Sales of Maine’s single-family existing homes decreased 1.38 percent last month, due to limited market inventory. Prices, however, continued to rise; according to Maine Listings, the statewide median sales price (MSP) increased 9.95 percent to $219,900. The MSP indicates that half of the homes were sold for more and half for less.
Real estate firms across the state are experiencing steady business, with many markets reporting that multiple offers are prevalent due to tight for-sale inventory conditions. Statewide, we have 14 percent fewer homes for sale than a year ago, and 32 percent fewer than 2016. We’re seeing upward pressure on pricing in those markets due to the limited supply.
According to the National Association of Realtors, sales nationwide eased three percent over the past 12 months, while the national MSP rose 5.2 percent to $267,500. Regionally, sales in the Northeast decreased 11.7 percent and the MSP dipped 1.8 percent to $275,900.
Newcastle Realty has had a strong first half of the 2018 selling season. As of June 21, 2018, our brokers have closed 69 transaction sides with a total volume of $15,890,701—a 5 percent increase over our same Y-T-D sales in 2017. By comparison, Tindal and Callahan has posted 48 sides for $11,254,471 in volume, Drum and Drum Real Estate has sold $9,560,310 with 28 sides, and Sotheby’s Legacy Properties has booked $8,636,500 from 19 sides. We are proud to remain the #1 firm in Lincoln County.
Most of the year-to-date 2018 property sales in the local area have occurred in Waldoboro (74), Wiscasset (81), Boothbay (93), Boothbay Harbor (61), and Bristol (79). Slightly fewer sales have happened so far this year in Jefferson (59), Damariscotta (41), Edgecomb (36), Westport Island (31), Whitefield (32), Nobleboro (29), Dresden (24), and Newcastle (32). Towns showing less than two dozen sales include Bremen (18), South Bristol (17), and Somerville (14). Towns seeing just single digit sales are Alna (9), Southport (8), and Monhegan Island (2).
There are currently 445 single family homes for sale in Lincoln County (up from 374 last month), with 26 percent of those priced at or above $500,000. The 602 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (12%), $100,000-$249,999 (51%), $250,000-$499,999 (27%), $500,000-$999,999 (9%), and $1 million-plus (1%).
The current market absorption rates for Lincoln County homes is 3.9 months (under $100,000), 6.0 months ($100,000-$249,999), 11.1 months ($250,000-$499,999), 19.2 months ($500,000-$999,999), and 34 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.
- Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/18 through 6/21/18.
