February 2021 Real Estate Market Update

The demand for Maine’s real estate is stronger than ever with for-sale inventory at a historical low. Data shared by Maine Listings indicate the median sales price (MSP) for a single-family existing home in Maine rose 15.57 percent to $255,300 and sales volume jumped 18.38 percent comparing January 2021 to January 2020. The MSP indicates that half of the homes were sold for more and half sold for less.

Residential real estate in 2021 has certainly sustained the positive trajectory witnessed in 2020, with sales volume and median sold values significantly out-pacing those of a year ago, which statistically was the best year ever for Maine real estate. With the current market in high demand, buyers are being left with minimal options to choose from and sellers are hesitant to list their homes without securing their next move-in ready property. With the buyer demand strong, continuing positive momentum for 2021 is highly dependent on homes for sale entering the market.

The National Association of Realtors reported a 23 percent rise in sales of single-family existing homes across the country comparing January 2021 to January 2020. Home prices jumped 14.8 percent over January 2020, reaching a national MSP of $308,300 in January 2021. Regionally, sales in the Northeast increased 24.3 percent and the regional MSP was up 15.8 percent to $361,400 comparing January 2021 to January 2020.

Our company is off to a strong start in 2021. As of the date of this report, our brokers have closed 26 transaction sides with a total volume of $3,546,050—up 57% over our Y-T-D numbers in 2020. In comparison, the local Sotheby’s office has booked $4,082,100 from seven sides, and Drum and Drum Real Estate has sold $1,947,947 with six sides. We are pleased to remain a leading real estate firm in our area.

Most of the year-to-date 2021 property sales locally have occurred in Waldoboro (13), Boothbay (14), Wiscasset (8), Bristol (12), Dresden (8), Damariscotta (7), Jefferson (6), Edgecomb (7), and Bremen (6). Slightly fewer sales have happened so far this year in Newcastle (5), Boothbay Harbor (6), Whitefield (2), Westport Island (4), South Bristol (4), Nobleboro (3), and Southport (3). No sales have occurred yet in Alna, Somerville, and Monhegan Island.

There are currently just 90 single-family homes for sale in Lincoln County (down from 128 in January), with 42 percent of those priced at or above $500,000. The 773 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (6%), $100,000-$249,999 (30%), $250,000-$499,999 (45%), $500,000-$999,999 (15%), and $1 million-plus (3%). 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), 0.8 months ($100,000-$249,999), 1.2 months ($250,000-$499,999), 2.5 months ($500,000-$999,999), and 6.3 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 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 1/1/2021 through 2/23/2021.

Our Final Real Estate Market and Sales Update for 2020

Wow, what a year in Maine’s residential real estate market, which thrived during 2020 because of the COVID-19 pandemic. Statistics released recently by the Maine Association of Realtors and Maine Listings show a sales increase of 9.82 percent for all single-family existing homes sold during 2020. Values increased by double digits with the statewide median sales price (MSP) reaching $256,000, an increase of 13.78 percent. The MSP indicates that half of the homes were sold for more and half sold for less.

The sales year ended with historic highs for the number of reported transactions (19,921) and median sales price ($256,000) since the Maine Association of Realtors began compiling data more than 20 years ago. During the month of December only, sales across the state of Maine were up 31.53 percent compared to December 2019, and the statewide MSP of $270,000 represents an increase of 15.38 from the previous year.

Nationally, December 2020 sales of single-family existing homes jumped 22.8 percent over December 2019. According to the National Association of Realtors, prices were also on the rise last month, with an increase of 13.5 percent to a national MSP of $314,300. Sales in the regional Northeast climbed an incredible 27.4 percent and the regional MSP reached $362,100—a jump of 19 percent comparing December 2020 to December 2019. Last year began with the positive momentum from 2019 and then was jolted in the second quarter by the arrival of COVID-19.  Since July, sales demand and volume has been exceptionally strong. Coupled with tight for-sale inventory, most markets in our state have experienced double-digit appreciation for median sold prices.

Our company had an exceptionally strong sales year in 2020, and we are thankful for the many families we served. As of 12/31/2020, our brokers had closed a record 221 transaction sides with a total volume of $64,413,915—up 51% over our Y-T-D numbers in 2019 and the highest in our company history. In comparison, the local Sotheby’s office booked $41,569,370 from 93 sides, and Drum and Drum Real Estate sold $26,970,780 with 82 sides. Thanks to their hard work and on behalf of our staff of professional brokers and the clients they served, we are pleased to remain the leading firm in our area.

