The sale of single-family homes in Maine continues to surge by double digits. Data shared by the Maine Association of Realtors show the ownership transfer of 1,611 homes across the state for the month of May 2021, alone—a 28.32 percent increase over May 2020. Home values continue to be impacted by high buyer demand. The statewide median sales price (MSP) increased 28.21 percent to $305,000 in May 2021 compared to May of last year. The MSP indicates that half of the homes were sold for more and half sold for less.
May 2020 was a low point for Maine’s residential real estate market due to the COVID shutdown. Since then, the numbers have rebounded and continue to grow. These reported numbers are a comparison to the May 2020 COVID shutdown statistics. Sales volume for May 2021 showed similarities to pre-pandemic sales volume levels, with an increase of about one percent above the May 2019 figures.
According to the National Association of Realtors, the sale of single-family existing homes across the country displayed an increase of 39.2 percent in May 2021 compared to May 2020. The national MSP of $356,600 represents an increase of 24.4 percent from May of 2020. Regionally, sales across the Northeast increased 46.9 percent and the regional MSP increased 17.1 percent to $384,300, compared to May 2020.
With continued momentum, our company remains the leading real estate firm in the Damariscotta area. As of the date of this report, our brokers have closed 85 transaction sides with a total volume of $21,660,275 —up 62% over our Y-T-D numbers in 2020. In comparison, the local Sotheby’s office has booked $19,910,100 from 34 sides, and Drum and Drum Real Estate has sold $10,820,467 with 26 sides.
Most of the year-to-date 2021 property sales locally have occurred in Waldoboro (55), Boothbay (62), Wiscasset (41), Bristol (53), Dresden (17), Damariscotta (21), Jefferson (39), Edgecomb (18), Newcastle (25), Boothbay Harbor (25), and Nobleboro (15). Slightly fewer sales have happened so far this year in Whitefield (10), Bremen (16), Westport Island (12), South Bristol (12), Southport (12), Alna (5), Somerville (5), and Monhegan Island (1).
There are currently 178 single-family homes for sale in Lincoln County (up from 150 in April), with 35 percent of those priced at or above $500,000. The 837 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (6%), $100,000-$249,999 (26%), $250,000-$499,999 (46%), $500,000-$999,999 (17%), 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 2.8 months (under $100,000), 1.8 months ($100,000-$249,999), 2.3 months ($250,000-$499,999), 3.7 months ($500,000-$999,999), and 5.8 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 1/1/2021 through 6/23/2021.
