NEWCASTLE REALTY DONATES TO SKIDOMPHA LIBRARY

Local real estate firm Newcastle Realty was pleased to present a $5,000 donation to Skidompha Library, after handling the sale of their 170 Main Street, Damariscotta property, known as the Stephen Coffin Building.

Newcastle Realty is part of the Cheney Financial Group which has provided financial and volunteer support to Lincoln County non-profits for many years. “We are always pleased to assist our community non-profits with their real estate needs,” explained company owner and President Dennis Hilton. “That gives us the opportunity to pay something extra back to them in return.”

Skidompha board member Karen Filler adds, “When the decision was made to sell this part of our real estate holdings, we wanted to work with a locally owned realty firm that had experience with commercial properties. We also enjoyed a long association with the Cheney Financial Group as supporters of our mission. Our Newcastle Realty agents were Jane Gravel and Debby Schling, and throughout the process their expertise and professionalism were evident and much appreciated. We were very pleased with the outcome.”

Newcastle Realty has a staff of 18 agents who represent buyers and sellers. They offer business brokerage and commercial real estate services, as well as handling residential, land, and investment properties. You can reach them at 207-563-1003 and 207-633-4433. Learn more by visiting www.MyNewcastle.com.

Karen Filler, Jane Gravel, Debby Schling

September 2024 Market Update

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.

August 2024 Market Update

Sales of single-family home sales in Maine remain healthy and in-demand, though the number of units-for-sale remains low. Maine Listings reported 1,482 homes changed hands during the month of July, up 10.93% compared to July 2023. The median statewide sales price increased 5.07 percent over the past 12 months to $399,250. The MSP indicates that half of the homes were sold for more and half sold for less.

During 2024, Maine’s statewide real estate market continues to see inventory grow gradually. The 4,705 homes for sale in July was the highest number in 45 months. However, unit sales continue to gain as well, keeping Maine’s for-sale inventory at a 3.2-month supply level. A ‘balanced market’ for both buyers and sellers is a 6-month supply level.

The National Association of Realtors today reported a national sales dip of 1.4 percent, while the national MSP rose 4.2 percent to $428,500 comparing July 2024 to July 2023. Regionally, sales in the Northeast increased 2.1 percent, and the regional MSP increased 8.3 percent to $505,100 over that same time period.

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 61 families with a total sales volume of $24,369,015, up $4 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 (50), Wiscasset (35), Boothbay (39), Jefferson (30), and Bristol (33). Slightly fewer sales have happened so far in Whitefield (19), Damariscotta (23), Bremen (19), Boothbay Harbor (25), Westport Island (12), and Nobleboro (15). Towns seeing even fewer sales include South Bristol (7), Newcastle (13), Dresden (9), Edgecomb (15), Somerville (5), Southport (6), Alna (3), and Monhegan Island (0).

There are currently 195 single-family homes for sale in Lincoln County (up from 168 in July), with 63 percent of those priced at or above $500,000. The 490 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (15%), $250,000-$499,999 (45%), $500,000-$999,999 (28%), 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 1.7 months (under $100,000), 2.1 months ($100,000- $249,999), 2.7 months ($250,000-$499,999), 5.6 months ($500,000-$999,999), and 10.3 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.

Statistics are from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2024 through 8/22/2024.

THE WAY YOU BUY AND SELL REAL ESTATE IS ABOUT TO CHANGE

As a result of the March 2024 agreement by the National Association of Realtors to settle one of several class action lawsuits brought against them and a variety of large national real estate firms and Multiple Listing Services, things in real estate are about to change in a big way. August 17, 2024 is the deadline for certain practice changes to begin in the real estate industry across the country.

by Dennis Hilton, Designated Broker/Owner, Newcastle Realty, Damariscotta and Boothbay Harbor, Maine

Some of those changes include a prohibition of any offers of compensation (by a selling firm to a buyer’s agent’s firm) from being displayed on any MLS listing as happens now, and more specific disclosures regarding agent representation and real estate commissions. Such as, clear reminders to consumers that commissions charged by brokers for selling your property or acting as a buyer’s agent are not set by law and are fully negotiable.

For several years, Maine Realtors have been required to present to everyone they have a substantive interaction with about buying or selling real estate, a written explanation of the types of agent representation available. This common disclosure details the difference between remaining an unrepresented “customer” and becoming a represented client. Still, there is much confusion about the process.

In Maine, we have used written Buyers Representation Agreements for many years, but states elsewhere are only beginning to. And, while in Maine it has always been that an interested party could view a listed home with an agent without ever signing anything, after 8/17/24, that can no longer happen (in all but limited scenarios). All real estate agents will be prohibited from showing you a listed property without a signed written agreement between you and the agent detailing the terms of representation and potential compensation (you can limit that agreement to just one property, and for just that day, if you choose). To be sure, there are many great reasons to have a trusted Realtor by your side guiding you and representing your interests when buying or selling real estate. That will not change, and in fact, it will be more important than ever after August 17.

There is an expectation that these practice changes will enhance transparency going forward, and maybe even lower the cost of selling real estate for consumers. At Newcastle Realty, our old model called for standard listing commission tiers of some percentage of the sold price; it might have been 5%, 6%, 7%, or 8%, depending on whether we were marketing land, a home, a business, or commercial property for the client. Of that, we used to offer a portion to agents representing buyers, as an additional incentive (that used to be 50% of what we were charging our seller client). Now, we offer a modified option where our listing and marketing services cost half what they used to, and the seller decides how much (if any) additional compensation they wish to offer to a buyer’s agent, and we add those together. The result is often lower than what we might have expected to see in the past.

Yes, this can and will have the effect of transferring some or all of the cost for the buyer’s agent services (that used to be paid by the seller), onto the buyer’s side of the settlement statement—and that is a potential disadvantage for first-time home buyers without extra funds beyond their downpayment. It will take time for us to see the full impact of this evolution.

To be sure, there is a lot of confusion among consumers, and frankly, there is a lot of concern among some Realtors. At my firm, we have accepted and embraced these changes. We are ready to guide buyers and sellers through this new, exciting landscape. This is the future of real estate, and it begins August 17th. There are some very good sources of additional information available online if you want to learn more, such as www.nar.realtor/the-facts/home-sellers-what-the-nar-settlement-means and www.nar.realtor/the-facts/homebuyers-what-the-nar-settlement-means.

July 2024 Market Update

The Maine real estate market continues to fluctuate with the month of June seeing an increase in for-sale inventory and a decrease in number of sales transactions. Statewide sales totaled 1,291 transactions during June 2024, a decrease of 10.03 percent compared to this time last year. Statistics shared by Maine Listings report a current inventory of 4,400 homes for sale at a median sales price of $406,000, an increase of 5.45 percent compared to June 2023. The MSP Indicates that half of the homes were sold for more and half sold for less.

While increased buyer activity persists, we continue to see an upward trend in listing activity. This is great news for the many active buyers who have been seeking to purchase real estate and sellers who may be looking to relocate within the state.

Selling season in Maine is here! The buyer’s market remains robust, making summer a great time for sellers to consider listing their home or property for sale. With continued buyer demand, sellers can expect competing offers and a 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 51 families with a total sales volume of $20,481,025, up almost $8 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 (45), Wiscasset (32), Boothbay (28), Jefferson (27), and Bristol (30). Slightly fewer sales have happened so far in Whitefield (18), Damariscotta (21), Bremen (17), Boothbay Harbor (22), Westport Island (12), and Nobleboro (12). Towns seeing even fewer sales include South Bristol (7), Newcastle (12), Dresden (9), Edgecomb (13), Somerville (5), Southport (5), Alna (3), and Monhegan Island (0).

There are currently 168 single-family homes for sale in Lincoln County (up from 133 in June), with 61 percent of those priced at or above $500,000. The 500 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (15%), $250,000-$499,999 (45%), $500,000-$999,999 (28%), 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 1.7 months (under $100,000), 2.1 months ($100,000-$249,999), 2.7 months ($250,000-$499,999), 5.6 months ($500,000-$999,999), and 10.3 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.

LOCAL BUSINESS OWNER REACHES 40 YEAR MILESTONE

At their annual Selling Season Kick-Off Breakfast held at the Oysterhead Lounge in Newcastle recently, the 30-plus associates from Cheney Insurance, Newcastle Realty, and Newcastle Vacation Rentals gathered to honor their clients, to welcome spring, and to celebrate the success of their companies, which together make up the Cheney Financial Group.

Area native Dennis Hilton of Newcastle has served as President and CEO of these Damariscotta-based service businesses for most of his career, and recently celebrated a significant milestone by reaching his 40^th year work anniversary. A surprise staff luncheon was held recently, honoring the achievement.

Dennis Hilton, CEO
Cheney Financial Group — `Dennis Hilton, CEO`

“I began working for my parents at the insurance agency right after graduating Lincoln Academy in 1984,” explained Hilton. That launched a career as a local businessman and entrepreneur that has now spanned four decades.

During that time, Hilton helped grow the insurance operation by acquiring The Glidden Agency in 1998. He also negotiated the acquisition of Newcastle Square Realty in 1999 and merged that firm with a much smaller Cheney Realty Company. In 2002, Hilton purchased the former Damariscotta Hardware building and renovated that into the present Day-Nash Building on Main Street, Damariscotta. He spun off a vacation cottage rental division which has now operated for over 20 years as an independent company. “It is amazing how the years have flown by,” explained Hilton, “while we have continued to serve the insurance, real estate, and vacation cottage needs of hundreds of families.”

Over the years, Hilton has also launched several other businesses including Hilton Transport, West Neck Auto Storage, and Hilton Timber Management. “I enjoy the variety of my role and have had the great pleasure of working with some very amazing people at our companies,” added Hilton. “Our leadership team and staff make my job easier by doing their jobs exceptionally well, which makes for a smooth-running operation. I really love hearing feedback from our clients, which I receive routinely, having been born and raised right here in town and knowing many of our customers personally for many years.”

When asked what has provided the most satisfaction when reflecting on his tenure, Hilton is quick to mention the important work of the Cheney Financial Group Charitable Giving Committee. Established over 20 years ago, volunteer staff members manage the overall community support efforts and financial giving of the companies. “I am also proud of our legacy, going back to founder Ralph Cheney, his daughter Arlene and her husband Mac MacKechnie. They gave my parents a tremendous opportunity back in the late 1960’s, just like my parents did for me in the mid-1980’s. If not for them, I would not have been so fortunate to live and work in the communities I grew up in. I am forever grateful to them.”

Cheney Insurance is a fifth-generation family-owned business that is celebrating 70 years of service. Their office is located at 277 Main Street, Damariscotta and they can be reached at 207-563-3435. Newcastle Realty, with a staff of 20 real estate agents, is one of the largest realty firms in the area. They have offices at 87 Main Street, Damariscotta (207-563-1003) and 14 Todd Avenue in Boothbay Harbor (207-633-4433). Newcastle Vacation Rentals is based in Damariscotta and manages the seasonal rental activities for over 80 cottage and property owners on nearby lakes, ponds, rivers, and the ocean. They can be reached at 207-563-6500.

April 2024 Market Update

Sales volume across the state continue to rise, with a total of 888 single-family homes sold in March 2024 – an increase of 3.5 percent compared to March 2023. The median sales price also increased, reaching $380,000, a surge of 12.59 percent compared to this time last year. The MSP indicates that half of the homes were sold for more and half sold for less.

It appears that the selling season for Maine real estate has kicked-off earlier than usual. After 31-months of year-over-year decline in sales, an increase in listings combined with sustained buyer demand has led us to a second consecutive month of increased sales volume.

Markets remain brisk with properly priced and presentable properties continuing to sell quickly. Now is an excellent time to contact Newcastle Realty about selling your home or property. 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 a total sales volume of $7,086,900 and 28 families served. 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 (23), Bremen (11), Boothbay Harbor (9), Boothbay (13), Wiscasset (10), Damariscotta (10), Jefferson (11), and Bristol (12). Slightly fewer sales have happened so far in Whitefield (6), Dresden (7), Westport Island (7), and Nobleboro (6). Towns seeing even fewer sales include Edgecomb (5), South Bristol (4), Newcastle (4), Somerville (2), Southport (1), Alna (2), and Monhegan Island (0).

There are currently 102 single-family homes for sale in Lincoln County (up from 86 in March), with 54 percent of those priced at or above $500,000. The 501 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (16%), $250,000-$499,999 (43%), $500,000-$999,999 (28%), and $1 million-plus (9%). Listing inventory remains 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), 1.8 months ($100,000-$249,999), 1.9 months ($250,000-$499,999), 2.9 months ($500,000-$999,999), and 5.4 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.

