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.

March 2021 Real Estate Market Update

Despite the yearlong COVID-19 pandemic, the Maine real estate market continues to thrive. According to statistics provided by Maine Listings, the month of February 2021 indicated a sales increase of 22.77 percent compared to the previous year. The median sales price (MSP) for homes reached $244,900, which shows an increase of 12.91 percent from 2020 to 2021. The MSP indicates that half of the homes were sold for more and half sold for less.

With current sales volume and median sold values significantly exceeding those from a year ago, the race for residential real estate activity continues! For-sale listings continue to enter the market, and buyers are acting swiftly. For February 2021, the statewide days-on-market statistic was a mere 21 days, compared to 52 days for February 2020.

On the National level, sales of single-family existing homes increase 8.0 percent in February 2021 compared to February of last year, with the national MSP rising 16.2 percent to reach $317,000 over the same time period. According to the National Association of Realtors, the regional Northeast experienced a sales jump of 13.2 percent for February 2021, while the regional MSP increased 20.5 percent to $356,000 compared to February 2020.

Our company is off to a strong start in 2021. As of the date of this report, our brokers have closed 39 transaction sides with a total volume of $6,996,000—up 50% over our Y-T-D numbers in 2020. In comparison, the local Sotheby’s office has booked $6,742,100 from 12 sides, and Drum and Drum Real Estate has sold $4,495,447 with 12 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 (22), Boothbay (28), Wiscasset (15), Bristol (19), Dresden (11), Damariscotta (11), Jefferson (14), Edgecomb (12), and Newcastle (13). Slightly fewer sales have happened so far this year in Bremen (8), Boothbay Harbor (9), Whitefield (4), Westport Island (6), South Bristol (5), Nobleboro (7), and Southport (4), Alna (3), Somerville (3). No sales have occurred yet in Monhegan Island.

There are currently just 71 single-family homes for sale in Lincoln County (down from 90 in February), with 51 percent of those priced at or above $500,000. The 790 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 (46%), $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 0.5 months (under $100,000), 0.7 months ($100,000-$249,999), 0.9 months ($250,000-$499,999), 2.4 months ($500,000-$999,999), and 5.6  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.

 

  • 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 3/26/2021.

February 2021 Real Estate Market Update

The demand for Maine’s real estate is stronger than ever with for-sale inventory at a historical low. Data shared by Maine Listings indicate the median sales price (MSP) for a single-family existing home in Maine rose 15.57 percent to $255,300 and sales volume jumped 18.38 percent comparing January 2021 to January 2020. The MSP indicates that half of the homes were sold for more and half sold for less.

Residential real estate in 2021 has certainly sustained the positive trajectory witnessed in 2020, with sales volume and median sold values significantly out-pacing those of a year ago, which statistically was the best year ever for Maine real estate. With the current market in high demand, buyers are being left with minimal options to choose from and sellers are hesitant to list their homes without securing their next move-in ready property. With the buyer demand strong, continuing positive momentum for 2021 is highly dependent on homes for sale entering the market.

The National Association of Realtors reported a 23 percent rise in sales of single-family existing homes across the country comparing January 2021 to January 2020. Home prices jumped 14.8 percent over January 2020, reaching a national MSP of $308,300 in January 2021. Regionally, sales in the Northeast increased 24.3 percent and the regional MSP was up 15.8 percent to $361,400 comparing January 2021 to January 2020.

Our company is off to a strong start in 2021. As of the date of this report, our brokers have closed 26 transaction sides with a total volume of $3,546,050—up 57% over our Y-T-D numbers in 2020. In comparison, the local Sotheby’s office has booked $4,082,100 from seven sides, and Drum and Drum Real Estate has sold $1,947,947 with six sides. We are pleased to remain a leading real estate firm in our area.

Most of the year-to-date 2021 property sales locally have occurred in Waldoboro (13), Boothbay (14), Wiscasset (8), Bristol (12), Dresden (8), Damariscotta (7), Jefferson (6), Edgecomb (7), and Bremen (6). Slightly fewer sales have happened so far this year in Newcastle (5), Boothbay Harbor (6), Whitefield (2), Westport Island (4), South Bristol (4), Nobleboro (3), and Southport (3). No sales have occurred yet in Alna, Somerville, and Monhegan Island.