Most of the 2020 property sales locally have occurred in Waldoboro (80), Boothbay (116), Wiscasset (100), Jefferson (79), Bristol (124), and Boothbay Harbor (90). Slightly fewer sales happened last year in Dresden (35), Whitefield (40), Damariscotta (47), Newcastle (48), and Edgecomb (45). Towns that saw even fewer sales include Westport Island (32), South Bristol (40), Nobleboro (43), and Bremen (27). Just a handful of 2020 sales occurred in Alna (15), Southport (22), Somerville (13), and Monhegan Island (2).

There are currently just 128 single-family homes for sale in Lincoln County (down from 153 in December), with 36 percent of those priced at or above $500,000. The 759 residential sales that occurred in the past 365 days represent transactions in the range of under $100,000 (7%), $100,000-$249,999 (31%), $250,000-$499,999 (44%), $500,000-$999,999 (15%), and $1 million-plus (3%). Listing inventory remains super low—it is still 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 1.2 months (under $100,000), 1.4 months ($100,000-$249,999), 1.9 months ($250,000-$499,999), 3.1 months ($500,000-$999,999), and 8.6 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 dennishilton@cheneycompanies.com or 207-380-3435.

  • Sales data is based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/2020 through 12/31/2020.

December 2020 Real Estate Market Update

Low for-sale inventory and high demand for Maine’s lifestyle has driven real estate sales and values into double-digit gains. Today, Maine Listings reported that 1,965 single-family existing homes changed hands in November—a rise of 31.17 percent compared to November 2019. Values also increased 20 percent to a median sales price (MSP) of $270,000, comparing November 2020 to November 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

Residential real estate activity in Maine is still crazy-busy. In most markets across the state, Realtors are reporting multiple offer situations on move-in ready listings. The increased competition for historically low for-sale inventory availability is resulting in higher prices. January through November sales are 7.9 percent ahead of the same time period for 2019—Maine’s best year ever. One-third of November’s sales involved out-of-state buyers, compared to one-fourth during November of 2019.

Nationally, sales of single-family existing homes rose 25.6 percent in November 2020 compared to November 2019. According to The National Association of Realtors, values also increased 15.1 percent to a national MSP of $315,500. The regional Northeast witnessed a sales jump of 25.7 percent, and the regional MSP of $354,100 represents a 17.4 percent increase comparing November 2020 to November 2019. Maine’s reputation as a safe place is fueling interest. With tight market conditions, buyers and sellers should partner with a Newcastle Realty broker for expert counsel around inventory availability, marketing and pricing, and negotiating strategies to successfully achieve their real estate needs and goals.

Our company has had an exceptionally strong sales year. As of the date of this report, our brokers have closed 215 transaction sides with a total volume of $63,065,915—up 70% over our Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $38,468,100 from 88 sides, and Drum and Drum Real Estate has sold $25,339,780 with 77 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (77), Boothbay (113), Wiscasset (92), Jefferson (78), Bristol (118), and Boothbay Harbor (86). Slightly fewer sales have happened so far this year in Dresden (35), Whitefield (37), Damariscotta (44), Newcastle (46), and Edgecomb (45). Towns seeing even fewer sales include Westport Island (31), South Bristol (40), Nobleboro (43), and Bremen (26). Just a handful of 2020 sales have occurred in Alna (14), Southport (22), Somerville (13), and Monhegan Island (2).

There are currently just 153 single-family homes for sale in Lincoln County (down from 179 in November), with 35 percent of those priced at or above $500,000. The 736 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (7%), $100,000-$249,999 (31%), $250,000-$499,999 (44%), $500,000-$999,999 (14%), 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 is 1.6 months (under $100,000), 1.7 months ($100,000-$249,999), 2.3 months ($250,000-$499,999), 4.0 months ($500,000-$999,999), and 11.6 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 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 1/1/2020 through 12/22/2020.

