July 2019 Real Estate Market Report

2019 YEAR-TO-DATE MARKET AND SALES UPDATE *

Sales of single-family existing homes in Maine eased 7.18 percent comparing June 2019 to June 2018, according to Maine Listings. Values, however, increased 5.09 percent over that same time period to a median sales price (MSP) of $239,085. The MSP indicates that half of the homes were sold for more and half sold for less.

After a slow start to 2019, the number of single-family real estate sales bounced upward in April and May, but declined again in June. For the first six months of the year, the number of transactions is two percent below the comparable time period for 2018, and the for-sale inventory is nearly six percent below last years’ levels.

Sales of single-family existing homes nationwide dipped 1.7 percent comparing June 2019 to June 2018, and the national MSP increased 4.5 percent to $288,900 in June. According to the National Association of Realtors, sales in the Northeast declined 4.2 percent, while the regional MSP of $321,200 reflects a 4.8 percent rise in values compared to June 2018.

Newcastle Realty is having a very good first half of 2019. As of the date of this report, our brokers have closed 74 transaction sides with a total volume of $18,411,855—down slightly from our same Y-T-D sales in 2018. By comparison, the local Sotheby’s office has booked $14,457,070 from 39 sides, and Drum and Drum Real Estate has sold $13,209,710 with 50 sides. We are pleased to remain among the leading real estate firms in our area.

Most of the year-to-date 2019 property sales locally have occurred in Waldoboro (51), Boothbay (44), Wiscasset (30), Jefferson (43), Bristol (36), Boothbay Harbor (27), and Damariscotta (33). Slightly fewer sales have happened so far this year in Westport Island (13), Bremen (13), South Bristol (18), Dresden (11), Nobleboro (15), Edgecomb (10), Whitefield (12) and Newcastle (14). Towns seeing just single-digit sales are Alna (4), Southport (9), and Somerville (2).

There are currently 452 single-family homes for sale in Lincoln County (up sharply from 350 last month, but in line with the 446 residential listings last June), with 28 percent of those priced at or above $500,000. The 634 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (9%), $100,000-$249,999 (49%), $250,000-$499,999 (31%), $500,000-$999,999 (9%), and $1 million-plus (2%).

The current market absorption rates for Lincoln County homes is 3.9 months (under $100,000), 5.2 months ($100,000-$249,999), 10.8 months ($250,000-$499,999), 19.0 months ($500,000-$999,999), and 32.4 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 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 1/1/19 through 7/23/19.