Realtors across Maine report healthy long-term activity in most markets, despite a dip in sales during September. According to Maine Listings, sales of single-family existing homes eased 5.14 percent comparing September 2018 to September 2017. The value of those homes, tracked statistically by the Median Sales Price (MSP), indicates a rise in home values of 3.75 percent to an MSP of $215,000. The MSP indicates that half of the homes were sold for more and half for less.
While the September sales numbers show a decrease statewide, the rolling quarter sales are up 3.4 percent and year-to-date sales are up 2.5 percent compared to 2017. Real estate values continue to show a strong positive trend.
Nationally, sales of single-family existing homes nationwide decreased 4.0 percent in the past year, and reports released today by the National Association of REALTORS show a 4.6 percent increase in the national MSP of $260,500. Regionally, sales in the Northeast declined 5.6 percent, while the regional MSP increased 4.1 percent to $286,200.
Newcastle Realty continues to have a strong 2018 selling season. As of October 19, 2018, our brokers have closed 134 transaction sides with a total volume of $33,508,201—up 8.2 percent over our same Y-T-D sales in 2017. By comparison, Sotheby’s Legacy Properties has booked $22,835,550 from 51 sides and Drum and Drum Real Estate has sold $20,754,865 with 62 sides. We are pleased to remain the #1 real estate firm in our area.
Most of the year-to-date 2018 property sales in the local area have occurred in Waldoboro (82), Wiscasset (76), Boothbay (64), Jefferson (43), and Bristol (68). Slightly fewer sales have happened so far this year in Damariscotta (33), Boothbay Harbor (37), Edgecomb (21), Westport Island (24), Whitefield (23), Nobleboro (25), and Newcastle (31). Towns showing around a dozen-plus sales include Bremen (15), South Bristol (18), Southport (14), Somervile (12), and Dresden (13). Towns seeing just single digit sales are Alna (4) and Monhegan Island (1).
There are currently 414 single family homes for sale in Lincoln County (down from 435 last month), with 30 percent of those priced at or above $500,000. The 618 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (11%), $100,000-$249,999 (46%), $250,000-$499,999 (31%), $500,000-$999,999 (10%), and $1 million-plus (2%).
The current market absorption rates for Lincoln County homes is 4.4 months (under $100,000), 5.3 months ($100,000-$249,999), 9.0 months ($250,000-$499,999), 16.2 months ($500,000-$999,999), and 46.5 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 10/19/18.
