Buyers across the state continue to be met with low inventory when searching for single-family existing homes. Comparing August 2023 to August 2022, statistics shared by Maine listings indicate an increase of 9.41 percent in home values while the overall number of sales dipped 18.77 percent. Month over month, sales volume increased 13 percent but was down almost 19 percent compared to this time last year. The median sales price (MSP) reached $372,000 with a total of 1,510 homes sold during the month of August. The MSP indicates that half of the homes were sold for more and half sold for less.
The National Association of Realtors reported a nationwide decrease in sales of 15.3 percent in August 2023 compared to August of last year. Prices increased 3.7 percent, reaching a national MSP of $413,500. Regionally, sales in the Northeast dipped 22.6 percent while the regional MSP increased 5.8 percent to $465,700. 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. Now is a terrific time to list your property for sale. Don’t wait to place your home, camp or land parcel on the market; qualified buyers are searching now. Reach out to our professional broker staff today by calling 207-563-1003. They can quickly tell you what your 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 85 transaction sides with a total volume of $27,740,950 – Over $4 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $14,912,000 with 26 sides, and Sotheby’s has sold $29,632,460 with 53 sides.
Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (32), Wiscasset (52), Waldoboro (62), Boothbay (48), Jefferson (39), Whitefield (28), Damariscotta (30), and Bristol (44). Slightly fewer sales have happened so far in Dresden (14), Edgecomb (19), Newcastle (18), and Nobleboro (17). Towns seeing even fewer sales include Westport Island (13), South Bristol (4), Southport (9), Bremen (11), Alna (7), Somerville (5), and Monhegan Island (1).
There are currently 138 single-family homes for sale in Lincoln County (up from 127 in August), with 52 percent of those priced at or above $500,000. The 476 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (21%), $250,000-$499,999 (41%), $500,000-$999,999 (25%), and $1 million-plus (9%). 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 1.4 months (under $100,000), 2.3 months ($100,000-$249,999), 2.8 months ($250,000-$499,999), 4.9 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.
