2017 Year-to-Date Market and Sales Update

A tighter-than-normal home inventory level led to a decrease in sales across Maine last month. Prices, however, remain in positive territory. According to Maine Listings, the median sales price (MSP) for a single-family existing home increased 4.20 percent to $206,000 comparing July 2017 to July 2016. Sales waned a slight 0.53 percent.

The National Association of Realtors announced that July sales nationwide were up 1.7 percent over one year ago. The national MSP of $260,600 represents a 6.3 percent price increase. Regionally, sales in the northeast eased 1.5 percent while the regional MSP rose 4.1 percent to $290,000.

As of August 28, 2017, the brokers at Newcastle Realty have closed 103 transaction sides this year with a total volume of $24,696,000—a slight increase over their same Y-T-D sales in 2016. Their current median sales price is $215,000.

By comparison, the local Sotheby’s office has sold $20,539,250 with 48 sides and an MSP of $330,000, and Drum & Drum Real Estate has posted 56 sides for $13,598,970 in volume, with a current MSP of $215,500.

Most of the 2017 property sales in the local area this far into the year have occurred in Waldoboro (41), Jefferson (36), Wiscasset (40), Newcastle (22), Bristol (28), and Damariscotta (23). Strong pockets of activity are evident in Whitefield (21), and Edgecomb (21). The peninsula to our south is always reliable and Boothbay has had 35 sales in 2017, with another 31 in Boothbay Harbor and nine in Southport. Nobleboro (18), and South Bristol (6) lag a bit behind other Lincoln County towns, as do Westport (12), Bremen (2), Alna (6), Somerville (3), and Dresden (12).

There are currently 550 single family homes for sale in Lincoln County (down from 557 last month), with 24% of those priced at or above $500,000. The 642 residential sales that have occurred in the last 365 days indicate a market absorption rate of 10.4 months, and represent transactions in the range of under $100,000 (13%), $100,000-$250,000 (50%), $250,000-$500,000 (26%), and $500,000+ (11%).

Newcastle Realty tracks Lincoln County and statewide sales, along with other important metrics, which keeps their 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, who may be contacted at dennishilton@cheneycompanies.com or at 207-380-3435.

Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/17 through 8/28/17.