December 2017 Market and Sales Update

Sales of single-family existing homes increased by double digits last month. According to Maine Listings, Realtors across the state sold 1,576 homes during November, which represents an increase of 11.46 percent from a year ago. The median sales price (MSP) for those homes rose 4.24 percent to $200,000. The MSP indicates that half of the homes were sold for more and half for less.

The National Association of Realtors reported a 3.2 percent national increase in sales of single-family existing homes across the country. The national MSP rose 5.4 percent to $248,800. Regionally, sales in the Northeast were up 6.7 percent and the regional MSP rose 4.0 percent to $273,600.

As of December 20, 2017, the brokers at Newcastle Realty have closed 160 transaction sides this year with a total volume of $36,572,950. Their current median sales price is $200,000.

By comparison, Drum & Drum Real Estate has posted 90 sides for $27,702,850 in volume and a current MSP of $243,500, and Farrin Properties has sold $9,090,174 with 72 sides and an MSP of $128,500.

Most of the 2017 property sales in the local area have occurred in Waldoboro (56), Jefferson (50), Wiscasset (64), Newcastle (26), Bristol (57), and Damariscotta (34). Strong pockets of activity are evident in Whitefield (27), and Edgecomb (33). The peninsula to our south is always reliable and Boothbay has had 64 sales in 2017, with another 43 in Boothbay Harbor and 11 in Southport. Nobleboro (25), and South Bristol (9) lag a bit behind other comparable Lincoln County towns, as do Westport (21), Bremen (9), Alna (9), Somerville (9), and Dresden (18).

There are currently 360 single family homes for sale in Lincoln County (down from 450 last month), with 27 percent of those priced at or above $500,000. The 566 residential sales that have occurred so far this year represent transactions in the range of under $100,000 (10%), $100,000-$250,000 (50%), $250,000-$500,000 (28%), $500,000-$1M (9%), and $1 million-plus (3%). The current market absorption rates for Lincoln County homes is 2.4 months (under $100,000), 7.3 months ($100,000-$250,000), 9.6 months ($250,000-$500,000), 17.1 months ($500,000-$1 million), and 19.7 months ($1 million and up).

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 12/20/17.