There are currently just 90 single-family homes for sale in Lincoln County (down from 128 in January), with 42 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 (6%), $100,000-$249,999 (30%), $250,000-$499,999 (45%), $500,000-$999,999 (15%), and $1 million-plus (3%). 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), 1.2 months ($250,000-$499,999), 2.5 months ($500,000-$999,999), and 6.3 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 2/23/2021.

Our Final Real Estate Market and Sales Update for 2020

Wow, what a year in Maine’s residential real estate market, which thrived during 2020 because of the COVID-19 pandemic. Statistics released recently by the Maine Association of Realtors and Maine Listings show a sales increase of 9.82 percent for all single-family existing homes sold during 2020. Values increased by double digits with the statewide median sales price (MSP) reaching $256,000, an increase of 13.78 percent. The MSP indicates that half of the homes were sold for more and half sold for less.

The sales year ended with historic highs for the number of reported transactions (19,921) and median sales price ($256,000) since the Maine Association of Realtors began compiling data more than 20 years ago. During the month of December only, sales across the state of Maine were up 31.53 percent compared to December 2019, and the statewide MSP of $270,000 represents an increase of 15.38 from the previous year.

Nationally, December 2020 sales of single-family existing homes jumped 22.8 percent over December 2019. According to the National Association of Realtors, prices were also on the rise last month, with an increase of 13.5 percent to a national MSP of $314,300. Sales in the regional Northeast climbed an incredible 27.4 percent and the regional MSP reached $362,100—a jump of 19 percent comparing December 2020 to December 2019. Last year began with the positive momentum from 2019 and then was jolted in the second quarter by the arrival of COVID-19.  Since July, sales demand and volume has been exceptionally strong. Coupled with tight for-sale inventory, most markets in our state have experienced double-digit appreciation for median sold prices.

Our company had an exceptionally strong sales year in 2020, and we are thankful for the many families we served. As of 12/31/2020, our brokers had closed a record 221 transaction sides with a total volume of $64,413,915—up 51% over our Y-T-D numbers in 2019 and the highest in our company history. In comparison, the local Sotheby’s office booked $41,569,370 from 93 sides, and Drum and Drum Real Estate sold $26,970,780 with 82 sides. Thanks to their hard work and on behalf of our staff of professional brokers and the clients they served, we are pleased to remain the leading firm in our area.

Most of the 2020 property sales locally have occurred in Waldoboro (80), Boothbay (116), Wiscasset (100), Jefferson (79), Bristol (124), and Boothbay Harbor (90). Slightly fewer sales happened last year in Dresden (35), Whitefield (40), Damariscotta (47), Newcastle (48), and Edgecomb (45). Towns that saw even fewer sales include Westport Island (32), South Bristol (40), Nobleboro (43), and Bremen (27). Just a handful of 2020 sales occurred in Alna (15), Southport (22), Somerville (13), and Monhegan Island (2).

There are currently just 128 single-family homes for sale in Lincoln County (down from 153 in December), with 36 percent of those priced at or above $500,000. The 759 residential sales that occurred in the past 365 days represent transactions in the range of under $100,000 (7%), $100,000-$249,999 (31%), $250,000-$499,999 (44%), $500,000-$999,999 (15%), and $1 million-plus (3%). Listing inventory remains super low—it is still 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), 1.4 months ($100,000-$249,999), 1.9 months ($250,000-$499,999), 3.1 months ($500,000-$999,999), and 8.6 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.

  • Sales data is based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/2020 through 12/31/2020.

December 2020 Real Estate Market Update

Low for-sale inventory and high demand for Maine’s lifestyle has driven real estate sales and values into double-digit gains. Today, Maine Listings reported that 1,965 single-family existing homes changed hands in November—a rise of 31.17 percent compared to November 2019. Values also increased 20 percent to a median sales price (MSP) of $270,000, comparing November 2020 to November 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

Residential real estate activity in Maine is still crazy-busy. In most markets across the state, Realtors are reporting multiple offer situations on move-in ready listings. The increased competition for historically low for-sale inventory availability is resulting in higher prices. January through November sales are 7.9 percent ahead of the same time period for 2019—Maine’s best year ever. One-third of November’s sales involved out-of-state buyers, compared to one-fourth during November of 2019.

