Real estate sales remain steady, though the number of buyers continues to outpace for-sale inventory. Statistics shared by Maine Listings indicate a 1.66 percent increase for single-family homes sold in August 2024 compared to August 2023. The median sales price (MSP) reached $400,000 in August – a surge of 7.53 percent compared to this time last year. The MSP indicates that half of the homes were sold for more and half sold for less.
The number of existing homes for sale in Maine has almost doubled since the beginning of this year. Despite the increase of inventory, the market remains imbalanced due to an abundance of buyers and continued shortage of available homes for sale. With 4,964 homes listed last month and 1,535 sold, Maine’s for-sale inventory remains at a 3.2-month supply level, considerably below the six-month supply level that is indicative of a balanced market for both buyers and sellers.
If you have been thinking of listing your home or property for sale, now is an excellent time. With increased buyer demand, sellers can expect competing offers and decreased number of days on the market. Don’t wait! To find out how much your home or property is worth, reach out to our team of professional broker staff today by calling 207-563-1003 or 207-633-4433.
Our company continues to excel with a full staff of exceptional local agents. We are proud 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 assisted 83 families with a total sales volume of $30,765,015, up $6 million since last month alone! As a locally owned company, Newcastle Realty is committed to supporting our local communities and families. Through our Charitable Giving and Community Outreach committee, a portion of every transaction is invested back into the Lincoln County community. Over the past 30 years, we have donated over $450,000 and hundreds of hours to local organizations. Learn more about our charitable giving at www.mynewcastle.com/about/community-support/.
Most of the year-to-date 2024 property sales locally have occurred in Waldoboro (60), Wiscasset (41), Boothbay (37), Jefferson (39), and Bristol (43). Slightly fewer sales have happened so far in Whitefield (24), Damariscotta (33), Bremen (24), Boothbay Harbor (33), Westport Island (13), and Nobleboro (20). Towns seeing even fewer sales include South Bristol (18), Newcastle (18), Dresden (14), Edgecomb (19), Somerville (9), Southport (7), Alna (5), and Monhegan Island (0).
There are currently 199 single-family homes for sale in Lincoln County (up from 195 in August), with 62 percent of those priced at or above $500,000. The 489 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (14%), $250,000-$499,999 (44%), $500,000-$999,999 (30%), 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 0.0 months (under $100,000), 3.8 months ($100,000-$249,999), 3.1 months ($250,000-$499,999), 6.4 months ($500,000-$999,999), and 12.2 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.
