October 2023 Market Update

Spread the love

The availability of single-family homes remains lower than average with Realtors across the state reporting just 1,410 homes being sold in September 2023, a 25.4 percent decrease compared to September of last year. The statewide median sales price (MSP) increased 14.17 percent to $376,750. The MSP indicates that half of the homes were sold for more and half sold for less.

While overall for-sale inventory increased two percent between August and September of 2023, the number of available properties is still 57 percent below pre-pandemic September of 2019. The Maine real estate market saw just 3,855 homes listed for sale in September this year, a significant decrease compared to the 9,026 homes for-sale in September 2019.

Statistics shared by the National Association of Realtors indicate a 15.8 percent dip in sales across the country since last year with prices increasing 2.5 percent, reaching a national MSP of $399,200. Regionally, the Northeast saw a 16.7 percent decrease in sales with the regional MSP rising to $439,900, a 5.2 percent increase.

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 99 transaction sides with a total volume of $32,108,450 – Over $4 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $17,316,552 with 30 sides, and Sotheby’s has sold $40,306,160 with 64 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (40), Wiscasset (57), Waldoboro (69), Boothbay (58), Jefferson (46), Whitefield (34), Damariscotta (34), and Bristol (51). Slightly fewer sales have happened so far in Dresden (16), Edgecomb (25), Newcastle (20), and Nobleboro (24). Towns seeing even fewer sales include Westport Island (13), South Bristol (6), Southport (11), Bremen (12), Alna (10), Somerville (6), and Monhegan Island (1).

There are currently 129 single-family homes for sale in Lincoln County (down from 138 in September), with 48 percent of those priced at or above $500,000. The 382 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (20%), $250,000-$499,999 (41%), $500,000-$999,999 (26%), 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 0.9 months (under $100,000), 2.6 months ($100,000-$249,999), 3.8 months ($250,000-$499,999), 5.2 months ($500,000-$999,999), and 6.6 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.