Nationally, sales of single-family existing homes rose 25.6 percent in November 2020 compared to November 2019. According to The National Association of Realtors, values also increased 15.1 percent to a national MSP of $315,500. The regional Northeast witnessed a sales jump of 25.7 percent, and the regional MSP of $354,100 represents a 17.4 percent increase comparing November 2020 to November 2019. Maine’s reputation as a safe place is fueling interest. With tight market conditions, buyers and sellers should partner with a Newcastle Realty broker for expert counsel around inventory availability, marketing and pricing, and negotiating strategies to successfully achieve their real estate needs and goals.

Our company has had an exceptionally strong sales year. As of the date of this report, our brokers have closed 215 transaction sides with a total volume of $63,065,915—up 70% over our Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $38,468,100 from 88 sides, and Drum and Drum Real Estate has sold $25,339,780 with 77 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (77), Boothbay (113), Wiscasset (92), Jefferson (78), Bristol (118), and Boothbay Harbor (86). Slightly fewer sales have happened so far this year in Dresden (35), Whitefield (37), Damariscotta (44), Newcastle (46), and Edgecomb (45). Towns seeing even fewer sales include Westport Island (31), South Bristol (40), Nobleboro (43), and Bremen (26). Just a handful of 2020 sales have occurred in Alna (14), Southport (22), Somerville (13), and Monhegan Island (2).

There are currently just 153 single-family homes for sale in Lincoln County (down from 179 in November), with 35 percent of those priced at or above $500,000. The 736 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (7%), $100,000-$249,999 (31%), $250,000-$499,999 (44%), $500,000-$999,999 (14%), 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 is 1.6 months (under $100,000), 1.7 months ($100,000-$249,999), 2.3 months ($250,000-$499,999), 4.0 months ($500,000-$999,999), and 11.6 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.

  • Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/2020 through 12/22/2020.

November Real Estate Market Update

Maine’s real estate sales are still crazy high—up by double digits. According to statistics released today by the Maine Association of Realtors, agents across the state sold 2,341 single-family existing homes last month (!)—a jump of 26.88 percent over October 2019. The median sales price (MSP) for homes sold reached $280,000, a 24.50 percent increase over October 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

The residential real estate recovery since the COVID-impacted second quarter has been, shall we say, robust. January through October 2020 sales are 5.6 percent ahead of the comparable time period for 2019. Buyers are plentiful across Maine and they are facing a sustained tight supply of for-sale inventory. This supply/demand imbalance, buoyed by historically-low mortgage interest rates, has resulted in increased competition and price appreciation.

The National Association of Realtors reported a national sales increase of 26.7 percent last month, while the national MSP reached $317,700—up 16.0 percent. The regional Northeast experienced a sales climb of 30.4 percent in October, and a 20.2 percent jump in median sales prices to hit $356,500. Maine’s lower incidence of COVID compared to the rest of the country, plus the increase in tele-working, has resulted in out-of-state buyers adding to the demand for Maine homes. Historically, about 25 percent of monthly home purchases in Maine are by out-of-state buyers, but during October, that number was 36 percent.

Newcastle Realty has had an exceptionally strong sales year, despite the pandemic. As of the date of this report, our brokers have closed 195 transaction sides with a total volume of $55,898,465—up 70% over our Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $35,937,600 from 80 sides, and Drum and Drum Real Estate has sold $23,411,280 with 68 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (68), Boothbay (98), Wiscasset (81), Jefferson (72), Bristol (102), and Boothbay Harbor (73). Slightly fewer sales have happened so far this year in Dresden (31), Whitefield (33), Damariscotta (40), Newcastle (34), and Edgecomb (40). Towns seeing even fewer sales include Westport Island (26), South Bristol (35), Nobleboro (39), and Bremen (24). Just a handful of 2020 sales have occurred in Alna (13), Southport (16), Somerville (11), and Monhegan Island (2).

There are currently just 179 single-family homes for sale in Lincoln County (down from 190 in October), with 36 percent of those priced at or above $500,000. The 711 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (7%), $100,000-$249,999 (34%), $250,000-$499,999 (42%), $500,000-$999,999 (14%), and $1 million-plus (3%). Listing inventory remains super low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is 1.1 months (under $100,000), 1.8 months ($100,000-$249,999), 3.0 months ($250,000-$499,999), 5.2 months ($500,000-$999,999), and 12.1 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.

  • Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/2020 through 11/22/2020.