March 2024 Market Update

The month of February saw a statewide uptick in both sales and home prices, due to continued buyer demand and an increase in single-family homes available for sale. Statistics shared by Maine Listings indicate a jump in home sales of 11.44 percent, comparing February 2024 to February of last year. The median sales price increased 7.52 percent, reaching $354,000, during that same period of time. The MSP indicates that half of the homes were sold for more and half sold for less.

Though an increase in listing activity has led to higher sales volume, buyer demand continues to outpace supply in many local markets, fueling higher list prices. Overall, the Maine real estate market is experiencing some positive changes for families and individuals looking to buy. After 31 consecutive months of year-over-year decline in number of homes sold, February finally showed an increase in year-over-year sales volume.

The buyer’s market remains robust, making spring a great time for sellers to consider listing their home or property for sale. With increased buyer demand and tight for-sale inventory, sellers can expect competing offers and a decreased number of days on the market. 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 a total sales volume of $6,193,000 and 23 families served. 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 (16), Bremen (10), Boothbay Harbor (9), Boothbay (8), Damariscotta (8), Jefferson (8), and Bristol (11). Slightly fewer sales have happened so far in Wiscasset (7), Whitefield (5), Westport Island (5), and Nobleboro (5). Towns seeing even fewer sales include South Bristol (4), Newcastle (3), Dresden (2), Somerville (2), Southport (1), Edgecomb (3), Alna (1), and Monhegan Island (0).

There are currently 86 single-family homes for sale in Lincoln County (up from 85 in February), with 51 percent of those priced at or above $500,000. The 501 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (16%), $250,000-$499,999 (42%), $500,000-$999,999 (29%), 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), 1.9 months ($100,000-$249,999), 1.8 months ($250,000-$499,999), 2.2 months ($500,000-$999,999), and 3.9 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.

February 2024 Market Update

Buyers across the state continue to be met with lower-than-average for sale inventory. Statistics shared by Maine Listings indicate a 1.98 percent decrease in sales while the median sales price (MSP) increased 8.62 percent – reaching $353,000 comparing January 2024 to January of last year. The MSP indicates that half of the homes were sold for more and half sold for less.

A total of 743 homes changes hands last month, slightly less than the 758 sales that occurred in January 2023. With the New Year well underway, the Maine real estate market is experiencing some positive changes for families and individuals looking to buy. While still historically low, for-sale inventory has been trending upward, mortgage rates are beginning to soften, and year-over-year price appreciation has remained in the single digits for three consecutive months.

The buyer’s market remains robust, making winter a great time for sellers to consider listing their home or property for sale. With fewer homes coming to market this time of year and the already tight for-sale inventory, sellers can expect competing offers and a decreased number of days on the market. 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 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 a total sales volume of $3,466,000 with 14 families served. 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 (13), Bremen (9), Boothbay Harbor (6), Wiscasset (5), Boothbay (5), and Damariscotta (6). Slightly fewer sales have happened so far in Jefferson (4), Whitefield (4), Newcastle (3), and Bristol (3). Towns seeing even fewer sales include South Bristol (2), Dresden (2), Westport Island (2), Somerville (2), Southport (1), Edgecomb (1), Nobleboro (1), Alna (0), and Monhegan Island (0).

There are currently 85 single-family homes for sale in Lincoln County (down from 90 in December), with 49 percent of those priced at or above $500,000. The 493 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (17%), $250,000-$499,999 (42%), $500,000-$999,999 (28%), 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 0.7 months (under $100,000), 2.1 months ($100,000-$249,999), 1.8 months ($250,000-$499,999), 2.4 months ($500,000-$999,999), and 4.5 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.

Newcastle Realty Launches New Business Brokerage Division

As one of the leading real estate firms in Lincoln County with a staff of 18 agents operating from two offices in Damariscotta and Boothbay Harbor, Newcastle Realty has been assisting buyers and sellers with their property needs for more than 35 years. Now, the company is launching a new division that will offer similar buyer and seller services to local business owners seeking to sell, and prospective buyers looking to acquire or invest in a business,

with or without real estate.

“We are very excited to be expanding our range of services to include assisting business owners in our communities,” said Dennis.

Hilton, owner of Newcastle Realty and The Cheney Financial Group. “We will be leveraging the knowledge and experience that our Sales Agent Jane Oliver-Gravel has with buying and selling businesses, to guide and assist others. I know that Jane and our entire staff is excited to offer these very specialized services.”

The process of buying or selling a business can be complex and subject to unexpected obstacles, especially if financing is involved. Throughout her career, Oliver-Gravel has owned and operated over a dozen businesses in Lincoln County, and she has seen a variety of scenarios as she has launched, acquired, and turned her many business interests over to new owners.

“I am thrilled to help offer this important guidance to our local business communities that I know so well,” said Oliver-Gravel. “I know first-hand how stressful it can be when buying or selling a business, and I also know how rewarding it is for our local entrepreneurs and business owners to be a part of serving the needs of our local residents and also what draws visitors to our vibrant towns”. Jane recently formed a real estate team with veteran Newcastle Realty Associate Broker Debby Schling, who has 18 years of experience.

Along with the new business brokerage division, Newcastle Realty will offer enhanced commercial real estate services for owners of office buildings, retail locations, restaurants, convenience stores, multi-unit dwellings, and other income properties. In some cases, business offerings may be packaged with the commercial properties they reside in. Oliver-Gravel adds, “When necessary, we can offer guidance on business or commercial property leases as

well.”

To learn more about these new business brokerage and commercial real estate services, please contact Jane Oliver-Gravel at (207) 380-2667 (janeolivergravel@cheneycompanies.com) or Debby Schling at (207) 380-4511 (debbyschling@cheneycompanies.com). To learn more about Newcastle Realty, please visit mynewcastle.com.

January 2024 Market Update

Maine continues to see a steady increase of qualified buyers while lack of inventory and current interest rates contribute to a lower-than-average number of real estate transactions. Statistics shared by Maine Listings indicate a 6.14 percent decrease in sales comparing December 2023 to December 2022. For that same time, the median sales price increased 6.21 percent, reaching $350,500. The MSP indicates that half of the homes were sold for more and half sold for less.

A total of 13,622 residential transactions occurred in Maine during the 2023 year with a median sales price of $360,000 – up 7.46 percent from the year before. The buyer’s market remains robust, making winter a great time for sellers to consider listing their home or property for sale. With fewer homes coming to market this time of year and the already tight for-sale inventory, sellers can expect competing offers and a decreased number of days on the market. 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.

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. Our brokers finished 2023 strong with a total sales volume of $43,524,450 and 127 families served. 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 (6), Boothbay Harbor (4), Wiscasset (3), Whitefield (3), Damariscotta (3), and Jefferson (2). Slightly fewer sales have happened so far in Boothbay (1), South Bristol (1), Southport (1), Bremen (1), and Bristol (1). Towns not seeing any sales so far this year include Dresden (0), Edgecomb (0), Newcastle (0), Nobleboro (0), Westport Island (0), Alna (0), Somerville (0), and Monhegan Island (0).

There are currently 90 single-family homes for sale in Lincoln County (down from 111 in December), with 48 percent of those priced at or above $500,000. The 493 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (18%), $250,000-$499,999 (41%), $500,000-$999,999 (28%), 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 0.7 months (under $100,000), 2.1 months ($100,000-$249,999), 1.8 months ($250,000-$499,999), 2.4 months ($500,000-$999,999), and 4.5 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.

December 2023 Market Update

Maine continues to see a high number of qualified buyers across the state while for-sale inventory remains low. According to Maine Listings, 1,218 homes were sold during the month of November, a decrease of 5.51 percent compared to November of last year. The median sales price for homes sold last month jumped 9.23 percent compared to November 2022, reaching $355,000.

Nationally, sales eased 7.3 percent in November 2023 compared to November of last year. Statistics shared by the National Association of Realtors report an increase of 3.5 percent for the national MSP, reaching $392,100. Sales in the regional Northeast declined 13 percent while the regional MSP rose 4.8 percent to $428,600 compared to this time last year.

The buyer’s market remains robust, making winter a great time for sellers to consider listing their home or property for sale. With fewer homes coming to market this time of year and the already tight for-sale inventory, sellers can expect competing offers and a decreased number of days on the market. 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.

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 121 transaction sides with a total volume of $39,746,450 – Over $3 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $21,943,552 with 39 sides, and Peninsula Properties has sold $16,749,100 with 34 sides.

Most of the year-to-date 2023 property sales locally have occurred in Wiscasset (71), Waldoboro (81), Boothbay (71), Jefferson (56), Boothbay Harbor (49), Whitefield (39), Damariscotta (40), and Bristol (65). Slightly fewer sales have happened so far in Dresden (23), Edgecomb (34), Newcastle (25), and Nobleboro (27). Towns seeing even fewer sales include Westport Island (15), South Bristol (8), Southport (14), Bremen (13), Alna (15), Somerville (9), and Monhegan Island (2).

There are currently 111 single-family homes for sale in Lincoln County (down from 135 in November), with 47 percent of those priced at or above $500,000. The 484 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (18%), $250,000-$499,999 (40%), $500,000-$999,999 (20%), 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 0.6 months (under $100,000), 2.5 months ($100,000-$249,999), 2.5 months ($250,000-$499,999), 3.1 months ($500,000-$999,999), and 4.3 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.

November 2023 Market Update

Though home values in Maine continue to rise, sales remain lower than average due to lack of inventory. Statistics reported by MaineListings indicate the sale of 1,435 single-family homes during October 2023 – a decrease of 10.14 percent compared to October 2022. Prices increased 13.25 percent, reaching a median sales price (MSP) of $376,000. The MSP indicates that half of the homes were sold for more and half sold for less.

Nationally, sales of single-family homes decreased 14.6 percent comparing October 2023 to October of last year. Prices across the country saw a slight increase of 3.0 percent to a national MSP of $396,100. Regionally, sales in the Northeast declined 15.8 percent while the regional MSP reached $439,200, an increase of 7.5 percent, during that same time period.

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 109 transaction sides with a total volume of $36,231,450 – Over $4 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $20,766,552 with 36 sides, and Sotheby’s has sold $47,871,160 with 74 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (47), Wiscasset (63), Waldoboro (77), Boothbay (65), Jefferson (51), Whitefield (35), Damariscotta (38), and Bristol (58). Slightly fewer sales have happened so far in Dresden (21), Edgecomb (30), Newcastle (24), and Nobleboro (24). Towns seeing even fewer sales include Westport Island (14), South Bristol (7), Southport (11), Bremen (13), Alna (11), Somerville (8), and Monhegan Island (2).

There are currently 135 single-family homes for sale in Lincoln County (up from 129 in October), with 50 percent of those priced at or above $500,000. The 478 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (19%), $250,000-$499,999 (40%), $500,000-$999,999 (27%), 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 0.7 months (under $100,000), 21.5 months ($100,000-$249,999), 3.5 months ($250,000-$499,999), 4.1 months ($500,000-$999,999), and 6.0 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.

Cheney Financial Group Recognizes Outstanding Service at Awards Dinner

In celebration of outstanding service, Cheney Financial Group (CFG) associates and guests recently gathered for the Annual CFG Awards and Recognition Event. Held at the 1812 Farm in Bristol, the well-attended event was hosted by Dennis Hilton, owner and CEO of the Cheney Companies. Comprised of Cheney Insurance, Newcastle Realty, and Newcastle Vacation Rentals, the locally owned financial group has been serving the property ownership and insurance needs of thousands of families and businesses throughout Maine for over 40 years.

A festive atmosphere, delicious food and lively conversation were the backdrop for the annual celebration and recognition of outstanding service and commitment by CFG employees. New this year was live entertainment provided by local musician, Nat Hussey. All attendees were entered to win a variety of door prizes in addition to participating in the “Wall of Cash”, a favorite company tradition.

Hilton, along with co-hosts Kristy Battles and Hannah Kutschinski, acknowledged each and every associate with high praise and gratitude. Among the several award recipients, Stephanie Mayo and Bobbi Monaghan of Cheney Insurance were recognized for 5 years of dedicated service while Lorrie Zeiner, a broker with Newcastle Realty, was recognized for 10 years with the leading real estate firm. Though unable to attend, long-time associate of Cheney Insurance, Debbie Furman was recognized for an astounding 30 years with the company. Holly Harris, VP of Personal Lines Insurance, and Jasmyn Rose, VP of Commercial Lines Insurance, accepted the award on Furman’s behalf.