November Real Estate Market Update

Maine’s real estate sales are still crazy high—up by double digits. According to statistics released today by the Maine Association of Realtors, agents across the state sold 2,341 single-family existing homes last month (!)—a jump of 26.88 percent over October 2019. The median sales price (MSP) for homes sold reached $280,000, a 24.50 percent increase over October 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

The residential real estate recovery since the COVID-impacted second quarter has been, shall we say, robust. January through October 2020 sales are 5.6 percent ahead of the comparable time period for 2019. Buyers are plentiful across Maine and they are facing a sustained tight supply of for-sale inventory. This supply/demand imbalance, buoyed by historically-low mortgage interest rates, has resulted in increased competition and price appreciation.

The National Association of Realtors reported a national sales increase of 26.7 percent last month, while the national MSP reached $317,700—up 16.0 percent. The regional Northeast experienced a sales climb of 30.4 percent in October, and a 20.2 percent jump in median sales prices to hit $356,500. Maine’s lower incidence of COVID compared to the rest of the country, plus the increase in tele-working, has resulted in out-of-state buyers adding to the demand for Maine homes. Historically, about 25 percent of monthly home purchases in Maine are by out-of-state buyers, but during October, that number was 36 percent.

Newcastle Realty has had an exceptionally strong sales year, despite the pandemic. As of the date of this report, our brokers have closed 195 transaction sides with a total volume of $55,898,465—up 70% over our Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $35,937,600 from 80 sides, and Drum and Drum Real Estate has sold $23,411,280 with 68 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (68), Boothbay (98), Wiscasset (81), Jefferson (72), Bristol (102), and Boothbay Harbor (73). Slightly fewer sales have happened so far this year in Dresden (31), Whitefield (33), Damariscotta (40), Newcastle (34), and Edgecomb (40). Towns seeing even fewer sales include Westport Island (26), South Bristol (35), Nobleboro (39), and Bremen (24). Just a handful of 2020 sales have occurred in Alna (13), Southport (16), Somerville (11), and Monhegan Island (2).

There are currently just 179 single-family homes for sale in Lincoln County (down from 190 in October), with 36 percent of those priced at or above $500,000. The 711 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (7%), $100,000-$249,999 (34%), $250,000-$499,999 (42%), $500,000-$999,999 (14%), and $1 million-plus (3%). Listing inventory remains super low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is 1.1 months (under $100,000), 1.8 months ($100,000-$249,999), 3.0 months ($250,000-$499,999), 5.2 months ($500,000-$999,999), and 12.1 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 1/1/2020 through 11/22/2020.

October 2020 Real Estate Market Report

With historically low interest rates and more buyers than sellers, sales of Maine single-family existing homes increased 22.78 percent comparing September 2020 to September 2019. According to statistics released by Maine Listings, the median sales price (MSP) for homes sold in September 2020 rose 19.56 percent to $273,500, compared to September 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

Demand is being powered by historically-low mortgage interest rates combined with the allure of Maine’s quality of life and response to COVID-19 from across the country, while the supply of for-sale properties also remains historically low. With more buyers than sellers in most markets, we are seeing strong competition, faster sales, and increasing pricing. Typically, about 25 percent of home purchases in Maine are made by out-of-state buyers, and we’re seeing that percentage increase to around 33 percent. In September of 2019, Maine had 445 single family homes purchased by out-of-state buyers. In September 2020, that number was 735.

Across the country, sales also increased by double-digits. The National Association of Realtors reports that sales nationwide are up 21.8 percent comparing September 2020 to September 2019, and the national MSP reached $316,200 in September 2020—a rise of 15.2 percent over September 2019. In the regional Northeast, sales of single-family existing homes jumped 22.9 percent, and the regional MSP of $354,600 reflects a 17.8 percent increase.

Newcastle Realty has had an exceptionally strong sales year, despite the pandemic. As of the date of this report, our brokers have closed 168 transaction sides with a total volume of $48,943,365—up 57% over our Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $34,057,600 from 75 sides, and Drum and Drum Real Estate has sold $18,741,100 with 55 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (59), Boothbay (86), Wiscasset (75), Jefferson (64), Bristol (82), and Boothbay Harbor (59). Slightly fewer sales have happened so far this year in Dresden (30), Whitefield (32), Damariscotta (33), Newcastle (29), and Edgecomb (35). Towns seeing even fewer sales include Westport Island (22), South Bristol (33), Nobleboro (33), and Bremen (23). Just a handful of 2020 sales have occurred in Alna (12), Southport (13), Somerville (10), and Monhegan Island (2).

