February 2024 Market Update

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Buyers across the state continue to be met with lower-than-average for sale inventory. Statistics shared by Maine Listings indicate a 1.98 percent decrease in sales while the median sales price (MSP) increased 8.62 percent – reaching $353,000 comparing January 2024 to January of last year. The MSP indicates that half of the homes were sold for more and half sold for less.

A total of 743 homes changes hands last month, slightly less than the 758 sales that occurred in January 2023. With the New Year well underway, the Maine real estate market is experiencing some positive changes for families and individuals looking to buy. While still historically low, for-sale inventory has been trending upward, mortgage rates are beginning to soften, and year-over-year price appreciation has remained in the single digits for three consecutive months.

The buyer’s market remains robust, making winter a great time for sellers to consider listing their home or property for sale. With fewer homes coming to market this time of year and the already tight for-sale inventory, sellers can expect competing offers and a decreased number of days on the market. To find out how much your home or property is worth, reach out to our team of professional broker staff today by calling 207-563-1003 or 207-633-4433.

Our company continues to excel with a full staff of exceptional local agents. We are excited 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 a total sales volume of $3,466,000 with 14 families served. 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 (13), Bremen (9), Boothbay Harbor (6), Wiscasset (5), Boothbay (5), and Damariscotta (6). Slightly fewer sales have happened so far in Jefferson (4), Whitefield (4), Newcastle (3), and Bristol (3). Towns seeing even fewer sales include South Bristol (2), Dresden (2), Westport Island (2), Somerville (2), Southport (1), Edgecomb (1), Nobleboro (1), Alna (0), and Monhegan Island (0).

There are currently 85 single-family homes for sale in Lincoln County (down from 90 in December), with 49 percent of those priced at or above $500,000. The 493 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (17%), $250,000-$499,999 (42%), $500,000-$999,999 (28%), and $1 million-plus (10%). 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 0.7 months (under $100,000), 2.1 months ($100,000-$249,999), 1.8 months ($250,000-$499,999), 2.4 months ($500,000-$999,999), and 4.5 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.