July 2023 Market Update

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Though real estate inventory across the state remains low, a slight increase in home values suggest there are positive signs on the horizon. Statistics shared by Maine Listings show sold prices for homes increased 6.45 percent in June 2023 compared to June 2022, reaching a median sales price (MSP) of $385,000. The MSP indicates that half of the homes were sold for more and half sold for less.

Mainly due to a lack of inventory, sales for June 2023 were down 19.24 percent compared to June of last year. But with more for-sale homes entering the market and qualified buyers ready to make purchases, month over month sales appear to be on the rise. The Maine real estate market saw a jump in sales of 27 percent from May to June. Additionally, the number of homes for sale saw an increase of 14 percent, indicating a more balanced market may be on the way.

According to the National Association of Realtors, the national MSP dipped 1.2 percent to $416,000 with sales decreasing 18.8 percent for June 2023 compared to June 2022. Regionally, the Northeast experienced a 21.5 percent decrease in sales volume and a 4.9 percent increase in the regional MSP, reaching $475,300.

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. 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!

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 closed 59 transaction sides with a total volume of $19,795,550 – over $3 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $12,734,500 with 19 sides, and Sotheby’s has sold $18,772,460 with 31 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (22), Wiscasset (24), Waldoboro (24), Boothbay (19), Jefferson (23), Whitefield (14), Damariscotta (17), and Bristol (14). Slightly fewer sales have happened so far in Dresden (9), Edgecomb (10), Newcastle (7), and Nobleboro (8). Towns seeing even fewer sales include Westport Island (4), South Bristol (3), Southport (7), Bremen (5), Alna (1), Somerville (1), and Monhegan Island (0).

There are currently 124 single-family homes for sale in Lincoln County (up from 97 in June), with 45 percent of those priced at or above $500,000. The 503 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (21%), $250,000-$499,999 (42%), $500,000-$999,999 (25%), and $1 million-plus (8%). 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 2.0 months (under $100,000), 1.6 months ($100,000-$249,999), 2.9 months ($250,000-$499,999), 3.7 months ($500,000-$999,999), and 5.3 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.