July 2021 Real Estate Market Update

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Buyer demand continues to increase values of Maine’s single-family existing homes. Data shared by Maine Listings shows a statewide median sales price (MSP) of $310,000 in June—a 24.5 percent increase over June 2020. The MSP indicates that half of the homes were sold for more and half sold for less. Sales have also increased 14.71 percent in June compared to June a year ago.

High sales volume last month indicate that pent-up buyer demand remains strong. REALTORS® from across Maine report that homes are going under contract rapidly after receiving numerous offers. Statewide, the Days on Market for June 2021 was just six days, compared to 14 days a year ago, and 13 days in 2019, pre-COVID.

According to the National Association of Realtors, sales across the country increased 19.3 percent and prices grew by 24.4 percent to reach a national MSP of $370,600 in June 2021 compared to June 2020. Regionally, June 2021 sales in the Northeast jumped 45.1 percent and the regional MSP hit $412,800 – up 23.6 percent compared to June of last year.

Our company continues to excel and remains a leading real estate firm in the Damariscotta area. As of the date of this report, our brokers have closed 100 transaction sides with a total volume of $26,291,775 —up 28% over our Y-T-D numbers in 2020. In comparison, Drum and Drum Real Estate has sold $11,188,020 with 25 sides, and Farrin Properties has sold $9,472,500 with 39 sides.

Most of the year-to-date 2021 property sales locally have occurred in Waldoboro (68), Boothbay (68), Wiscasset (52), Bristol (59), and Jefferson (47). Slightly fewer sales have happened so far in Edgecomb (21), Damariscotta (27), Dresden (23), Newcastle (29), and Boothbay Harbor (29). Towns seeing even fewer sales include Nobleboro (18), Whitefield (19), Bremen (19), Westport Island (14), South Bristol (17), and Southport (17). Just a handful of 2021 sales have occurred in Alna (6), Somerville (5), and Monhegan Island (1).

There are currently 217 single-family homes for sale in Lincoln County (up from 178 in May), with 36 percent of those priced at or above $500,000. The 841 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (5%), $100,000-$249,999 (26%), $250,000-$499,999 (47%), $500,000-$999,999 (18%), and $1 million-plus (5%). 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 4.0 months (under $100,000), 2.5 months ($100,000-$249,999), 2.5 months ($250,000-$499,999), 4.3 months ($500,000-$999,999), and 7.2 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.