April 2022 Market Update

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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.