Statewide August real estate sales indicate that 2019 is on track to earn a spot among record years for single-family Maine home sales. Statistics released today by the Maine Association of Realtors show a 3.19 percent rise in sales compared to August 2018. Prices are also rising; the statewide median sales price (MSP) increased 4.55 percent to $230,000 compared to August 2018. The MSP indicates that half of the homes were sold for more and half sold for less.
It has been a strong real estate year for much of Maine and good quality for-sale inventory is moving quickly. With low mortgage interest rates and motivated buyers in the marketplace, now is a good time to list and sell. Please reach out to a Newcastle Realty agent with your questions or to discuss the value of your property.
The National Association of Realtors reported a 2.9 percent increase in sales nationwide and an MSP bump of 4.7 percent in the past year. Regionally, single-family home sales in the Northeastern region were up 1.4 percent, while the regional MSP eased 0.3 percent last month to $303,500.
Newcastle Realty continues to enjoy a very good sales year. As of the date of this report, our brokers have closed 112 transaction sides with a total volume of $26,738,950—down slightly from our same Y-T-D numbers in 2018. In comparison, the local Sotheby’s office has booked $19,900,870 from 51 sides, and Drum and Drum Real Estate has sold $16,088,590 with 61 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 (74), Boothbay (60), Wiscasset (49), Jefferson (57), Bristol (55), Boothbay Harbor (42), and Damariscotta (37). Slightly fewer sales have happened so far this year in Westport Island (15), Bremen (18), South Bristol (21), Dresden (16), Nobleboro (20), Edgecomb (16), Whitefield (20), Southport (15) and Newcastle (24). Towns seeing just ten or fewer sales include Alna (10) and Somerville (6).
There are currently 435 single-family homes for sale in Lincoln County (down slightly from 446 last month, but the exact same number we had last September), with 30 percent of those priced at or above $500,000. The 635 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (9%), $100,000-$249,999 (48%), $250,000-$499,999 (33%), $500,000-$999,999 (8%), and $1 million-plus (2%).
The current market absorption rates for Lincoln County homes is 3.7 months (under $100,000), 5.6 months ($100,000-$249,999), 8.9 months ($250,000-$499,999), 20.0 months ($500,000-$999,999), and 34.0 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.
- 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 9/19/19.
