,999 (45%), $500,000-$999,999 (28%), and $1 million-plus (9%). Listing inventory remains super 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 1.7 months (under $100,000), 2.1 months ($100,000- $249,999), 2.7 months ($250,000-$499,999), 5.6 months ($500,000-$999,999), and 10.3 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.
- Statistics are from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2024 through 8/22/2024.