October 2020 Real Estate Market Report

With historically low interest rates and more buyers than sellers, sales of Maine single-family existing homes increased 22.78 percent comparing September 2020 to September 2019. According to statistics released by Maine Listings, the median sales price (MSP) for homes sold in September 2020 rose 19.56 percent to $273,500, compared to September 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

Demand is being powered by historically-low mortgage interest rates combined with the allure of Maine’s quality of life and response to COVID-19 from across the country, while the supply of for-sale properties also remains historically low. With more buyers than sellers in most markets, we are seeing strong competition, faster sales, and increasing pricing. Typically, about 25 percent of home purchases in Maine are made by out-of-state buyers, and we’re seeing that percentage increase to around 33 percent. In September of 2019, Maine had 445 single family homes purchased by out-of-state buyers. In September 2020, that number was 735.

Across the country, sales also increased by double-digits. The National Association of Realtors reports that sales nationwide are up 21.8 percent comparing September 2020 to September 2019, and the national MSP reached $316,200 in September 2020—a rise of 15.2 percent over September 2019. In the regional Northeast, sales of single-family existing homes jumped 22.9 percent, and the regional MSP of $354,600 reflects a 17.8 percent increase.

Newcastle Realty has had an exceptionally strong sales year, despite the pandemic. As of the date of this report, our brokers have closed 168 transaction sides with a total volume of $48,943,365—up 57% over our Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $34,057,600 from 75 sides, and Drum and Drum Real Estate has sold $18,741,100 with 55 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (59), Boothbay (86), Wiscasset (75), Jefferson (64), Bristol (82), and Boothbay Harbor (59). Slightly fewer sales have happened so far this year in Dresden (30), Whitefield (32), Damariscotta (33), Newcastle (29), and Edgecomb (35). Towns seeing even fewer sales include Westport Island (22), South Bristol (33), Nobleboro (33), and Bremen (23). Just a handful of 2020 sales have occurred in Alna (12), Southport (13), Somerville (10), and Monhegan Island (2).

There are currently just 190 single-family homes for sale in Lincoln County (down from 203 in September), with 37 percent of those priced at or above $500,000. The 698 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (8%), $100,000-$249,999 (37%), $250,000-$499,999 (39%), $500,000-$999,999 (13%), and $1 million-plus (3%). Listing inventory remains super low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is 1.6 months (under $100,000), 1.8 months ($100,000-$249,999), 3.3 months ($250,000-$499,999), 6.1 months ($500,000-$999,999), and 15.4 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.

  • Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/2020 through 10/22/2020.

September 2020 Real Estate Market Report

Real estate sales in Maine continue a healthy, highly positive trajectory. The value of single-family existing homes jumped 17.4 percent comparing August 2020 to August 2019, reaching a median sales price of $270,000, according to Maine Listings. The MSP indicates that half of the homes were sold for more and half sold for less. Home sales increased 1.31 percent from last August.

The August statistics show strong demand for residential real estate in Maine. After the steep decline during the second quarter due to COVID-19, Maine’s Q3 positive sales to date have brought us nearly even to 2019 levels.

We are experiencing an historically low supply of homes for sale, 40 percent below a year ago. Demand is being fueled by all-time low mortgage interest rates, Maine households moving within the state, and an up-tick in out-of-state buyers seeking Maine’s quality of life and safety. In August of 2019, Maine had 482 single family homes purchased by out-of-state buyers. In August 2020, that number was 707.

The National Association of Realtors today reported an 11.0 percent increase in the sales of single-family homes nationwide in the past year. Prices for those homes rose 11.7 percent to $315,000. Regionally, sales in the Northeast increased 5.7 percent, while the regional MSP jumped 10.4 percent to $349,500.

Newcastle Realty has had a very strong first eight months of 2020, despite the pandemic. As of the date of this report, our brokers have closed 134 transaction sides with a total volume of $36,893,965—up 26% over our Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $25,349,100 from 59 sides, and Drum and Drum Real Estate has sold $14,221,500 with 44 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (50), Boothbay (74), Wiscasset (62), Jefferson (46), Bristol (65), and Boothbay Harbor (45). Slightly fewer sales have happened so far this year in Dresden (25), Whitefield (30), Damariscotta (28), Newcastle (24), and Edgecomb (29). Towns seeing even fewer sales include Westport Island (17), South Bristol (30), Nobleboro (27), and Bremen (20). Just a handful of 2020 sales have occurred in Alna (10), Southport (8), Somerville (8), and Monhegan Island (2).