CFG Chief Administrative Officer and manager of Newcastle Vacation Rentals, Kristy Battles, was recognized as a Key Contributor for her hard work and commitment to the companies. Kristina Childers, Personal Lines Agent at Cheney Insurance, was also recognized as a Key Contributor for her dependability and dedication to customer service. Recipient of the renowned 2023 President’s Award, CFG Chief Financial Officer, Joe Ford was recognized for his continued dedication to company growth and financial oversite. Newcastle Realty associates, Sara Rogers, Clint Miller, and Lorrie Zeiner were recognized for having the highest current sales volume to date, of $5.5 million, $4.04 and $4.03 million, respectively.

Well-known for their commitment to community involvement, CFG associates and guests are encouraged to bring a non-perishable food item to the annual event. This year, over 50 pounds of food were collected and will be donated to the Ecumenical Food Pantry, located in Newcastle.

For more information on the Cheney Financial Group, their commitment to community involvement, or employment opportunities, find them online at www.cheneycompanies.com or contact Hannah Kutschinski, Chief Operating Officer, (207) 563-3435 ext. 122.

Hilton Recognized as Business Person of the Year

Owner and Chief Executive Officer of Cheney Financial Group, Dennis Hilton, was recently recognized as Business Person of the Year by the Damariscotta Region Chamber of Commerce (DRCC). As described by the DRCC, individuals considered for this award can be counted on to ‘enhance the overall economic health of the region and well-being of the general population by making our community a better place to live.’ Well-known for his active involvement in the community through business and volunteerism, Dennis was an ideal candidate.

Cheney Financial Group (CFG), which consists of Cheney Insurance, Newcastle Realty, and Newcastle Vacation Rentals, has been owned and operated by the Hilton family for over 50 years. Over the years, Dennis has worked hard to build a team of staff members that are connected to and representative of every corner of the Mid-coast community. He credits his team of local employees and affiliates for the strong hometown connection maintained by Cheney Financial Group. With a long history of serving the local community, CFG currently has 33 staff members with locations in Damariscotta and Boothbay Harbor.

Born and raised in Lincoln County, Dennis is a true native and takes pride in his strong ties to the area. “One of the things I am most proud of is our Charitable Giving Committee, which has existed for over 20 years”, shared Hilton. Staffed by volunteers from each of the three companies, the committee provides financial support that is equitably distributed to nonprofit organizations right here in Lincoln County. Describing his achievement of DRCC Business Person of the Year as a ‘true honor’, Hilton explained this award is a reflection of the hard work and dedication of all associates of the Cheney Companies.

For more information on the Cheney Financial Group and their commitment to community involvement, find them online at www.cheneycompanies.com.

October 2023 Market Update

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.

September 2023 Market Update

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.

August 2023 Market Update

Demand for single-family homes remains high across the state. Statistics shared by Maine Listings indicate a 7.34 percent increase in prices for July 2023 compared to July 2022, reaching a median sales price (MSP) of $380,000. The MSP indicates that half of the homes were sold for more and half sold for less. The number of sales in July 2023 decreased 20.93 percent compared to this time last year.

Though for-sale inventory seems low, the number of homes for sale in July 2023 was up nearly nine percent month over month, and six percent above July 2022. As move-in ready homes come to market, they are swiftly placed under contract by individuals and families looking to make Maine their home.

The National Association of Realtors reported a nationwide sales decrease of 16.3 percent in the last year, while the national MSP increased 1.6 percent, reaching $412,300 in July 2023 compared to July of last year. Regionally, sales in the Northeast declined 23.8 percent with the regional MSP increasing 5.5 percent to $467,500 over the same time period.

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 74 transaction sides with a total volume of $23,554,450 – almost $4 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $14,049,500 with 22 sides, and Sotheby’s has sold $25,132,460 with 46 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (29), Wiscasset (43), Waldoboro (54), Boothbay (40), Jefferson (36), Whitefield (24), Damariscotta (28), and Bristol (38). Slightly fewer sales have happened so far in Dresden (13), Edgecomb (19), Newcastle (15), and Nobleboro (13). Towns seeing even fewer sales include Westport Island (11), South Bristol (3), Southport (8), Bremen (11), Alna (5), Somerville (5), and Monhegan Island (0).

There are currently 127 single-family homes for sale in Lincoln County (up from 124 in July), with 48 percent of those priced at or above $500,000. The 502 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 (26%), and $1 million-plus (8%). 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 1.2 months (under $100,000), 1.8 months ($100,000-$249,999), 2.9 months ($250,000-$499,999), 4.0 months ($500,000-$999,999), and 5.3 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.

BROWN EARNS DISTINCTION AS REALTOR OF THE YEAR

Patti Brown, a successful real estate broker with Newcastle Realty for more than six years, was named the 2023 Realtor of the Year by the Lincoln County Council of the Mountains to Shore Board of Realtors in June. Her award was celebrated with a wonderful meeting and dinner at the Tugboat Inn, attended by other active Realtors and affiliates from Lincoln County.

Nominees for this annual award are typically involved in volunteer activities for their community, their board, and the local council, as well as the Maine Association of Realtors. Brown has served in various capacities under the Maine Association of Realtors umbrella organization since becoming licensed to sell real estate in 2017. Over the years, she has served on the Lincoln County Council as secretary, president-elect, and president. In her various roles, she has represented the Realtor organization by assisting with blood drives, coordinating fundraising auctions, and helping to organize and sponsor speakers and courses to help fellow Realtors stay current, educated, and informed. In addition, she has served on The Mountains to Shore Board of REALTORS® and the Maine Association of REALTORS® Board of Directors.

Alongside her volunteer efforts for the Realtor association, Patti has been a consistent performer at Newcastle Realty, serving buyer and seller clients while receiving praise for her efforts. One of the key reasons Brown chose to be affiliated with her company is because of the firm’s commitment to community; as such, Patti has served several years on the firm’s charitable giving committee. Newcastle Realty is a locally-owned company that is part of the Cheney Financial Group, which also includes Newcastle Vacation Rentals and Cheney Insurance.

Brown loves living in Midcoast Maine. Her passion for the area and joy of living here is contagious. She believes that building relationships with clients, both buyers and sellers, through trust, integrity, and client service is as important as closing each transaction.

When not working with buyers or sellers, Brown loves getting together with family and friends, and enjoys reading, film noir, and traveling internationally. Brown can be reached on her mobile at 207-530-2253, at Newcastle Realty’s office, 87 Main St., Damariscotta at 563-1003, ext. 115, or by email at pattibrown@cheneycompanies.com. To learn more about Newcastle Realty, please go to mynewcastle.com.

July 2023 Market Update

Though real estate inventory across the state remains low, a slight increase in home values suggest there are positive signs on the horizon. Statistics shared by Maine Listings show sold prices for homes increased 6.45 percent in June 2023 compared to June 2022, reaching a median sales price (MSP) of $385,000. The MSP indicates that half of the homes were sold for more and half sold for less.

Mainly due to a lack of inventory, sales for June 2023 were down 19.24 percent compared to June of last year. But with more for-sale homes entering the market and qualified buyers ready to make purchases, month over month sales appear to be on the rise. The Maine real estate market saw a jump in sales of 27 percent from May to June. Additionally, the number of homes for sale saw an increase of 14 percent, indicating a more balanced market may be on the way.

According to the National Association of Realtors, the national MSP dipped 1.2 percent to $416,000 with sales decreasing 18.8 percent for June 2023 compared to June 2022. Regionally, the Northeast experienced a 21.5 percent decrease in sales volume and a 4.9 percent increase in the regional MSP, reaching $475,300.

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 59 transaction sides with a total volume of $19,795,550 – over $3 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $12,734,500 with 19 sides, and Sotheby’s has sold $18,772,460 with 31 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (22), Wiscasset (24), Waldoboro (24), Boothbay (19), Jefferson (23), Whitefield (14), Damariscotta (17), and Bristol (14). Slightly fewer sales have happened so far in Dresden (9), Edgecomb (10), Newcastle (7), and Nobleboro (8). Towns seeing even fewer sales include Westport Island (4), South Bristol (3), Southport (7), Bremen (5), Alna (1), Somerville (1), and Monhegan Island (0).

There are currently 124 single-family homes for sale in Lincoln County (up from 97 in June), with 45 percent of those priced at or above $500,000. The 503 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 (42%), $500,000-$999,999 (25%), and $1 million-plus (8%). 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 2.0 months (under $100,000), 1.6 months ($100,000-$249,999), 2.9 months ($250,000-$499,999), 3.7 months ($500,000-$999,999), and 5.3 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.

June 2023 Market Update

Low for-sale inventory continues to hinder buying efforts across Maine. Statistics shared by Maine Listings show sold-prices for homes increased 6.57 percent in May 2023 compared to May of last year, with a median sales price (MSP) of $373,000. The MSP indicates that half of the homes were sold for more and half sold for less. The reported 1,134 sales in May 2023 show a significant decline of 20.08 percent compared to a year ago.

The real estate market in Maine is off to a slow start this year. Sales from January-May show a 25 percent decrease over the same period of time last year. A 43 percent increase in sales from June to May brought a glimmer of hope, indicating the real estate market may be turning the corner.

Comparing this May to last, the National Association of Realtors reported a 20 percent decrease in sales at the national level, with the national MSP easing 2.4 percent to $401,100. Regionally, the median sales price in in the Northeast increased 2.5 percent to $439,000, with sales declining 25.4 percent compared to this time last year.

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 50 transaction sides with a total volume of $16,643,550 – over $3 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $7,755,000 with 12 sides, and Tindal & Callahan has sold $18,409,822 with 29 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (15), Wiscasset (19), Waldoboro (20), Boothbay (16), Jefferson (14), Whitefield (13), and Bristol (13). Slightly fewer sales have happened so far in Dresden (8), Edgecomb (6), Damariscotta (10), Newcastle (5), and Nobleboro (6). Towns seeing even fewer sales include Westport Island (2), South Bristol (2), Southport (2), Bremen (3), Alna (1), Somerville (1), and Monhegan Island (0).

There are currently 97 single-family homes for sale in Lincoln County (up from just 92 in May), with 54 percent of those priced at or above $500,000. The 510 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 (44%), $500,000-$999,999 (24%), and $1 million-plus (7%). 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 0.6 months (under $100,000), 0.7 months ($100,000-$249,999), 2.0 months ($250,000-$499,999), 3.6 months ($500,000-$999,999), and 5.3 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.

May 2023 Real Estate Market Update

Due to low inventory and higher interest rates, homebuying efforts across Maine continue to struggle. Statistics shared by Maine Listings show a decrease of 30.53 percent for home sales in April 2023 compared to April 2022. Prices, however, increased 6.21 percent to a median sales price (MSP) of $367,500. The MSP indicates that half of the homes were sold for more and half sold for less.

Though the number of Maine homes for sale increased slightly since the previous month, the number is significantly lower compared to pre-pandemic numbers. In April 2019, there were over 7,000 homes on the market statewide compared to a meager 2,300 in April 2023.

The National Association of Realtors reported a decline of 22.4 percent in national sales for this April compared to last. The national MSP for a single-family home dipped 2.1 percent to $393,300. Regionally, sales in April 2023 were down 23.9 percent year over year, while the regional MSP increased 2.8 percent to $422,700.

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 39 transaction sides with a total volume of $13,318,400 — over $3.5 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $6,742,500 with five sides, and Tindal & Callahan has sold $4,901,722 with 14 sides.

Most of the year-to-date 2022 property sales locally have occurred in Jefferson (10), Boothbay Harbor (8), Wiscasset (15), Waldoboro (13), Boothbay (8), and Bristol (10). Slightly fewer sales have happened so far in Dresden (6), Edgecomb (5), Damariscotta (10), Newcastle (4), Nobleboro (6), Westport Island (1), and Southport (1). Towns seeing even fewer sales include South Bristol (1), Whitefield (10), Bremen (2), Alna (1), Somerville (1), and Monhegan Island (0).

There are currently 92 single-family homes for sale in Lincoln County (up from just 53 in April), with 47 percent of those priced at or above $500,000. The 524 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 (45%), $500,000-$999,999 (24%), and $1 million-plus (7%). 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), 1.6 months ($100,000-$249,999), 1.7 months ($250,000-$499,999), 2.8 months ($500,000-$999,999), and 5.2 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.

Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2023 through 5/19/2023.

NEWCASTLE REALTY BOOTHBAY HARBOR LOCATION CELEBRATES THIRD YEAR

Together with his staff of 18 REALTORs, Newcastle Realty owner Dennis Hilton is excited to be celebrating the start of their third year in their Boothbay Harbor office located at 14 Todd Avenue. Newcastle Realty has operated from Newcastle and Damariscotta for over 30 years, and this branch location shows the commitment Newcastle Realty has made to serve the Boothbay Region.

“We are very happy to have strengthened our local presence for Boothbay area residents and the local business community,” said Hilton. “While we have assisted real estate clients in the Boothbay Region for many years, this downtown branch office location has allowed us to expand those services while providing a modern and attractive space for customers to enjoy and our broker staff to work from.”

The office features an open concept layout with modern technology, providing convenient and comfortable areas to meet or for visitors to look at real estate listings. Soon, the office will become another popular stop on the Boothbay Harbor Region Sculpture Trail, with the planned installation of SEEDLING by Joseph Dimauro.

Newcastle Realty has several agents who live and volunteer in the Boothbay area. The company is known for its commitment to supporting all Lincoln County communities through the charitable giving efforts of The Cheney Financial Group, which includes Cheney Insurance and Newcastle Vacation Rentals.

“We are very excited to be a growing part of the business community in Boothbay Harbor,” commented Kristy Battles, Chief Administrative Officer. “We look forward to offering property owners more options when it comes to real estate services, and we are grateful for the warm reception we have received over the past two years.”

Newcastle Realty is an independent firm that focuses on helping families with their real estate needs, regardless of their price point. “While we are very comfortable handling high-end properties, we don’t focus on any one part of the market,” explained Hilton. “We are solutions driven, and all our brokers love working with home buyers and sellers to help them achieve their goals. We provide important support and guidance throughout the process.”

Visitors are urged to call the office at (207)633-4433 to make an appointment or to speak with a REALTOR. Their website is MyNewcastle.com and they can be found on Facebook, Instagram, and Snapchat.

April 2023 Real Estate Market Update

Interest rates and lower-than-normal inventory led to a single-family existing home sales decline of 16.78 percent in March. According to Maine Listings, 858 homes changed hands last month, compared to 1,031 homes in March 2022. The median sales price for homes sold rose 3.85 percent to $337,500 comparing March 2023 to March 2022. The MSP indicates that half of the homes were sold for more and half sold for less.

As spring arrives, potential buyers are adjusting to the increased mortgage interest rates and returning to actively searching for their next home. However, the low inventory of forsale homes continue to be a challenge. The tight for-sale inventory, while bolstering sales prices overall, has contributed to the rate of statewide price growth slowing. In some counties, median sales prices have declined during the first quarter.

The National Association of Realtors reported a home sales decline nationwide of 21.1 percent in March 2023 compared to March 2022. Prices also eased 1.4 percent to a national MSP of $380,000. Regionally, home prices in the Northeast rose 1.0 percent to $395,400, while sales dipped 21.2 percent comparing March 2023 to March 2022.

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. Buyers are searching for and finding new property options every day and purchasing the right home for their needs. 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!

We are pleased 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 30 transaction sides with a total volume of $9,685,500. We are excited to report that approximately one-quarter of our sales volume has come through our new Boothbay Harbor branch office. In comparison and of this date, Drum and Drum Real Estate has sold $3,769,500 with five sides, and Tindal & Callahan has sold $4,137,722 with 12 sides.

It is early yet, but most of the 2023 year-to-date property sales locally have occurred in Wiscasset (16), Waldoboro (18), Jefferson (12), Bristol (12), Boothbay Harbor (9), Whitefield (9), and Boothbay (15). Slightly fewer sales have happened so far in Newcastle (7), Dresden (7), Edgecomb (8), Alna (3), Damariscotta (9), and Nobleboro (6). Towns seeing just a few or no sales include South Bristol (1), Southport (1), Westport Island (2), Bremen (3), and Southport (3).

There are currently just 53 single-family homes for sale in Lincoln County (up from 46 in March), with 62 percent of those priced at or above $500,000. The 542 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (22%), $250,000-$499,999 (45%), $500,000-$999,999 (22%), and $1 million-plus (7%). Listing inventory remains 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 0.5 months (under $100,000), 1.9 months ($100,000-$249,999), 2.1 months ($250,000-$499,999), 2.6 months ($500,000-$999,999), and 6.7 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 client needs. Questions or comments may be directed to Dennis Hilton, President of Newcastle Realty at dennishilton@cheneycompanies.com or 207-380-3435.

Statistics are from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2023 through 04/23 /2023.

March 2023 Real Estate Market Update

Availability of properties for sale continues to be an issue for buyers of single-family existing homes across Maine. According to Maine Listings, Realtors sold 708 homes last month—a dip of 19.4 percent from February 2022. Prices increased 10.7 percent in the past year, with data indicating a median sales price (MSP) of $329,250. The MSP indicates that half of the homes were sold for more and half sold for less.

The shortage of move-in ready homes for sale continues to be the challenge for buyers in today’s market. Homeowners who purchased in recent years with record-low mortgage interest rates are staying put and, like the rest of the country, new home construction in Maine has not kept pace with demand.

Nationally, home sales declined 21.4 percent in February 2023 compared to February 2022. The National Association of Realtors reported that the national MSP eased nationwide 0.7 percent to $367,500. Sales in the Northeast decreased 25.7 percent and the regional MSP declined 4.5 percent to $366,100 comparing February 2023 to February 2022. In some areas of Maine, sellers are responding to the higher mortgage interest rate environment, which has impacted affordability. We’re beginning to see a softening of prices, a welcome sign for buyers coming into spring.

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!

We are pleased 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 20 transaction sides with a total volume of $7,291,500—down 22% from our Y-T-D numbers in 2022—and we are excited to report that approximately one-quarter of our sales volume has come through our new Boothbay Harbor branch office. In comparison and of this date, Drum and Drum Real Estate has sold $1,909,500 with three sides, and the local Sotheby’s office has sold $3,234,250 with five sides.

It is early yet, but most of the 2023 year-to-date property sales locally have occurred in Wiscasset (12), Waldoboro (13), Jefferson (6), Boothbay Harbor (7), Whitefield (7), and Boothbay (7). Slightly fewer sales have happened so far in Newcastle (5), Dresden (5), Edgecomb (6), Alna (3), Damariscotta (7), and Nobleboro (5). Towns seeing just a few or no sales include South Bristol (1), Southport (1), Westport Island (0), and Southport (3).

There are currently just 46 single-family homes for sale in Lincoln County (down from 49 in February), with 54 percent of those priced at or above $500,000. The 555 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (20%), $250,000-$499,999 (46%), $500,000-$999,999 (24%), and $1 million-plus (7%). Listing inventory remains 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 0.5 months (under $100,000), 1.9 months ($100,000-$249,999), 2.1 months ($250,000-$499,999), 2.6 months ($500,000-$999,999), and 6.7 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 client needs. Questions or comments may be directed to Dennis Hilton, President of Newcastle Realty at dennishilton@cheneycompanies.com or 207-380-3435.

Statistics are from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2023 through 03/21/2023.

February 2023 Lincoln County Maine Real Estate Update

Sales of single-family existing homes in Maine continue to be affected by rising mortgage interest rates and a smaller number of available homes for sale. Maine Listings announced a 34.99 percent sales decrease in January 2023, compared to January 2022. The median sales price (MSP) for homes sold in January 2023 reached $325,000, an increase of 11.21 percent over January 2022. The MSP indicates that half of the homes were sold for more and half sold for less.

In most communities across Maine, buyers need more for-sale housing inventory. Compared to pre-pandemic January 2020, Maine has just over 2,100 homes for sale statewide—3,700 fewer homes for sale in January 2023.

According to the National Association of Realtors, sales nationwide declined 36.1 percent comparing January 2023 to January 2022. The MSP for those homes in January 2023 reached $363,100, up 0.7 percent from January 2022. Regionally, sales in the Northeast dipped 35.9 percent in January 2023, while the regional MSP increased 0.3 percent to $383,000. The sales numbers for January are impacted by the scarce for-sale inventory, recent upward adjustments to mortgage interest rates, and the end of year holiday season.

There’s no need to wait until spring 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. We finished 2022 with $75,831,614 in sales from 180 transactions—up 20% over our Y-T-D numbers in 2021—and we are pleased to report that approximately one-quarter of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate sold $11,993,525 with 32 sides last year, and the local Sotheby’s office sold $59,791,951 with 81 sides.

It is early yet, but most of the 2023 year-to-date property sales locally have occurred in Wiscasset (7), Bremen (7), Waldoboro (6), Jefferson (5), Boothbay Harbor (5), and Boothbay (4). Slightly fewer sales have happened so far in Newcastle (4), Dresden (3), Edgecomb (3), Alna (3), Damariscotta (3), and Nobleboro (2). Towns seeing just one or no sales include South Bristol (0), Southport (1), Westport Island (0), and Whitefield (0).

There are currently just 49 single-family homes for sale in Lincoln County (down from 85 in January), with 39 percent of those priced at or above $500,000. The 558 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 (45%), $500,000-$999,999 (24%), and $1 million-plus (7%). Listing inventory remains 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 0.5 months (under $100,000), 1.9 months ($100,000-$249,999), 2.1 months ($250,000-$499,999), 2.6 months ($500,000-$999,999), and 6.7 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 client needs. Questions or comments may be directed to Dennis Hilton, President of Newcastle Realty at dennishilton@cheneycompanies.com or 207-380-3435.

Statistics are from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2023 through 02/23/2023.

December 2022 Market Update

Buyers of single-family existing homes across Maine are still encountering a lower-than-normal inventory of homes available for purchase. According to Maine Listings, 1,289 homes changed hands in November, a decline of 28.7 percent from November one year ago. The median sales price (MSP) for homes sold reached $325,000—up 8.3 percent from November 2021. The MSP indicates that half of the homes were sold for more and half sold for less.

While demand remains steady for Maine’s tight for-sale inventory, increased mortgage interest rates, coupled with the typical holiday slowdown, have impacted the market. For-sale inventory remains historically low with 13 percent fewer homes on the market in November 2022 compared to last month – and 58 percent fewer homes for sale than pre-pandemic November 2019.

Nationally, sales are down 35.2 percent in November 2022 compared to November 2021. The National Association of Realtors also reported that the national MSP reached $376,700 in November, an increase of 3.2 percent in a year. Sales in the regional Northeast dipped 28.4 percent and the regional MSP of $394,700 represents a rise of 3.5 percent comparing November 2022 to November 2021. For qualified buyers, home ownership remains a solid financial and quality of life investment. With nearly 1,300 sales, November 2022 was the 7th best November in the 22 years of available records.

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 176 transaction sides with a total volume of $74,533,614—up 22% over our Y-T-D numbers in 2021—and we are pleased to report that approximately one-quarter of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $11,993,525 with 32 sides, and the local Sotheby’s office has sold $59,791,951 with 81 sides.

Most of the year-to-date property sales locally have occurred in Waldoboro (94), Jefferson (68), Boothbay Harbor (74), Wiscasset (71), Damariscotta (46), Boothbay (65), and Bristol (86). Slightly fewer sales have happened so far in Dresden (36), Edgecomb (33), Newcastle (29), Nobleboro (35), Westport Island (33), Whitefield (37), and Southport (24). Towns seeing even fewer sales include South Bristol (23), Bremen (14), Alna (13), Somerville (8), and Monhegan Island (2).

There are currently just 85 single-family homes for sale in Lincoln County (down from 119 in November), with 40 percent of those priced at or above $500,000. The 588 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 (45%), $500,000-$999,999 (23%), and $1 million-plus (7%). Listing inventory remains 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 0.5 months (under $100,000), 1.9 months ($100,000-$249,999), 2.1 months ($250,000-$499,999), 2.6 months ($500,000-$999,999), and 6.7 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 client needs. Questions or comments may be directed to Dennis Hilton, President of Newcastle Realty at dennishilton@cheneycompanies.com or 207-380-3435.

Statistics are from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2022 through 12/23/2022.

November 2022 Market Update

2022 YEAR-TO-DATE MARKET AND SALES UPDATE *

According to the Maine Association of Realtors, buyer demand remains healthy in Maine, while rising interest rates and tight inventory continue to affect the real estate market. Maine Listings reported a 7.79 percent rise in the cost for a single-family existing home, which reached a median sales price (MSP) of $332,000 in October 2022 compared to October 2021. The MSP indicates that half of the homes were sold for more and half sold for less. October 2022 sales dipped 23.41 percent compared to a year ago, due to the existing market factors.

