June 2023 Market Update

Spread the love

Low for-sale inventory continues to hinder buying efforts across Maine. Statistics shared by Maine Listings show sold-prices for homes increased 6.57 percent in May 2023 compared to May of last year, with a median sales price (MSP) of $373,000. The MSP indicates that half of the homes were sold for more and half sold for less. The reported 1,134 sales in May 2023 show a significant decline of 20.08 percent compared to a year ago.

The real estate market in Maine is off to a slow start this year. Sales from January-May show a 25 percent decrease over the same period of time last year. A 43 percent increase in sales from June to May brought a glimmer of hope, indicating the real estate market may be turning the corner.

Comparing this May to last, the National Association of Realtors reported a 20 percent decrease in sales at the national level, with the national MSP easing 2.4 percent to $401,100. Regionally, the median sales price in in the Northeast increased 2.5 percent to $439,000, with sales declining 25.4 percent compared to this time last year.

To navigate the challenging market, sellers and buyers should partner with a Newcastle Realty agent for expert counsel. Now is a terrific time to list your property for sale. Don’t wait to place your home, camp or land parcel on the market; qualified buyers are searching now. Reach out to our professional broker staff today by calling 207-563-1003. They can quickly tell you what your property is worth!

Our company continues to excel with a full staff of exceptional local agents. We are excited to remain a leading real estate firm in Lincoln County as we serve buyers and sellers. As of the date of this report, our brokers have closed 50 transaction sides with a total volume of $16,643,550 – over $3 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $7,755,000 with 12 sides, and Tindal & Callahan has sold $18,409,822 with 29 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (15), Wiscasset (19), Waldoboro (20), Boothbay (16), Jefferson (14), Whitefield (13), and Bristol (13). Slightly fewer sales have happened so far in Dresden (8), Edgecomb (6), Damariscotta (10), Newcastle (5), and Nobleboro (6). Towns seeing even fewer sales include Westport Island (2), South Bristol (2), Southport (2), Bremen (3), Alna (1), Somerville (1), and Monhegan Island (0).

There are currently 97 single-family homes for sale in Lincoln County (up from just 92 in May), with 54 percent of those priced at or above $500,000. The 510 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (21%), $250,000-$499,999 (44%), $500,000-$999,999 (24%), 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 0.6 months (under $100,000), 0.7 months ($100,000-$249,999), 2.0 months ($250,000-$499,999), 3.6 months ($500,000-$999,999), and 5.3 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.