There are currently 203 single-family homes for sale in Lincoln County (up slightly from 200 in August), with 36 percent of those priced at or above $500,000. The 652 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (9%), $100,000-$249,999 (40%), $250,000-$499,999 (37%), $500,000-$999,999 (12%), and $1 million-plus (2%). Listing inventory remains low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is 1.5 months (under $100,000), 2.0 months ($100,000-$249,999), 4.2 months ($250,000-$499,999), 8.4 months ($500,000-$999,999), and 16.2 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 1/1/2020 through 09/22/2020.

August 2020 Real Estate Market Report

Sales of single-family existing homes continue to recover from the impacts of the early months of COVID-19; Maine Listings reports a sales jump of 12.43 percent in July 2020, when compared to July 2019. Values rose 10.83 percent to a median sales price (MSP) of $254,900, comparing July 2020 to July 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

Maine’s midcoast real estate market was very active in July for a number of reasons. Maine’s quality of life, our nation-leading low COVID-19 metrics, and mortgage interest rates hovering at three percent and below, are contributing to very strong demand for residential real estate. The July statistics indicate pent-up demand from the initial drop-off impacts of the pandemic.

According to the National Association of Realtors, sales nationwide were up 9.8 percent in the past year. The national MSP rose 8.5 percent to $307,800. Regionally, single-family home sales in the Northeast eased 5.9 percent while the regional MSP increased 4.0 percent to $317,800 comparing July 2020 to July 2019.

Newcastle Realty has had a very strong first-half of 2020, despite the pandemic. As of the date of this report, our brokers have closed 97 transaction sides with a total volume of $24,988,565—up slightly from our same Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $18,943,100 from 43 sides, and Drum and Drum Real Estate has sold $10,004,500 with 29 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (43), Boothbay (54), Wiscasset (53), Jefferson (38), Bristol (45), and Boothbay Harbor (33). Slightly fewer sales have happened so far this year in Dresden (20), Whitefield (25), Damariscotta (18), Newcastle (17), and Edgecomb (24). Towns seeing even fewer sales include Westport Island (10), South Bristol (20), Nobleboro (20), and Alna (9). Just a handful of 2020 sales have occurred in Southport (7), Somerville (8), Bremen (14), and Monhegan Island (1).

There are currently 200 single-family homes for sale in Lincoln County (down from 207 in July), with 37 percent of those priced at or above $500,000. The 622 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (9%), $100,000-$249,999 (43%), $250,000-$499,999 (35%), $500,000-$999,999 (11%), and $1 million-plus (2%). Listing inventory remains low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is under one month (under $100,000), 1.4 months ($100,000-$249,999), 3.2 months ($250,000-$499,999), 10.5 months ($500,000-$999,999), and 13.9 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.

  • Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/2020 through 08/21/2020.

July 2020 Real Estate Market Report

The number of sales of single-family homes in Maine is down slightly in June but prices remain on the rise. Realtors across the state sold 1,720 homes in June—78 fewer homes than a year ago – a 4.3% decrease compared to June 2019. The Median Sales Price (MSP) for homes sold in June reached $249,000, an increase of 4.15 percent compared to June 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

As Maine navigates COVID-19, the real estate industry has adapted. The June statistics show improvement and indicate that sellers and buyers have adjusted to Maine’s health and safety protocols. The current market activity serves as an important catalyst for overall economic recovery. The housing industry provides employment for not just REALTORS®, but also lenders, appraisers, building inspectors, surveyors, title and closing agents, cleaning and yard maintenance providers, and building contractors. Many buyers make home improvements and upgrades, and their spending creates additional positive economic ripples throughout their communities.

Nationally, sales decreased 9.9 percent in June 2020 compared to June 2019. According to the National Association of Realtors, sales of existing homes across the country eased 9.9 percent, while the National MSP rose 3.5 percent in June to $298,600. Realtors in the regional Northeast reported a sales dip of 27.9 percent comparing June 2020 to June 2019, while the regional MSP increased 3.6 percent to $332,900.