After a two-year streak of double-digit pricing increases, we’re finally seeing some relief. While demand remains steady for Maine’s tight for-sale inventory, increased mortgage interest rates have impacted the market. Buyers who need to finance their home have less purchasing power, and the recent pricing deceleration indicates that sellers are adjusting. Sales volume last month outpaced the number of homes coming onto the market, and for-sale inventory remains tight with eight percent fewer homes on the market in October 2022 compared to September 2022 – and 58 percent fewer homes for sale than pre-pandemic October 2019.

The National Association of Realtors reported a 28.2 percent decline in sales nationwide, with a national MSP of $384,900—a rise of 6.2 percent in the past year. Regionally, sales in the Northeast reflected a similar trend, with a decline of 23 percent compared to October 2021. The regional MSP jumped 8.0 percent to $408,700.

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 158 transaction sides with a total volume of $67,660,014—up 27% over our Y-T-D numbers in 2021—and we are pleased to report that approximately one-quarter of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $11,073,025 with 29 sides, and the local Sotheby’s office has sold $58,016,451 with 78 sides.

Most of the year-to-date property sales locally have occurred in Waldoboro (89), Jefferson (65), Boothbay Harbor (71), Wiscasset (65), Damariscotta (45), Boothbay (60), and Bristol (79). Slightly fewer sales have happened so far in Dresden (31), Edgecomb (32), Newcastle (26), Nobleboro (33), Westport Island (30), Whitefield (34), and Southport (24). Towns seeing even fewer sales include South Bristol (21), Bremen (11), Alna (11), Somerville (7), and Monhegan Island (2).

There are currently 119 single-family homes for sale in Lincoln County (down from 131 in October), with 44 percent of those priced at or above $500,000. The 622 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 (45%), $500,000-$999,999 (23%), and $1 million-plus (7%). Listing inventory remains 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 0.5 months (under $100,000), 1.9 months ($100,000-$249,999), 2.1 months ($250,000-$499,999), 2.6 months ($500,000-$999,999), and 6.7 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 client needs. Questions or comments may be directed to Dennis Hilton, President of Newcastle Realty at dennishilton@cheneycompanies.com or 207-380-3435.

Statistics are from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2022 through 11/22/2022.

October 2022 Market Update

According to the Maine Association of Realtors, home prices seem to be stabilizing with sales of single-family homes remaining strong. The month of September saw sales of 1,890 single-family homes with a median sales price (MSP) of $330,000. The MSP indicates that half of the homes were sold for more and half sold for less. Comparing September 2022 to September 2021, sales dipped 8.56 percent, though the steady demand for homes resulted in a slight price increase of 3.13 percent.

With the sale of nearly 1,900 homes, September 2022 was the third best September in the 20 years since the Maine Association of Realtors has been keeping records. Despite a slight decrease in momentum due to strong September sales, for-sale inventory continues to trend upwards and demand for single-family homes remains active.

The National Association of Realtors reported a national sales decline of 23 percent comparing September 2022 to September of last year. The national MSP increased by 8.1 percent reaching $391,000. Regionally, sales decreased 18.7 percent with the regional MSP increasing 8.3 percent to $418,500.

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 148 transaction sides with a total volume of $63,014,914—up 35% over our Y-T-D numbers in 2021—and we are pleased to report that approximately one-quarter of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $11,073,025 with 30 sides, and the local Sotheby’s office has sold $51,956,633 with 71 sides.

Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (81), Jefferson (60), Boothbay Harbor (65), Wiscasset (62), Damariscotta (45), Boothbay (55), and Bristol (71). Slightly fewer sales have happened so far in Dresden (28), Edgecomb (28), Newcastle (26), Nobleboro (29), Westport Island (30), Whitefield (30), and Southport (24). Towns seeing even fewer sales include South Bristol (20), Bremen (9), Alna (9), Somerville (7), and Monhegan Island (2).

There are currently 131 single-family homes for sale in Lincoln County (down from 135 in September), with 44 percent of those priced at or above $500,000. The 645 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 (45%), $500,000-$999,999 (22%), and $1 million-plus (8%). Listing inventory remains 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 0.5 months (under $100,000), 1.9 months ($100,000-$249,999), 2.1 months ($250,000-$499,999), 2.6 months ($500,000-$999,999), and 6.7 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.

September 2022 Market Update

Statistics shared by Maine Listings indicate a decrease of 9.89 percent in sales for single-family homes across the state comparing August 2022 to August 2021. The median sales price saw an increase of 9.68 percent, reaching $340,000 over August of last year. The MSP indicates that half of the homes were sold for more and half sold for less.

With more than 1,850 single-family homes sold during the month of August, buyer demand seems to persist. Though historically low, the number of active for-sale listings have continued to rise for the past six months, with a jump of almost 25 percent from July 2022 to August 2022.

With the steady increase of for-sale inventory, the Maine real estate market is leveling in some areas of the state. Buyers are now able to approach the current market trends more strategically with contract contingencies and seller concessions becoming more common.

Our company continues to excel with a full staff of exceptional local agents. We are excited to remain the leading real estate firm in Lincoln County as we serve buyers and sellers. As of the date of this report, our brokers have closed 123 transaction sides with a total volume of $52,429,254—up 27% over our Y-T-D numbers in 2021—and we are pleased to report that approximately one-third of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $9,894,525 with 27 sides, and Sotheby’s has sold $45,883,633 with 64 sides.

Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (76), Jefferson (54), Boothbay Harbor (55), Wiscasset (56), Damariscotta (39), Boothbay (48), and Bristol (59). Slightly fewer sales have happened so far in Dresden (24), Edgecomb (26), Newcastle (25), Nobleboro (21), Westport Island (23), Whitefield (29), and Southport (19). Towns seeing even fewer sales include South Bristol (16), Bremen (7), Alna (8), Somerville (7), and Monhegan Island (2).

There are currently 135 single-family homes for sale in Lincoln County (down from 148 in August), with 53 percent of those priced at or above $500,000. The 668 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (22%), $250,000-$499,999 (46%), $500,000-$999,999 (22%), and $1 million-plus (7%). Listing inventory remains 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 0.5 months (under $100,000), 1.5 months ($100,000-$249,999), 1.8 months ($250,000-$499,999), 3.5 months ($500,000-$999,999), and 7.9 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.

August 2022 Market Update

Though for-sale inventory remains low, home buyer interest persists across Maine. According to Maine Listings, 1,691 homes were sold statewide for the month of July, a decrease of 15.28 percent compared to July 2021. The median sales price (MSP) reached $354,000, an increase of 12.38 percent since this time last year. The MSP indicates that half of the homes were sold for more and half sold for less.

Activity remains steady during the summer season even with 30 percent fewer single-family homes compared to July 2021 and 66 percent fewer than pre-pandemic July 2019. Overall, it is still a seller’s market in Maine, though evidence of increased days on market and descending price adjustments indicate that could soon change.

Statistics shared by the National Association of Realtors report a 19.0 percent decline in sales nationwide for July 2022 compared to July 2021. The national MSP of $410,600 reflects an increase of 10.6 percent in home values. Regionally, sales in the Northeast eased 16.2 percent with a regional MSP increase of 8.1 percent to $444,000 compared to July of last year.

Our company continues to excel with a full staff of exceptional local agents. We are excited to remain the leading real estate firm in the Damariscotta area as we serve buyers and sellers. As of the date of this report, our brokers have closed 106 transaction sides with a total volume of $46,750,254—up 41% over our Y-T-D numbers in 2021—and we are pleased to report that approximately one-third of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $8,317,525 with 24 sides, and Sotheby’s has sold $38,329,633 with 53 sides.

Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (67), Jefferson (47), Boothbay Harbor (43), Wiscasset (41), Damariscotta (35), Boothbay (41), and Bristol (45). Slightly fewer sales have happened so far in Dresden (21), Edgecomb (21), Newcastle (21), Nobleboro (19), Westport Island (22), Whitefield (26), and Southport (16). Towns seeing even fewer sales include South Bristol (13), Bremen (6), Alna (8), Somerville (5), and Monhegan Island (1).

There are currently 148 single-family homes for sale in Lincoln County (up from 139 in June), with 48 percent of those priced at or above $500,000. The 677 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (24%), $250,000-$499,999 (46%), $500,000-$999,999 (20%), and $1 million-plus (7%). 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 2.2 months (under $100,000), 1.9 months ($100,000-$249,999), 1.9 months ($250,000-$499,999), 4.1 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.

July 2022 Market Update

According to Maine Listings, sales of single-family homes in Maine saw a decline of 9.83 percent, presumably in response to rising interest rates. Compared to June 2021, the statewide median sales price (MSP) jumped 16.4 percent in June 2022 reaching $360,825. The MSP indicates that half of the homes were sold for more and half sold for less.

REALTORS® across the state share similar experiences of market delays, with homes staying on the market for longer periods of time. We are seeing a downshift in buyer competition of for-sale inventory as mortgage rates continue to rise. The for-sale inventory of single-family properties in Maine remains historically low with 1.8 months of available supply, where a balanced market usually consists of a six-month supply.

Nationally, sales dipped 12.8 percent comparing June 2022 to June of last year. Statistics shared by the National Association of Realtors report a national MSP of $423,300 for June, an increase of 13.3 percent. Regionally, the Northeast saw a decrease in sales of 11.8 percent with the regional MSP increasing 10.1 percent, reaching $453,300.

Our company continues to excel with a full staff of exceptional local agents. We are excited to remain a leading real estate firm in the Damariscotta area as we serve buyers and sellers. As of the date of this report, our brokers have closed 84 transaction sides with a total volume of $32,587,349 —up 26% over our Y-T-D numbers in 2021—and we are pleased to report that one-third of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $7,124,025 with 22 sides, and Sotheby’s has sold $34,092,500 with 44 sides.

Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (55), Jefferson (40), Boothbay Harbor (36), Wiscasset (36), Damariscotta (27), Boothbay (36), and Bristol (40). Slightly fewer sales have happened so far in Dresden (19), Edgecomb (21), Newcastle (17), Nobleboro (18), Westport Island (18), Whitefield (23), and Southport (15). Towns seeing even fewer sales include South Bristol (10), Bremen (6), Alna (6), Somerville (3), and Monhegan Island (1).

There are currently 139 single-family homes for sale in Lincoln County (up from 120 in June), with 40 percent of those priced at or above $500,000. The 685 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (23%), $250,000-$499,999 (47%), $500,000-$999,999 (20%), and $1 million-plus (7%). 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 1.8 months (under $100,000), 1.5 months ($100,000-$249,999), 2.3 months ($250,000-$499,999), 3.3 months ($500,000-$999,999), and 4.8 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.

June 2022 Market Update

As for-sale inventory remains a limiting factor, home values continue to climb. Statistics shared by Maine Listings show the statewide median sales price (MSP) reached $350,000 in May 2022, an increase of 14.75 percent over May of last year. The MSP indicates that half of the homes were sold for more and half sold for less. Sales eased 11.97 percent statewide, comparing May 2022 to May 2021.

Though still historically low, the Maine real estate market has recently experienced slight gains in the number of homes for sale due in part to the typical selling-season increase. Home buying demand has also been impacted by growing mortgage interest rates and home price appreciation.

The National Association of Realtors reported a sales decline of 7.7 percent nationally in May 2022 compared to May 2021, while the MSP increased 14.6 percent to $414,200. Regionally, sales in the Northeast decreased 9.3 percent with an increase of 6.7 percent in prices, reaching a regional MSP of $409,700.

Our company continues to excel with a full staff of exceptional local agents. We are excited to remain a leading real estate firm in the Damariscotta area as we serve buyers and sellers. As of the date of this report, our brokers have closed 70 transaction sides with a total volume of $26,972,300 —up 19% over our Y-T-D numbers in 2021—and we are pleased to report that one-third of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $6,821,525 with 20 sides, and Sotheby’s has sold $28,190,000 with 36 sides.

Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (39), Jefferson (32), Boothbay Harbor (27), Wiscasset (27), Damariscotta (26), Boothbay (30), and Bristol (32). Slightly fewer sales have happened so far in Dresden (14), Edgecomb (19), Newcastle (12), Nobleboro (15), Westport Island (14), Whitefield (18), and Southport (13). Towns seeing even fewer sales include South Bristol (7), Bremen (6), Alna (5), Somerville (3), and Monhegan Island (0).

