The single-family existing home market in Maine remains healthy as the summer sales season is in full swing. According to Maine Listings, Realtors reported selling 6.32 percent more homes in May 2019 compared to May 2018. The Median Sales Price for the state also jumped 4.59 percent to $230,000. The MSP indicates that half of the homes were sold for more and half sold for less.
May was a strong month for residential real estate sales in Maine and, after a slow start to 2019, we’re pulling even to 2018 levels. Sustained job security and low unemployment rates, healthy consumer finances, and lower mortgage interest rates have fueled real estate markets across Maine.
The National Association of Realtors says nationwide sales dipped 0.8 percent, while the national MSP increased 4.6 percent to $280,200 in May. Sales in the Northeast rose 4.7 percent while the regional MSP jumped 6.6 percent to $304,100.
Newcastle Realty is having a good first half of 2019. As of the date of this report, our brokers have closed 57 transaction sides with a total volume of $14,935,855—down slightly from our same Y-T-D sales in 2018. By comparison, the local Sotheby’s office has booked $12,507,070 from 35 sides, and Drum and Drum Real Estate has sold $12,072,210 with 45 sides. We are pleased to remain among the leading real estate firms in our area.
Most of the year-to-date 2019 property sales in the local area have occurred in Waldoboro (40), Boothbay (35), Wiscasset (26), Jefferson (36), Bristol (28), Boothbay Harbor (22), and Damariscotta (26). Slightly fewer sales have happened so far this year in Westport Island (9), Bremen (12), South Bristol (16), Dresden (11), Nobleboro (13), and Newcastle (14). Towns seeing just single-digit sales are Alna (4), Southport (8), Edgecomb (7), and Whitefield (9). Those that show one or no sales include Somerville (1), and Monhegan Island (0).
There are currently 350 single-family homes for sale in Lincoln County (up from 338 last month, but down from 445 last June), with 31 percent of those priced at or above $500,000. The 643 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (9%), $100,000-$249,999 (48%), $250,000-$499,999 (31%), $500,000-$999,999 (10%), and $1 million-plus (2%).
The current market absorption rates for Lincoln County homes is 3.4 months (under $100,000), 3.7 months ($100,000-$249,999), 7.9 months ($250,000-$499,999), 15.4 months ($500,000-$999,999), and 28.7 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 6/21/19.