Newcastle Realty has had strong first-half of 2020, despite the pandemic. As of the date of this report, our brokers have closed 79 transaction sides with a total volume of $19,226,065—up slightly from our same Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $12,769,200 from 31 sides, and Drum and Drum Real Estate has sold $8,258,500 with 23 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (35), Boothbay (37), Wiscasset (42), Jefferson (26), Bristol (32), and Boothbay Harbor (26). Slightly fewer sales have happened so far this year in Dresden (17), Whitefield (20), Damariscotta (16), Newcastle (13), and Edgecomb (18). Towns seeing even fewer sales include Westport Island (9), South Bristol (14), Nobleboro (17), and Alna (9). Just a handful of 2020 sales have occurred in Southport (5), Somerville (6), Bremen (9), and Monhegan Island (1).

There are currently 207 single-family homes for sale in Lincoln County (down from 278 in June), with 39 percent of those priced at or above $500,000. The 608 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (8%), $100,000-$249,999 (44%), $250,000-$499,999 (36%), $500,000-$999,999 (11%), and $1 million-plus (1%). Listing inventory remains low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is under one month (under $100,000), 1.8 months ($100,000-$249,999), 4.7 months ($250,000-$499,999), 11.2 months ($500,000-$999,999), and 31.1 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.

  • Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/2020 through 07/22/2020.

June 2020 Real Estate Market Report

Sales of Maine’s single-family homes eased in May, due to effects from COVID-19 and limited supply; however, value and demand for available homes remained strong. According to Maine Listings, Realtors sold 21.34 percent fewer homes in May 2020, compared to May 2019. Prices continued to rise, with a median sales price increase of 3.43 percent to $237,900. The MSP indicates that half of the homes were sold for more and half sold for less.

We are seeing greater impact on supply and demand in Maine’s real estate markets due to COVID-19. For-sale inventory is extremely tight—28 percent below a year ago; statewide, the days on market statistic for May was 17. Since March, when COVID-19 arrived, days on market statistics are down an average of 30 percent. The brokers at Newcastle Realty are guiding buyers and sellers through this unique market to help them achieve their real estate needs, while following Maine’s CDC guidelines.

The National Association of Realtors reported that sales across the United States eased 24.8 percent and the national MSP increased 2.4 percent to $287,700 comparing May 2020 to May 2019. Regionally, sales in the Northeast fell 29.9 percent compared to last May. The regional MSP rose 7.8 percent to $327,900.

Newcastle Realty has had a strong start to this sales year, despite the pandemic. As of the date of this report, our brokers have closed 55 transaction sides with a total volume of $12,899,300—down slightly from our same Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $8,656,200 from 21 sides, and Drum and Drum Real Estate has sold $4,077,500 with 15 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (29), Boothbay (22), Wiscasset (32), Jefferson (20), Bristol (25), and Boothbay Harbor (20). Slightly fewer sales have happened so far this year in Dresden (13), Whitefield (17), Damariscotta (13), Newcastle (10), and Edgecomb (15). Towns seeing even fewer sales include Westport Island (9), South Bristol (10), Nobleboro (11), and Alna (8). Just a handful of 2020 sales have occurred in Southport (4), Somerville (6), Bremen (5), and Monhegan Island (1).

There are currently 278 single-family homes for sale in Lincoln County (up from 222 in May), with 35 percent of those priced at or above $500,000. The 594 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (8%), $100,000-$249,999 (44%), $250,000-$499,999 (36%), $500,000-$999,999 (11%), and $1 million-plus (1%). Listing inventory remains low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is 1.7 months (under $100,000), 2.5 months ($100,000-$249,999), 6.3 months ($250,000-$499,999), 12.3 months ($500,000-$999,999), and 30.4 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.

  • Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/2020 through 06/22/2020.

May 2020 Real Estate Market Report

Despite a pandemic-fueled wane in the sales of single-family homes, values in Maine increased by double digits last month. According to Maine Listings, Realtors sold 194 fewer homes in April 2020 compared to April 2019, which is a decrease of 15.41 percent. The median sales price (MSP) jumped 12.29 percent to $235,800, compared April 2020 to April 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

The April 2020 statistics show the beginning impact of the pandemic pause on Maine’s real estate sales. Because real estate transactions take 30-45 days to close, contracts written before the pandemic have likely now been completed. Recent statistics show that Maine’s for-sale inventory is down 19 percent compared to a year ago. Activity reported by Newcastle Realty brokers indicate that buyers are plentiful and multiple offer situations are prevalent due to historic low mortgage interest rates and the constrained inventory levels. Values remain strong.

