Though home values in Maine continue to rise, sales remain lower than average due to lack of inventory. Statistics reported by MaineListings indicate the sale of 1,435 single-family homes during October 2023 – a decrease of 10.14 percent compared to October 2022. Prices increased 13.25 percent, reaching a median sales price (MSP) of $376,000. The MSP indicates that half of the homes were sold for more and half sold for less.
Nationally, sales of single-family homes decreased 14.6 percent comparing October 2023 to October of last year. Prices across the country saw a slight increase of 3.0 percent to a national MSP of $396,100. Regionally, sales in the Northeast declined 15.8 percent while the regional MSP reached $439,200, an increase of 7.5 percent, during that same time period.
The buyer’s market remains robust, fueling competition for move-in ready homes. As a prospective seller, now is an opportune time to list your property for sale while demand remains high. To navigate the challenging market, sellers and buyers should partner with a Newcastle Realty agent for expert counsel. Reach out to our professional broker staff today by calling 207-563-1003 to find out how much your home or 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 109 transaction sides with a total volume of $36,231,450 – Over $4 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $20,766,552 with 36 sides, and Sotheby’s has sold $47,871,160 with 74 sides.
Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (47), Wiscasset (63), Waldoboro (77), Boothbay (65), Jefferson (51), Whitefield (35), Damariscotta (38), and Bristol (58). Slightly fewer sales have happened so far in Dresden (21), Edgecomb (30), Newcastle (24), and Nobleboro (24). Towns seeing even fewer sales include Westport Island (14), South Bristol (7), Southport (11), Bremen (13), Alna (11), Somerville (8), and Monhegan Island (2).
There are currently 135 single-family homes for sale in Lincoln County (up from 129 in October), with 50 percent of those priced at or above $500,000. The 478 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (19%), $250,000-$499,999 (40%), $500,000-$999,999 (27%), and $1 million-plus (10%). 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 0.7 months (under $100,000), 21.5 months ($100,000-$249,999), 3.5 months ($250,000-$499,999), 4.1 months ($500,000-$999,999), and 6.0 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.
