July 2018 Market and Sales Update

The Maine summer real estate season is in full swing. According to the Maine Association of Realtors, agents around the state sold 1,937 single-family existing homes in June 2018, an increase of 2.54 percent over June 2017. Home values experienced double-digit gains, with a 10.98 percent jump in the median sales price to $227,500. The MSP indicates that half of the homes were sold for more and half for less.

It’s been a strong year for much of Maine and inventory is moving quickly. The number of sales during the first six months of 2018 are nearly 2 percent ahead of the first six months of 2017, which was Maine’s best ever. In some areas of Maine, including the midcoast, the markets are tight—multiple offers are prevalent, and prices show upward pressure.

The National Association of Realtors today reported a national sales dip of 2.3 percent, while prices rose 5.2 percent to an MSP of $279,300. Regionally, home sales in the Northeast eased 4.0 percent over the past year and the regional MSP increased 3.3 percent to $305,900.

Newcastle Realty has had a strong first half of the 2018 selling season. As of July 23, 2018, our brokers have closed 82 transaction sides with a total volume of $19,201,701—just 2 percent less than our same Y-T-D sales in 2017. By comparison, Tindal and Callahan has posted 63 sides for $14,921,271 in volume, Drum and Drum Real Estate has sold $12,572,310 with 36 sides, and Sotheby’s Legacy Properties has booked $10,861,500 from 23 sides. We are proud to remain the #1 firm in Lincoln County.

Most of the year-to-date 2018 property sales in the local area have occurred in Waldoboro (79), Wiscasset (82), Boothbay (88), Boothbay Harbor (60), and Bristol (78). Slightly fewer sales have happened so far this year in Jefferson (60), Damariscotta (38), Edgecomb (38), Westport Island (34), Whitefield (29), Nobleboro (30), Dresden (19), and Newcastle (32). Towns showing less than two dozen sales include Bremen (20), South Bristol (16), Somerville (14), and Alna (10). Towns seeing just single digit sales are Southport (9), and Monhegan Island (2).

There are currently 446 single family homes for sale in Lincoln County (up one from 445 last month), with 30 percent of those priced at or above $500,000. The 601 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (12%), $100,000-$249,999 (50%), $250,000-$499,999 (27%), $500,000-$999,999 (10%), and $1 million-plus (1%).

The current market absorption rates for Lincoln County homes is 3.5 months (under $100,000), 5.6 months ($100,000-$249,999), 11.0 months ($250,000-$499,999), 19.3 months ($500,000-$999,999), and 51.1 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 1/1/18 through 7/23/18.