Nationally in April 2020, sales decreased 15.5 percent compared to April a year ago. The National Association of Realtors also cited a rise in April’s home prices—7.3 percent—to a national MSP of $288,700. In April 2020, the regional Northeast experienced a sales dip of 18.2 percent, while the regional MSP increased 8.7 percent to $312,500 compared to April 2019.

Newcastle Realty has had a strong start to this sales year. As of the date of this report, our brokers have closed 43 transaction sides with a total volume of $10,784,000—down slightly from our same Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $8,471,200 from 20 sides, and Drum and Drum Real Estate has sold $3,715,500 with 13 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (20), Boothbay (17), Wiscasset (24), Jefferson (17), Bristol (20), and Boothbay Harbor (13). Slightly fewer sales have happened so far this year in Dresden (11), Whitefield (11), Damariscotta (8), Newcastle (10), and Edgecomb (9). Towns seeing even fewer sales include Westport Island (7), South Bristol (8), Nobleboro (9), and Alna (4). Just a handful of 2020 sales have occurred in Southport (3), Somerville (4), Bremen (3), and Monhegan Island (1).

There are currently 222 single-family homes for sale in Lincoln County (down slightly from 233 in April), with 36 percent of those priced at or above $500,000. The 618 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (9%), $100,000-$249,999 (46%), $250,000-$499,999 (34%), $500,000-$999,999 (10%), and $1 million-plus (1%). Listing inventory remains low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is 1.80 months (under $100,000), 1.82 months ($100,000-$249,999), 5.3 months ($250,000-$499,999), 12.4 months ($500,000-$999,999), and 27.0 months ($1 million and up). This tells us how long it would take for existing inventories to be absorbed into the market at current rates of sales if no new listings were introduced.

Newcastle Realty tracks Lincoln County and statewide sales, along with other important metrics, which keeps our brokers fully informed of current market conditions and emerging trends as they serve buyer and seller client needs. Questions or comments may be directed to Dennis Hilton, President of Newcastle Realty at dennishilton@cheneycompanies.com or 207-380-3435.

  • Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/2020 through 05/22/2020.

Introducing Matterport 3D Virtual Tours

The COVID-19 Pandemic of 2020 has caused a significant adjustment to the way real estate is viewed, and bought and sold. The brokers at Newcastle Realty now follow important safety protocols and often meet with clients by phone and video chat. Paperwork and documents are signed electronically, and showings are conducted by video, or by adhering to certain distancing and disinfection standards.

In order to keep the real estate firm’s staff and clients safe while still being engaged in real estate, Newcastle Realty has continued to update their business practices in ways that support those goals. As a prime example of those efforts, Newcastle Realty has made a significant investment in Matterport, an industry leader in 3D Virtual Tour technology. 

“We have long partnered with Tyler Plummer at Maine Aerial Photography Services,” explains owner Dennis Hilton. “Tyler provides professional photos and videos of many of our property listings, and now we are working with him to offer exciting 3D Virtual Tours, detailed floor plans, and even measuring tools using sophisticated 3D mapping camera equipment.”

The Matterport 3D Virtual Tours allow a viewer to move through a home however they wish, from room Matterport Virtual Tours - Newcastle Realtyto room, and floor-to-floor, even outside onto patios and decks. It is easy to navigate and turn around to see the surrounding room features. The experience very closely resembles an actual visit to the home, but from the safety of the viewers’ remote location.

With over 20 agents, Newcastle Realty is one of the largest real estate firms in Lincoln County, serving hundreds of property sellers and buyers. While the impact of the Covid-19 virus has caused a slight slowdown in activity, their staff are still introducing new listings and placing properties under contract. Inventories are low and buyer demand remains strong, making this an excellent time to list your property for sale, even with the extra steps required for safety. Your Newcastle Realty broker is prepared to answer your questions and guide you through the process.

To learn more about how Newcastle Realty is using Matterport technology to assist clients and to market properties more effectively. Newcastle Realty is a member of the Cheney Financial Group, which also includes Cheney Insurance and Newcastle Vacation Rentals. They can be reached at (207) 563-1003.

