Despite the yearlong COVID-19 pandemic, the Maine real estate market continues to thrive. According to statistics provided by Maine Listings, the month of February 2021 indicated a sales increase of 22.77 percent compared to the previous year. The median sales price (MSP) for homes reached $244,900, which shows an increase of 12.91 percent from 2020 to 2021. The MSP indicates that half of the homes were sold for more and half sold for less.
With current sales volume and median sold values significantly exceeding those from a year ago, the race for residential real estate activity continues! For-sale listings continue to enter the market, and buyers are acting swiftly. For February 2021, the statewide days-on-market statistic was a mere 21 days, compared to 52 days for February 2020.
On the National level, sales of single-family existing homes increase 8.0 percent in February 2021 compared to February of last year, with the national MSP rising 16.2 percent to reach $317,000 over the same time period. According to the National Association of Realtors, the regional Northeast experienced a sales jump of 13.2 percent for February 2021, while the regional MSP increased 20.5 percent to $356,000 compared to February 2020.
Our company is off to a strong start in 2021. As of the date of this report, our brokers have closed 39 transaction sides with a total volume of $6,996,000—up 50% over our Y-T-D numbers in 2020. In comparison, the local Sotheby’s office has booked $6,742,100 from 12 sides, and Drum and Drum Real Estate has sold $4,495,447 with 12 sides. We are pleased to remain the leading real estate firm in our area.
Most of the year-to-date 2021 property sales locally have occurred in Waldoboro (22), Boothbay (28), Wiscasset (15), Bristol (19), Dresden (11), Damariscotta (11), Jefferson (14), Edgecomb (12), and Newcastle (13). Slightly fewer sales have happened so far this year in Bremen (8), Boothbay Harbor (9), Whitefield (4), Westport Island (6), South Bristol (5), Nobleboro (7), and Southport (4), Alna (3), Somerville (3). No sales have occurred yet in Monhegan Island.
There are currently just 71 single-family homes for sale in Lincoln County (down from 90 in February), with 51 percent of those priced at or above $500,000. The 790 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (6%), $100,000-$249,999 (29%), $250,000-$499,999 (46%), $500,000-$999,999 (16%), and $1 million-plus (4%). 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 0.5 months (under $100,000), 0.7 months ($100,000-$249,999), 0.9 months ($250,000-$499,999), 2.4 months ($500,000-$999,999), and 5.6 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.
- Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/2021 through 3/26/2021.