Due to low inventory and higher interest rates, homebuying efforts across Maine continue to struggle. Statistics shared by Maine Listings show a decrease of 30.53 percent for home sales in April 2023 compared to April 2022. Prices, however, increased 6.21 percent to a median sales price (MSP) of $367,500. The MSP indicates that half of the homes were sold for more and half sold for less.
Though the number of Maine homes for sale increased slightly since the previous month, the number is significantly lower compared to pre-pandemic numbers. In April 2019, there were over 7,000 homes on the market statewide compared to a meager 2,300 in April 2023.
The National Association of Realtors reported a decline of 22.4 percent in national sales for this April compared to last. The national MSP for a single-family home dipped 2.1 percent to $393,300. Regionally, sales in April 2023 were down 23.9 percent year over year, while the regional MSP increased 2.8 percent to $422,700.
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 39 transaction sides with a total volume of $13,318,400 — over $3.5 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $6,742,500 with five sides, and Tindal & Callahan has sold $4,901,722 with 14 sides.
Most of the year-to-date 2022 property sales locally have occurred in Jefferson (10), Boothbay Harbor (8), Wiscasset (15), Waldoboro (13), Boothbay (8), and Bristol (10). Slightly fewer sales have happened so far in Dresden (6), Edgecomb (5), Damariscotta (10), Newcastle (4), Nobleboro (6), Westport Island (1), and Southport (1). Towns seeing even fewer sales include South Bristol (1), Whitefield (10), Bremen (2), Alna (1), Somerville (1), and Monhegan Island (0).
There are currently 92 single-family homes for sale in Lincoln County (up from just 53 in April), with 47 percent of those priced at or above $500,000. The 524 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 (45%), $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 0.0 months (under $100,000), 1.6 months ($100,000-$249,999), 1.7 months ($250,000-$499,999), 2.8 months ($500,000-$999,999), and 5.2 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 1/01/2023 through 5/19/2023.