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 email@example.com or 207-380-3435.