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April 2020 Real Estate Market Report

February statistics released on March 20, 2020 by Maine Listings indicated a 5.75 percent increase in sales of single-family existing homes, comparing February 2020 to February 2019. The median sales price (MSP) for the 865 homes sold reached $216,900—an uptick of 8.45 percent over that same period. The MSP indicates that half of the homes were sold for more and half sold for less. Pre-pandemic February 2020 was an especially strong month for real estate sales, recording the second highest number of February sales (865) since statistics began being kept more than 20 years ago.

Nationwide, sales of single-family homes were up 7.3 percent when comparing February 2020 to February 2019. That National Association of Realtors reports that the national MSP has jumped 8.1 percent to $272,400. Regionally, sales across the Northeast increased 2.9 percent, and the regional MSP rose 8.2 percent to $295,400.

Concern for the health and safety of our clients and customers is paramount. With the Covid-19 outbreak, our broker staff has adapted quickly; we continue to list and show properties via phone or video. We can exchange information and execute contracts electronically. Interest rates remain low, and it is important to remember that real estate is still being transacted routinely—just differently. Reach out to us with any questions.

Newcastle Realty has had a good start to this sales year. As of the date of this report, our brokers have closed 31 transaction sides with a total volume of $6,769,000—down slightly from our same Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $5,767,700 from 14 sides, and Drum and Drum Real Estate has sold $2,805,500 with 10 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (18), Boothbay (15), Wiscasset (17), Jefferson (13), Bristol (15), and Whitefield (10). Slightly fewer sales have happened so far this year in Dresden (9), Boothbay Harbor (8), Damariscotta (7), Newcastle (6), and Edgecomb (5). Towns seeing even fewer sales include Westport Island (4), South Bristol (4), Nobleboro (4), and Alna (3). Just one or two 2020 sales have occurred in Southport (2), Somerville (2), and Monhegan Island (1).

There are currently 233 single-family homes for sale in Lincoln County (down from 317 in January), with 33 percent of those priced at or above $500,000. The 632 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (8%), $100,000-$249,999 (46%), $250,000-$499,999 (34%), $500,000-$999,999 (10%), and $1 million-plus (2%). Listing inventory remains low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is 2.6 months (under $100,000), 2.1 months ($100,000-$249,999), 5.4 months ($250,000-$499,999), 11.2 months ($500,000-$999,999), and 21.9 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.

  • Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/2020 through 04/13/2020.

Our Plan to Serve You Throughout COVID-19 (Update)

At Newcastle Realty, our top priority is to keep our staff, clients, vendors, and community partners safe during the COVID-19 crisis.

On March 18, we closed our office to non-staff personnel and transitioned to meeting with clients via phone or video—many of our brokers were already working remotely. Today, we are moving all remaining support staff to work-from-home arrangements to help slow the spread of the virus.

While the way in which we are here to assist and serve your needs may look different, please be assured that we are adapting quickly to support our buyer and seller clients in creative ways. We are still here, and only a phone call, email, or video chat away.

You may still dial 207-563-1003 to speak with a duty broker or to leave a message for other staff. Additional broker contact info and property information can be found on our website. We will continue to walk clients through the purchase or sale of their home step-by-step, by phone, email, or video conference.

Property brochures and disclosures will be provided electronically, and transaction documents can be discussed over the phone and emailed for electronic signature. We can provide a virtual walk-through for you to view from the safety of your home, and we can deliver an opinion of value by video.

Given the evolving nature of the outbreak, we will be assessing the situation and adjusting our business practices on an ongoing basis and post updates as they become available.

Thank you for your understanding and cooperation as we navigate this difficult time. We appreciate your business and hope that you and your family remain healthy and safe!

 

Our Plan to Serve You Throughout COVID-19 (Coronavirus)

At Newcastle Realty, our top priority is to keep our staff, clients, and vendors safe during the COVID-19 crisis, as we look for ways to support others in our local community.

We are doing our part to reduce risk by closing our office to non-staff personnel effective March 18. If you need to meet with us, please do so via phone or video chat. While the way in which we are here to assist and serve your needs may look different, please be assured that we are still here, and only a phone call, email, or video conversation away.

You may still dial 207-563-1003 to speak with a duty broker or to leave a message for other staff. Additional broker contact info can be found here and you may still search for available properties on our website here.

Given the evolving nature of the outbreak, we will be assessing the situation on an ongoing basis and we will post updates as they become available. Thank you for your understanding and cooperation as we navigate this difficult time. We appreciate your business and hope that you and your family remain healthy and safe!