There are currently 120 single-family homes for sale in Lincoln County (up from 96 in May), with 49 percent of those priced at or above $500,000. The 685 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (24%), $250,000-$499,999 (46%), $500,000-$999,999 (20%), and $1 million-plus (7%). 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 0.5 months (under $100,000), 0.8 months ($100,000-$249,999), 1.6 months ($250,000-$499,999), 3.8 months ($500,000-$999,999), and 4.2 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.

CHENEY FINANCIAL GROUP CELEBRATES, ANNOUNCES PROMOTIONS

At their annual Selling Season Kick-Off Breakfast held at the Oysterhead Lounge in Newcastle recently, the 33 associates from Cheney Insurance, Newcastle Realty, and Newcastle Vacation Rentals gathered to honor their clients, to welcome spring, and to celebrate the success of their companies, which together make up the Cheney Financial Group.

Area native Dennis Hilton of Nobleboro has served as President and CEO of these Damariscotta-based service businesses for over 30 years, and during his remarks he recognized key employees, first-time attendees, and those staff members who had reached milestone years of service.

In addition, Hilton announced the following promotions of four members of their leadership team. Kristy Battles, who serves as Chief Administrative Officer at Newcastle Realty, has been promoted to also be the manager of Newcastle Vacation Rentals. For Cheney Insurance, Jasmyn Rose was promoted to Vice President of Business Insurance and Holly Harris was promoted to Vice President of Personal Insurance. Lastly, Hannah Kutschinski was promoted to Human Resource Manager for all of the Cheney Financial Group, and will also continue in her role as Office Administrator for Newcastle Realty.

“Our Chief Financial Officer Joe Ford and I are very proud of our staff and leadership team,” commented Hilton, “and we, along with the rest of our associates, are pleased to recognize the important contributions Kristy, Jasmyn, Holly, and Hannah make every day to our success. As an organization, we look forward to continuing to serve the insurance, real estate, and vacation rental needs of the area communities well into the future.”

Cheney Insurance is a family-owned business that has been operating locally for more than 75 years. Their office is located at 277 Main Street, Damariscotta and they can be reached at 207-563-3435. Newcastle Realty, with a staff of 20 real estate agents, is the largest realty firm in the area. They have offices at 87 Main Street, Damariscotta (207-563-1003) and 14 Todd Avenue in Boothbay Harbor (207-633-4433). And Newcastle Vacation Rentals is based in Damariscotta and manages the seasonal rental activities for over 80 cottage and property owners on nearby lakes, ponds, rivers, and the ocean. They can be reached at 207-563-6500.

May 2022 Market Update

Prices for single-family existing homes in Maine saw a jump of 25.36 percent in April 2022 compared to April of last year. Statistics shared by the Maine Association of Realtors indicated the sale of 1,143 homes in April 2022, a decrease of 20.90 percent over April 2021. The statewide median sales price (MSP) for homes sold reached $346,000. The MSP indicates that half of the homes were sold for more and half sold for less.

Due to continued demand, the Maine real estate market remains strong despite limited for-sale inventory. The number of homes sold from January-April 2022 is 4.5 percent higher than January-April of 2019, which was previously Maine’s top year for real estate sales. Though seemingly robust, the real estate market is experiencing it’s tenth consecutive month of year-over-year sales declines, with seven of those months showing a decline in for-sale inventory.

According to the National Association of Realtors, sales across the country dipped by 4.8 percent in April 2022 compared to April 2021, while the MSP increased 14.8 percent to $397,600. Regionally, sales in the Northeast decreased 10.7 percent while the regional MSP increased 8.1 percent, reaching $412,100 comparing April of this year to April of last year.

Our company continues to excel with a full staff of exceptional local agents. We are excited to remain the leading real estate firm in the Damariscotta area as we serve buyers and sellers. As of the date of this report, our brokers have closed 55 transaction sides with a total volume of $21,760,500 —up 12% over our Y-T-D numbers in 2021. In comparison, Drum and Drum Real Estate has sold $5,937,525 with 16 sides, and Farrin Properties has sold $2,572,800 with 17 sides.

Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (32), Jefferson (30), Boothbay Harbor (22), Wiscasset (22), Damariscotta (22), Boothbay (20), and Bristol (26). Slightly fewer sales have happened so far in Dresden (13), Edgecomb (13), Newcastle (12), Nobleboro (10), Westport Island (10), Whitefield (13), and Southport (9). Towns seeing even fewer sales include South Bristol (4), Bremen (3), Alna (4), Somerville (1), and Monhegan Island (0).

There are currently 96 single-family homes for sale in Lincoln County (up from 74 in April), with 46 percent of those priced at or above $500,000. The 701 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (23%), $250,000-$499,999 (46%), $500,000-$999,999 (20%), and $1 million-plus (8%). 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 0.5 months (under $100,000), 01.3 months ($100,000-$249,999), 1.3 months ($250,000-$499,999), 2.9 months ($500,000-$999,999), and 2.5 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.

NEWCASTLE REALTY ASSISTS IN HISTORIC LAND SALE

With the involvement of Newcastle Realty, Coastal Rivers Conservation Trust recently completed their largest single-day acquisition in the history of that organization. The newly obtained 476 acres located in Bristol will join an adjacent 230+ acres already in conservation with Coastal Rivers. By placing these parcels in conservation, Coastal Rivers works to ensure the preservation of important ecological necessities for generations to come.

Receiving support from various individuals and organizations, Coastal Rivers purchased the expansive parcel from the Hunt family. Newcastle Realty agents Kirsten Ingram and Patti Brown worked closely with sellers Norman and Robbie Hunt, and agency President Dennis Hilton assisted in coordinating details between the Hunts and Coastal Rivers. In the end and after many months, the transaction was able to be closed with all parties achieving their goals. A respected provider of real estate services in the mid-coast Maine area, Newcastle Realty has helped local families and organizations achieve their real estate goals for over 30 years.

With a long history of community involvement and dedication to conservation efforts, Newcastle Realty takes pride in being able to assist with this historic transaction. For more information on Newcastle Realty’s commitment to community involvement, please visit: https://www.mynewcastle.com/about /community-support/

April 2022 Market Update

The Maine real estate market is beginning to see a gradual return of for-sale single-family homes. Statistics shared by Maine Listings show a 21.48 percent sales decline in March 2022 compared to March 2021, due to an ongoing lack of for-sale inventory combined with increased buyer demand. 1,031 homes were sold statewide last month with the median sales price (MSP) reaching $325,000, an increase of 21.04 percent from March of last year. The MSP indicates that half the homes were sold for more and half sold for less.

The statewide median days on market was just nine days in March 2022, compared to 11 days one year ago, and 70 days in pre-pandemic March 2019. Following seven consecutive months of declining for-sale inventory, statistics indicate a 5.2 percent increase in single-family homes for sale from February to March 2022.

The National Association of Realtors reported a nationwide decline of 3.8 percent in sales of single-family homes in March 2022 compared to March 2021. The national MSP increased 15.2 percent, reaching $382,000. Regionally, March 2022 sales dipped in the Northeast by 11.8 percent while the regional MSP rose 6.8 percent to $390,200 compared to March 2021.

Our company continues to excel with a full staff of exceptional local agents. We are excited to remain the leading real estate firm in the Damariscotta area as we serve buyers and sellers. As of the date of this report, our brokers have closed 45 transaction sides with a total volume of $16,893,500 —up 22% over our Y-T-D numbers in 2021. In comparison, Drum and Drum Real Estate has sold $3,733,525 with 12 sides, and Sotheby’s has sold $14,588,000 with 18 sides.

Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (26), Jefferson (24), Boothbay Harbor (20), Wiscasset (15), Damariscotta (15), Boothbay (18), and Bristol (18). Slightly fewer sales have happened so far in Dresden (11), Edgecomb (11), Newcastle (9), Nobleboro (6), Westport Island (9), Whitefield (9), and Southport (9). Towns seeing even fewer sales include South Bristol (3), Bremen (3), Alna (4), Somerville (1), and Monhegan Island (0).

There are currently 74 single-family homes for sale in Lincoln County (up from 59 in March), with 43 percent of those priced at or above $500,000. The 702 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (23%), $250,000-$499,999 (46%), $500,000-$999,999 (20%), and $1 million-plus (7%). 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 2.3 months (under $100,000), 0.7 months ($100,000-$249,999), 1.0 months ($250,000-$499,999), 2.2 months ($500,000-$999,999), and 1.7 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.

March 2022 Market Update

Persistent buyer demand for Maine real estate combined with low for-sale inventory continues to fuel a competitive market, driving sale prices higher. According to Maine Listings, February 2022 sales declined 17.33 percent compared to February 2021, while the median sales price (MSP) increased 21.48 percent, reaching $297,500. The MSP indicates that half of the homes were sold for more and half sold for less.

The demand for homes in Maine remains strong but the number of transactions being conducted are constrained due to diminished supply of real estate inventory. Two years into the pandemic, for-sale homes continue to receive multiple purchase offers and are under contract within days.

Comparing February 2022 to February 2021, the National Association of Realtors indicated a 2.2 percent dip in nationwide sales with the national MSP reaching $363,800, a 15.5 percent increase. Regional sales of single-family homes in the Northeast declined 12.7 percent while the regional MSP rose 7.1 percent to $383,700. February 2022 experienced the third highest number of single-family home sales in the past 24 years of Maine real estate.

Our company continues to excel with a full staff of exceptional local agents. We are excited to remain the leading real estate firm in the Damariscotta area as we serve buyers and sellers. As of the date of this report, our brokers have closed 24 transaction sides with a total volume of $8,576,500 —up 21% over our Y-T-D numbers in 2021. In comparison, Drum and Drum Real Estate has sold $4,143,500 with 10 sides, and Sotheby’s has sold $8,055,000 with 11 sides.

Most of the year-to-date 2022 property sales locally have occurred in Jefferson (19), Boothbay Harbor (14), Wiscasset (13), Waldoboro (14), Boothbay (10), and Bristol (10). Slightly fewer sales have happened so far in Dresden (6), Edgecomb (5), Damariscotta (9), Newcastle (8), Nobleboro (5), Westport Island (8), and Southport (8). Towns seeing even fewer sales include South Bristol (2), Whitefield (4), Bremen (2), Alna (4), Somerville (1), and Monhegan Island (0).

There are currently 59 single-family homes for sale in Lincoln County (down from 64 in February), with 39 percent of those priced at or above $500,000. The 711 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (24%), $250,000-$499,999 (46%), $500,000-$999,999 (19%), and $1 million-plus (7%). 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 1.7 months (under $100,000), 0.6 months ($100,000-$249,999), 0.9 months ($250,000-$499,999), 1.5 months ($500,000-$999,999), and 1.5 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.

NEWCASTLE REALTY SUPPORTS LINCOLN ACADEMY BASKETBALL PROGRAM

(Photo Courtesy of Lincoln County News)

Representatives from the staff at Newcastle Realty presented a check for $1,450 to Lincoln Academy of Newcastle, Maine in support of their high school basketball program during a home game recently.

For over 15 years, Newcastle Realty has sponsored an exciting Half-Time Shoot Out program, a fun intermission fund-raising contest conducted at all home games in which a fan is chosen to attempt basketball shots from the free throw line, three-point line, and half court within 30 seconds. Cash winnings and prizes such as Newcastle Realty-branded T-shirts are handed out based on the successful shots.

Many of the Newcastle Realty staff are graduates of Lincoln Academy alumni, including owner and president Dennis Hilton, a member of the Class of ‘84. About a half-dozen other NR agents are also LA alumni.

Over the years, this program has generated over $16,000 in donations to Lincoln Academy and their Boosters Club from Newcastle Realty and sister companies Cheney Insurance and Newcastle Vacation Rentals. These related businesses form The Cheney Financial Group which through their charitable giving committee has contributed over $250,000 since 1990 to dozens of non-profit organizations in Lincoln County.

You can learn more about us by visiting www.cheneycompanies.com or viewing the Facebook pages for Cheney Insurance, Newcastle Realty, and Newcastle Vacation Rentals.

February 2022 Market Update

Maine real estate experienced another historic high for sales of single-family homes in the month of January. Though statistics shared from Maine Listings indicate a slight decrease of 7.2 percent in sales compared to January of last year, sales numbers are still experiencing the positive effects of COVID-19.

Sales in January 2022 exceeded those of January 2020 by nearly 10% which demonstrates that markets across the state remain robust though constrained due to perpetual buyer demand and low availability of for-sale inventory. Since the start of the pandemic, Maine’s rural communities have experienced an influx of home buyers in response to remote employment possibilities and increasing sales prices.

The Maine median sales price (MSP) for single-family existing homes rose 14.47 percent to $292,250 comparing January 2022 to January 2021. The MSP indicates that half of the homes were sold for more and half sold for less.

Our company continues to excel with a full staff of exceptional local agents and we are incorporating innovative new marketing programs into our overall 2022 plan. We are excitied to remain the leading real estate firm in the Damariscotta area as we serve buyers and sellers. As of the date of this report, our brokers have closed 17 transaction sides with a total volume of $5,469,000 —up 44% over our Y-T-D numbers in 2021. In comparison, Drum and Drum Real Estate has sold $1,559,000 with six sides, and Sotheby’s has sold $5,040,500 with seven sides.

Most of the year-to-date 2022 property sales locally have occurred in Jefferson (15), Boothbay Harbor (10), Wiscasset (9), Waldoboro (8), Boothbay (7), and Bristol (7). Slightly fewer sales have happened so far in Dresden (6), Edgecomb (4), Damariscotta (6), Newcastle (4), Nobleboro (4), Westport Island (4), and Southport (4). Towns seeing even fewer sales include South Bristol (1), Whitefield (2), Bremen (1), Alna (3), Somerville (1), and Monhegan Island (0).

There are currently 64 single-family homes for sale in Lincoln County (down from 84 in December), with 41 percent of those priced at or above $500,000. The 736 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (25%), $250,000-$499,999 (46%), $500,000-$999,999 (19%), and $1 million-plus (7%). 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), 0.4 months ($100,000-$249,999), 1.0 months ($250,000-$499,999), 1.5 months ($500,000-$999,999), and 2.5 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.

Newcastle Realty Celebrates with Staff Sales Awards

Company owner Dennis Hilton celebrated Newcastle Realty’s 2021 sales successes recently by presenting the following staff awards in a remote ZOOM company-wide gathering. Realtor Sara Rogers of Nobleboro was recognized as a two-time $2 Million Dollar Club member with her 2021 sales of more than $2.4 million as she handled almost a dozen transaction sides. Realtor Lorrie Zeiner of Southport received a plaque recognizing her sales last year of more than $2.5 million over a long career during which she has helped hundreds of families with their real estate needs.

Joining the Newcastle Realty $3 Million Dollar Club were Realtors Tate Sandrock and Carmen Reed, both of Nobleboro, along with Realtor Anne Peaslee of Edgecomb. While Peaslee is a veteran Newcastle Realty agent with a long history of successfully working with clients, Sandrock and Reed are more recent graduates of the company’s Apprenticeship Program which helps develop new licensees. Each of these three brokers were recognized for their sales and outstanding client satisfaction during 2021.

Hilton welcomed Realtors Clint Miller of Boothbay and Debi Fox of Damariscotta to the $4 Million Dollar Club; Miller with sales of more than $4.2 million and Fox reaching over $4.5 million. Miller has been a Newcastle Realty agent since 2017, and has been instrumental in helping to launch Newcastle Realty’s new Boothbay Harbor branch office, and Debi Fox has enjoyed a very strong client following among Lincoln County property owners for many years.

Veteran Newcastle Realty agent Debby Schling was recognized for her $5.7 million in real estate sales last year, and Realtor David Hagan for his $5.8 million. Both award recipients reside in Damariscotta. Hagan graduated from the Newcastle Realty Apprenticeship Program in 2019, and Schling has served as an Apprentice Agent Mentor to a number of successful program participants.

Realtor Fred Hebert of New Harbor had a very successful year in 2021 with more than $7.3 million in sales, joining the Newcastle Realty $7 Million Dollar Club. Hebert handled 17 transaction sides and was mentored by long-time NR agents Bill Byrnes and Lee Simard, now both enjoying retirement. Congratulations to Fred and also to Newcastle Realty’s top producing agent for the second year in a row, Kirsten Ingram of Bremen. Kirsten joined the company in 2018 and is also a graduate of the Newcastle Realty Apprenticeship Program. In addition to her outstanding production and client satisfaction, she now serves as a mentor to other agents herself. Hilton expressed his thanks for the hard work of his entire staff during 2021 as he welcomed Ingram to the $11 Million Dollar Club at Newcastle Realty.

Newcastle Realty is a locally-owned real estate firm with a Main Street storefront presence in Damariscotta and a new branch office located at 14 Todd Avenue in Boothbay Harbor. The company focuses on helping families throughout Lincoln County and beyond with their real estate needs. They can be found on the web, and are part of The Cheney Financial Group, with over 26 professional associates serving the property ownership and insurance needs of thousands of families and businesses throughout Maine. Together, the CFG member companies have annual sales in excess of $67 million. You can learn more by visiting www.cheneycompanies.com or viewing the Facebook pages for Cheney Insurance, Newcastle Realty, and Newcastle Vacation Rentals.

January 2022 Market Update

Strong demand for single-family homes in Maine persisted for the full sales year of 2021. Statistics shared by Maine Listings indicated the statewide median sales price (MSP) reached $299,000 last year, showing an increase of 16.8 percent with the number of sales increasing 2.41 percent. The MSP indicates that half of the homes were sold for more and half sold for less.

2021 proved to be a historic year for residential real estate in Maine. Reaching 20,401 reported transactions and MSP of $299,000, the sales year for 2021 saw the highest numbers in more than 21 years. According to Maine Listings, December 2021 indicated a 12.22 percent MSP increase to $303,000 and a slight decrease of 12.65 percent in sales compared to December 2020.

Following the 2020 COVID shutdown, 2021 began with positive momentum. Though sales demand has been strong, the limited for-sale inventory has led to a supply-demand imbalance. Most markets have experienced a dip in number of residencies sold but a double-digit increase in median sold prices.

Our company continues to excel and remains the leading real estate firm in the Damariscotta area. As of the date of this report, our brokers have closed 10 transaction sides with a total volume of $3,463,000 —up 214% over our Y-T-D numbers in 2021. In comparison, Drum and Drum Real Estate has sold $400,000 with one side, and Sotheby’s has sold $600,000 with one side.

Most of the year-to-date 2022 property sales locally have occurred in Boothbay (4), Boothbay Harbor (4), Wiscasset (5), and Jefferson (5). Slightly fewer sales have happened so far in Edgecomb (2), Damariscotta (2), Newcastle (1), Nobleboro (1), Waldoboro (1), Alna (1), Somerville (1), Bristol (1) and Southport (2). Towns not seeing any sales yet include South Bristol (0), Dresden (0), Whitefield (0), Bremen (0), Westport Island (0), and Monhegan Island (0).

There are currently 84 single-family homes for sale in Lincoln County (down from 99 in December), with 35 percent of those priced at or above $500,000. The 737 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (26%), $250,000-$499,999 (46%), $500,000-$999,999 (19%), and $1 million-plus (6%). 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 1.3 months (under $100,000), 1.0 months ($100,000-$249,999), 1.3 months ($250,000-$499,999), 1.8 months ($500,000-$999,999), and 2.3 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.

December 2021 Market Update

While increased demand for single-family homes in Maine continues, for-sale inventory remains lower than usual. Data released by Maine Listings showed a slight sales decrease of 7.99 percent in November 2021 while prices increased 11.11 percent compared to November 2020. The median sales price (MSP) reached $300,000, compared to $270,000 in November of last year. The MSP indicates that half of the homes were sold for more and half sold for less.

Though we have seen lower sales volume during the second half of this year, January through November 2021 were record months for Maine. Residential real estate transactions were 4.1 percent higher than the comparable time period in 2020, which was Maine’s all-time high. Compared to pre-pandemic 2019 numbers, 2021 figures are 12.3 percent higher. The high demand for residential real estate is hindered by the low supply of for-sale homes across the state.

There were 33 percent fewer homes for sale in November 2021 than November 2020 and 59 percent fewer than November 2019. With a balanced real estate market relying on a six-month supply of for-sale inventory as the benchmark, our current numbers indicate a mere 1.7-month supply.

Our company continues to excel and remains the leading real estate firm in the Damariscotta area. As of the date of this report, our brokers have closed 203 transaction sides with a total volume of $60,971,125 —down 4% over our Y-T-D numbers in 2020. In comparison, Drum and Drum Real Estate has sold $18,142,370 with 47 sides, and Sotheby’s has sold $55,303,450 with 90 sides.

Most of the year-to-date 2021 property sales locally have occurred in Waldoboro (118), Boothbay (124), Wiscasset (96), Bristol (117), and Jefferson (82). Slightly fewer sales have happened so far in Damariscotta (57), Dresden (44), Whitefield (45), Newcastle (47), and Boothbay Harbor (68). Towns seeing even fewer sales include Nobleboro (46), Edgecomb (43), Bremen (27), Westport Island (34), South Bristol (38), and Southport (33). Just a handful of 2021 sales have occurred in Alna (13), Somerville (11), and Monhegan Island (1).

There are currently 99 single-family homes for sale in Lincoln County (down from 138 in October), with 36 percent of those priced at or above $500,000. The 742 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (25%), $250,000-$499,999 (46%), $500,000-$999,999 (19%), and $1 million-plus (6%). 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 1.2 months (under $100,000), 1.5 months ($100,000-$249,999), 1.4 months ($250,000-$499,999), 2.0 months ($500,000-$999,999), and 3.4 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.

October 2021 Market Update

Demand for single-family existing homes across Maine continues to surpass pre-COVID numbers. According to Maine Listings, while sales decreased 9.74 percent in September, prices jumped 16.92 percent. The median sales price (MSP) for the 2,067 homes sold last month reached $320,000. The MSP indicates that half of the homes were sold for more and half sold for less.

The demand for Maine real estate remains strong. With buyers rapidly purchasing for-sale inventory as it comes on the market, we’re now experiencing a 2.1-month supply of for-sale inventory compared to a six-month supply, which is considered a balanced market. Sales volume for September 2021 is 9.7 percent below September of last year but is 10.7 percent above September 2019.

Nationally, sales of single-family homes across the country dropped 3.1 percent over the past year. The National Association of Realtors reports a national MSP of $359,700 which shows an increase of 13.8 percent. Sales occurring in the regional Northeast decreased 8.3 percent with the regional MSP of $387,200 reflecting a 9.2 percent increase.

Our company continues to excel and remains the leading real estate firm in the Damariscotta area. As of the date of this report, our brokers have closed 163 transaction sides with a total volume of $45,848,125 —down 8% over our Y-T-D numbers in 2020. In comparison, Drum and Drum Real Estate has sold $15,879,670 with 40 sides, and Sotheby’s has sold $37,999,600 with 68 sides.

Most of the year-to-date 2021 property sales locally have occurred in Waldoboro (96), Boothbay (100), Wiscasset (78), Bristol (87), and Jefferson (70). Slightly fewer sales have happened so far in Damariscotta (47), Dresden (38), Whitefield (38), Newcastle (43), and Boothbay Harbor (51). Towns seeing even fewer sales include Nobleboro (33), Edgecomb (35), Bremen (26), Westport Island (28), South Bristol (33), and Southport (26). Just a handful of 2021 sales have occurred in Alna (9), Somerville (8), and Monhegan Island (1).

There are currently 181 single-family homes for sale in Lincoln County (down from 196 in August), with 37 percent of those priced at or above $500,000. The 773 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (5%), $100,000-$249,999 (25%), $250,000-$499,999 (46%), $500,000-$999,999 (19%), and $1 million-plus (6%). 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 3.7 months (under $100,000), 2.2 months ($100,000-$249,999), 2.3 months ($250,000-$499,999), 4.1 months ($500,000-$999,999), and 5.1 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.

August 2021 Market Update

Buyer demand remains strong across Maine’s 16 counties. Data shared by Maine Listings shows home sales decreased 4.86 percent and prices rose 23.58 percent comparing July 2021 to July 2020. The median sales price (MSP) for the 1,996 homes sold hit $315,000 last month. The MSP indicates that half of the homes were sold for more and half sold for less.

Sales volume for the month of July continue to outpace pre-pandemic numbers from 2019. Though showing a slight decline of just under five percent from July 2020, sales volume for July 2021 is seven percent ahead of July 2019.

