May 2019 Real Estate Market Update

Maine Realtors report strong sales and rising home prices for April 2019. Maine Listings released statistics today indicating a 4.8 percent increase in sales of single-family existing homes (compared to April 2018). The median sales price rose 5.0 percent to $210,000. The MSP indicates that half of the homes were sold for more and half sold for less.

After a few months of decline, the April and rolling quarter data has tilted back into positive territory with gains in units sold and median sold prices. For sale inventory remains limited in most markets, which has kept values healthy, especially where job growth is occurring.

Nationally, sales eased 4.0 percent comparing April 2019 to April 2018. According to the National Association of Realtors, the national MSP of $269,300 reflects an increase of 3.7 percent. Sales in the regional Northeastern states decreased 4.5 percent in April, while the regional MSP rose 0.9 percent from April 2019 to April 2018.

Newcastle Realty has had a good start to 2019. As of the date of this report, our brokers have closed 45 transaction sides with a total volume of $11,248,705—down slightly from our same Y-T-D sales in 2018. By comparison, Tindal & Callahan has booked $13,425,500 from 38 sides, and Drum and Drum Real Estate has sold $10,489,625 with 38 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 (31), Boothbay (28), Wiscasset (23), Jefferson (22), Bristol (21), Boothbay Harbor (13), and Damariscotta (15). Slightly fewer sales have happened so far this year in Westport Island (8), Bremen (8), South Bristol (11), Dresden (8), Edgecomb (6), Nobleboro (11), and Newcastle (11). Towns seeing just single-digit sales are Alna (2), Southport (4), and Whitefield (6). Those that show one or no sales include Somerville (1), and Monhegan Island (0).

There are currently 338 single-family homes for sale in Lincoln County (up considerably from 263 last month, but down from 374 last May), with 31 percent of those priced at or above $500,000. The 635 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 4.0 months (under $100,000), 4.1 months ($100,000-$249,999), 7.0 months ($250,000-$499,999), 14.1 months ($500,000-$999,999), and 26.1 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 1/1/19 through 5/21/19.