The $224,900 median sales price of a single-family existing home in Maine in October 2019 was 4.6 percent higher than October 2018, according to data released by the Maine Association of Realtors. The MSP indicates that half of the homes were sold for more and half sold for less. Realtors also reported a record-breaking 1,845 sales for October—an increase of 0.71 percent compared to October 2018. Realtors across Maine report motivated and focused buyers searching for homes. Through October, the number of home sales statewide in 2019 has exceeded our best-ever (2018) by 0.8 percent.
The National Association of Realtors reported a 5.4 percent increase in single-family existing home sales on a national scale comparing October 2019 to October 2018. Prices jumped 6.2 percent to a national MSP of $273,600. Regionally, sales in the Northeast remained flat while prices rose 5.7 percent to $296,700, comparing October 2019 to October 2018. Sales volume remains steady. Median prices trending upward in some markets are indicative of tight for-sale inventory levels and the sustained historically low, and affordable, mortgage interest rates.
Newcastle Realty continues to enjoy a very good sales year. As of the date of this report, our brokers have closed 140 transaction sides with a total volume of $33,751,410—down slightly from our same Y-T-D numbers in 2018. In comparison, the local Sotheby’s office has booked $25,424,545 from 63 sides, and Drum and Drum Real Estate has sold $20,130,050 with 75 sides. We are pleased to remain among the leading real estate firms in our area.
Most of the year-to-date 2019 property sales locally have occurred in Waldoboro (102), Boothbay (71), Wiscasset (63), Jefferson (72), Bristol (77), Boothbay Harbor (63), and Damariscotta (48). Slightly fewer sales have happened so far this year in Westport Island (18), Bremen (22), South Bristol (28), Dresden (23), Nobleboro (28), Edgecomb (17), Whitefield (27), Southport (19) and Newcastle (29). Towns seeing about a dozen or fewer sales include Alna (14) and Somerville (7).
There are currently 380 single-family homes for sale in Lincoln County (down from 403 last month), with 30 percent of those priced at or above $500,000. The 643 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (8%), $100,000-$249,999 (49%), $250,000-$499,999 (32%), $500,000-$999,999 (9%), and $1 million-plus (2%).
The current market absorption rates for Lincoln County homes is 5.1 months (under $100,000), 3.2 months ($100,000-$249,999), 7.4 months ($250,000-$499,999), 16.6 months ($500,000-$999,999), and 38.7 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 1/1/19 through 11/21/19.