There are currently just 190 single-family homes for sale in Lincoln County (down from 203 in September), with 37 percent of those priced at or above $500,000. The 698 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (8%), $100,000-$249,999 (37%), $250,000-$499,999 (39%), $500,000-$999,999 (13%), and $1 million-plus (3%). Listing inventory remains super low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is 1.6 months (under $100,000), 1.8 months ($100,000-$249,999), 3.3 months ($250,000-$499,999), 6.1 months ($500,000-$999,999), and 15.4 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 1/1/2020 through 10/22/2020.

September 2020 Real Estate Market Report

Real estate sales in Maine continue a healthy, highly positive trajectory. The value of single-family existing homes jumped 17.4 percent comparing August 2020 to August 2019, reaching a median sales price of $270,000, according to Maine Listings. The MSP indicates that half of the homes were sold for more and half sold for less. Home sales increased 1.31 percent from last August.

The August statistics show strong demand for residential real estate in Maine. After the steep decline during the second quarter due to COVID-19, Maine’s Q3 positive sales to date have brought us nearly even to 2019 levels.

We are experiencing an historically low supply of homes for sale, 40 percent below a year ago. Demand is being fueled by all-time low mortgage interest rates, Maine households moving within the state, and an up-tick in out-of-state buyers seeking Maine’s quality of life and safety. In August of 2019, Maine had 482 single family homes purchased by out-of-state buyers. In August 2020, that number was 707.

The National Association of Realtors today reported an 11.0 percent increase in the sales of single-family homes nationwide in the past year. Prices for those homes rose 11.7 percent to $315,000. Regionally, sales in the Northeast increased 5.7 percent, while the regional MSP jumped 10.4 percent to $349,500.

Newcastle Realty has had a very strong first eight months of 2020, despite the pandemic. As of the date of this report, our brokers have closed 134 transaction sides with a total volume of $36,893,965—up 26% over our Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $25,349,100 from 59 sides, and Drum and Drum Real Estate has sold $14,221,500 with 44 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (50), Boothbay (74), Wiscasset (62), Jefferson (46), Bristol (65), and Boothbay Harbor (45). Slightly fewer sales have happened so far this year in Dresden (25), Whitefield (30), Damariscotta (28), Newcastle (24), and Edgecomb (29). Towns seeing even fewer sales include Westport Island (17), South Bristol (30), Nobleboro (27), and Bremen (20). Just a handful of 2020 sales have occurred in Alna (10), Southport (8), Somerville (8), and Monhegan Island (2).

There are currently 203 single-family homes for sale in Lincoln County (up slightly from 200 in August), with 36 percent of those priced at or above $500,000. The 652 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (9%), $100,000-$249,999 (40%), $250,000-$499,999 (37%), $500,000-$999,999 (12%), and $1 million-plus (2%). Listing inventory remains low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is 1.5 months (under $100,000), 2.0 months ($100,000-$249,999), 4.2 months ($250,000-$499,999), 8.4 months ($500,000-$999,999), and 16.2 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 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 1/1/2020 through 09/22/2020.

August 2020 Real Estate Market Report

Sales of single-family existing homes continue to recover from the impacts of the early months of COVID-19; Maine Listings reports a sales jump of 12.43 percent in July 2020, when compared to July 2019. Values rose 10.83 percent to a median sales price (MSP) of $254,900, comparing July 2020 to July 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

Maine’s midcoast real estate market was very active in July for a number of reasons. Maine’s quality of life, our nation-leading low COVID-19 metrics, and mortgage interest rates hovering at three percent and below, are contributing to very strong demand for residential real estate. The July statistics indicate pent-up demand from the initial drop-off impacts of the pandemic.

According to the National Association of Realtors, sales nationwide were up 9.8 percent in the past year. The national MSP rose 8.5 percent to $307,800. Regionally, single-family home sales in the Northeast eased 5.9 percent while the regional MSP increased 4.0 percent to $317,800 comparing July 2020 to July 2019.

Newcastle Realty has had a very strong first-half of 2020, despite the pandemic. As of the date of this report, our brokers have closed 97 transaction sides with a total volume of $24,988,565—up slightly from our same Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $18,943,100 from 43 sides, and Drum and Drum Real Estate has sold $10,004,500 with 29 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (43), Boothbay (54), Wiscasset (53), Jefferson (38), Bristol (45), and Boothbay Harbor (33). