The demand for single-family homes persists as highly-motivated buyers continue to pursue Maine real estate options. Statistics shared by Maine listings show a sales increase of 35.68 percent in April 2021 compared to April 2020. The statewide median sales price (MSP) reached $276,000 – a leap of 17.05 percent between this April and last.
Maine’s residential real estate market remains energetic. The statistics for April 2021 reflect similarities to this time last year, when the state of Maine was experiencing COVID related cessations. Last month’s sales volume was robust – 13 percent above the pre-pandemic April 2019 figures.
As properties come onto the market, buyers are waiting and ready. Statewide, the average number of Days on Market for April 2021 was eight days, compared to 25 days last year, and 46 days in 2019.
Off to a great start in 2021, our company continues to thrive. As of the date of this report, our brokers have closed 66 transaction sides with a total volume of $15,407,325 —up 68% over our Y-T-D numbers in 2020. In comparison, the local Sotheby’s office has booked $11,465,000 from 21 sides, and Drum and Drum Real Estate has sold $7,198,520 with 17 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 (42), Boothbay (45), Wiscasset (30), Bristol (43), Dresden (14), Damariscotta (18), Jefferson (29), Edgecomb (17), Newcastle (24), Boothbay Harbor (21), and Nobleboro (14). Slightly fewer sales have happened so far this year in Whitefield (8), Bremen (9) Westport Island (11), South Bristol (10), Southport (8), Alna (5), Somerville (4), and Monhegan Island (1).
There are currently 150 single-family homes for sale in Lincoln County (up from 141 in February), with 39 percent of those priced at or above $500,000. The 824 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (6%), $100,000-$249,999 (28%), $250,000-$499,999 (45%), $500,000-$999,999 (17%), 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 1.5 months (under $100,000), 1.7 months ($100,000-$249,999), 1.7 months ($250,000-$499,999), 3.3 months ($500,000-$999,999), and 7.3 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 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 5/24/2021.