The National Association of Realtors reports show a nationwide sales dip of 0.8 percent for single-family existing homes in July 2021 compared to July of last year. Prices across the country increased 18.6 percent to a national MSP of $367,000. Regionally, sales in the Northeast rose 12.1 percent comparing July 2021 to July 2020, while the regional MSP increased 23.6 percent to $411,200 over that same time period.

Our company continues to excel and remains a leading real estate firm in the Damariscotta area. As of the date of this report, our brokers have closed 119 transaction sides with a total volume of $34,852,675 —up 31% over our Y-T-D numbers in 2020. In comparison, Drum and Drum Real Estate has sold $12,070,000 with 29 sides, and Sotheby’s has sold $31,847,100 with 50 sides.

Most of the year-to-date 2021 property sales locally have occurred in Waldoboro (75), Boothbay (80), Wiscasset (63), Bristol (70), and Jefferson (52). Slightly fewer sales have happened so far in Damariscotta (33), Dresden (29), Whitefield (25), Newcastle (34), and Boothbay Harbor (34). Towns seeing even fewer sales include Nobleboro (21), Edgecomb (24), Bremen (23), Westport Island (17), South Bristol (23), and Southport (20). Just a handful of 2021 sales have occurred in Alna (6), Somerville (5), and Monhegan Island (1).

There are currently 203 single-family homes for sale in Lincoln County (down from 217 in June), with 39 percent of those priced at or above $500,000. The 821 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (5%), $100,000-$249,999 (24%), $250,000-$499,999 (48%), $500,000-$999,999 (18%), and $1 million-plus (5%). 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 4.3 months (under $100,000), 2.5 months ($100,000-$249,999), 2.2 months ($250,000-$499,999), 4.5 months ($500,000-$999,999), and 6.9 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.

July 2021 Real Estate Market Update

Buyer demand continues to increase values of Maine’s single-family existing homes. Data shared by Maine Listings shows a statewide median sales price (MSP) of $310,000 in June—a 24.5 percent increase over June 2020. The MSP indicates that half of the homes were sold for more and half sold for less. Sales have also increased 14.71 percent in June compared to June a year ago.

High sales volume last month indicate that pent-up buyer demand remains strong. REALTORS® from across Maine report that homes are going under contract rapidly after receiving numerous offers. Statewide, the Days on Market for June 2021 was just six days, compared to 14 days a year ago, and 13 days in 2019, pre-COVID.

According to the National Association of Realtors, sales across the country increased 19.3 percent and prices grew by 24.4 percent to reach a national MSP of $370,600 in June 2021 compared to June 2020. Regionally, June 2021 sales in the Northeast jumped 45.1 percent and the regional MSP hit $412,800 – up 23.6 percent compared to June of last year.

Our company continues to excel and remains a leading real estate firm in the Damariscotta area. As of the date of this report, our brokers have closed 100 transaction sides with a total volume of $26,291,775 —up 28% over our Y-T-D numbers in 2020. In comparison, Drum and Drum Real Estate has sold $11,188,020 with 25 sides, and Farrin Properties has sold $9,472,500 with 39 sides.

Most of the year-to-date 2021 property sales locally have occurred in Waldoboro (68), Boothbay (68), Wiscasset (52), Bristol (59), and Jefferson (47). Slightly fewer sales have happened so far in Edgecomb (21), Damariscotta (27), Dresden (23), Newcastle (29), and Boothbay Harbor (29). Towns seeing even fewer sales include Nobleboro (18), Whitefield (19), Bremen (19), Westport Island (14), South Bristol (17), and Southport (17). Just a handful of 2021 sales have occurred in Alna (6), Somerville (5), and Monhegan Island (1).

There are currently 217 single-family homes for sale in Lincoln County (up from 178 in May), with 36 percent of those priced at or above $500,000. The 841 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (5%), $100,000-$249,999 (26%), $250,000-$499,999 (47%), $500,000-$999,999 (18%), and $1 million-plus (5%). 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 4.0 months (under $100,000), 2.5 months ($100,000-$249,999), 2.5 months ($250,000-$499,999), 4.3 months ($500,000-$999,999), and 7.2 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.

June 2021 Real Estate Market Update

The sale of single-family homes in Maine continues to surge by double digits. Data shared by the Maine Association of Realtors show the ownership transfer of 1,611 homes across the state for the month of May 2021, alone—a 28.32 percent increase over May 2020. Home values continue to be impacted by high buyer demand. The statewide median sales price (MSP) increased 28.21 percent to $305,000 in May 2021 compared to May of last year. The MSP indicates that half of the homes were sold for more and half sold for less.

May 2020 was a low point for Maine’s residential real estate market due to the COVID shutdown. Since then, the numbers have rebounded and continue to grow. These reported numbers are a comparison to the May 2020 COVID shutdown statistics. Sales volume for May 2021 showed similarities to pre-pandemic sales volume levels, with an increase of about one percent above the May 2019 figures.
According to the National Association of Realtors, the sale of single-family existing homes across the country displayed an increase of 39.2 percent in May 2021 compared to May 2020. The national MSP of $356,600 represents an increase of 24.4 percent from May of 2020. Regionally, sales across the Northeast increased 46.9 percent and the regional MSP increased 17.1 percent to $384,300, compared to May 2020.

With continued momentum, our company remains the leading real estate firm in the Damariscotta area. As of the date of this report, our brokers have closed 85 transaction sides with a total volume of $21,660,275 —up 62% over our Y-T-D numbers in 2020. In comparison, the local Sotheby’s office has booked $19,910,100 from 34 sides, and Drum and Drum Real Estate has sold $10,820,467 with 26 sides.

Most of the year-to-date 2021 property sales locally have occurred in Waldoboro (55), Boothbay (62), Wiscasset (41), Bristol (53), Dresden (17), Damariscotta (21), Jefferson (39), Edgecomb (18), Newcastle (25), Boothbay Harbor (25), and Nobleboro (15). Slightly fewer sales have happened so far this year in Whitefield (10), Bremen (16), Westport Island (12), South Bristol (12), Southport (12), Alna (5), Somerville (5), and Monhegan Island (1).

There are currently 178 single-family homes for sale in Lincoln County (up from 150 in April), with 35 percent of those priced at or above $500,000. The 837 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (6%), $100,000-$249,999 (26%), $250,000-$499,999 (46%), $500,000-$999,999 (17%), and $1 million-plus (5%). 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 2.8 months (under $100,000), 1.8 months ($100,000-$249,999), 2.3 months ($250,000-$499,999), 3.7 months ($500,000-$999,999), and 5.8 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 1/1/2021 through 6/23/2021.

May 2021 Real Estate Market Update

The demand for single-family homes persists as highly-motivated buyers continue to pursue Maine real estate options. Statistics shared by Maine listings show a sales increase of 35.68 percent in April 2021 compared to April 2020. The statewide median sales price (MSP) reached $276,000 – a leap of 17.05 percent between this April and last.

Maine’s residential real estate market remains energetic. The statistics for April 2021 reflect similarities to this time last year, when the state of Maine was experiencing COVID related cessations. Last month’s sales volume was robust – 13 percent above the pre-pandemic April 2019 figures.

As properties come onto the market, buyers are waiting and ready. Statewide, the average number of Days on Market for April 2021 was eight days, compared to 25 days last year, and 46 days in 2019.

Off to a great start in 2021, our company continues to thrive. As of the date of this report, our brokers have closed 66 transaction sides with a total volume of $15,407,325 —up 68% over our Y-T-D numbers in 2020. In comparison, the local Sotheby’s office has booked $11,465,000 from 21 sides, and Drum and Drum Real Estate has sold $7,198,520 with 17 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2021 property sales locally have occurred in Waldoboro (42), Boothbay (45), Wiscasset (30), Bristol (43), Dresden (14), Damariscotta (18), Jefferson (29), Edgecomb (17), Newcastle (24), Boothbay Harbor (21), and Nobleboro (14). Slightly fewer sales have happened so far this year in Whitefield (8), Bremen (9) Westport Island (11), South Bristol (10), Southport (8), Alna (5), Somerville (4), and Monhegan Island (1).

There are currently 150 single-family homes for sale in Lincoln County (up from 141 in February), with 39 percent of those priced at or above $500,000. The 824 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (6%), $100,000-$249,999 (28%), $250,000-$499,999 (45%), $500,000-$999,999 (17%), and $1 million-plus (4%). 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 1.5 months (under $100,000), 1.7 months ($100,000-$249,999), 1.7 months ($250,000-$499,999), 3.3 months ($500,000-$999,999), and 7.3 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 1/1/2021 through 5/24/2021.

April 2021 Real Estate Market Update

Home buyer demand persists in the Maine real estate market, with Realtors reporting 1,313 single-family home sales for the month of March alone—a jump of 16.81 percent over March 2020. Statistics shared by Maine Listings infer the statewide median sales price (MSP) reached $268,500, an increase of 17.79 percent comparing March 2021 to March 2020. The MSP indicates that half of the homes were sold for more and half sold for less.

Maine residential real estate sales volume and median sold values continue to increase while the race for residential real estate remains! Transactions are being conducted rapidly with no sign of slowing down. For March 2021, the statewide days on market was just 11 days, compared to 48 days for March of last year.

The National Association of Realtors reported a 10.4 percent nationwide increase compared to the March 2020 data. Prices also increased 18.4 percent to reach a national MSP of $334,500. Regionally, sales in the Northeast jumped 16.9 percent and the regional MSP increased 21.4 percent to $364,800 comparing March 2021 to March 2020.

Off to a great start in 2021, our company continues to thrive. As of the date of this report, our brokers have closed 63 transaction sides with a total volume of $13,775,275—up 55% over our Y-T-D numbers in 2020. In comparison, the local Sotheby’s office has booked $10,997,100 from 19 sides, and Drum and Drum Real Estate has sold $6,260,447 with 14 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2021 property sales locally have occurred in Waldoboro (32), Boothbay (40), Wiscasset (24), Bristol (34), Dresden (12), Damariscotta (15), Jefferson (19), Edgecomb (16), Newcastle (17), Boothbay Harbor (12), and Nobleboro (12). Slightly fewer sales have happened so far this year in Whitefield (6), Bremen (8) Westport Island (9), South Bristol (8), Southport (8), Alna (5), and Somerville (3). No sales have occurred yet on Monhegan Island.

There are currently 141 single-family homes for sale in Lincoln County (up from from 90 in February), with 37 percent of those priced at or above $500,000. The 813 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (6%), $100,000-$249,999 (29%), $250,000-$499,999 (45%), $500,000-$999,999 (16%), and $1 million-plus (4%). 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 0.8 months (under $100,000), 1.4 months ($100,000-$249,999), 1.9 months ($250,000-$499,999), 3.0 months ($500,000-$999,999), and 7.5 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 1/1/2021 through 4/23/2021.

Newcastle Realty Opens Boothbay Harbor Office

Together with his staff of REALTORs, Newcastle Realty owner Dennis Hilton is pleased to announce the opening of their new Boothbay Harbor office, located at 14 Todd Avenue. Newcastle Realty has operated from Newcastle and Damariscotta for over 30 years and this is their first branch location.

“We are very happy to be strengthening our commitment to Boothbay area residents and the local business community,” said Hilton. “While we have assisted real estate clients in the Boothbay Region for many years, this new downtown branch office location will allow us to expand those services while providing a modern and attractive space for customers to enjoy and our broker staff to work from.”

The brand-new building replaced the former Coastal Shipping location and features an open concept layout with modern technology, providing convenient and comfortable areas to meet or for visitors to look at real estate listings.

Newcastle Realty has been in business for over three decades and has a current staff of 21 agents, several of whom live in the Boothbay area. The company is known for its commitment to supporting all Lincoln County communities through the charitable giving efforts of The Cheney Financial Group, which includes Cheney Insurance and Newcastle Vacation Rentals.

“We are just so excited to be opening this office,” commented Kristy Battles, Chief Administrative Officer. “We look forward to offering property owners more choice when it comes to real estate services, and we are grateful for the warm reception we have received.”

Newcastle Realty is an independent firm that focuses on helping families with their real estate needs, regardless of their price point. “We don’t focus on any one part of the market,” explained Hilton. “We are solutions driven, and all our brokers love working with home buyers and sellers to help them achieve their goals. We provide important support and guidance throughout the process.”

While Newcastle Realty’s new office is open for business, they are still operating with COVID-19 protocols in place. Visitors are urged to call the office at (207)633-4433 to make an appointment or to speak with a REALTOR. Their website is MyNewcastle.com and they can be found on Facebook, Instagram, and Snapchat.

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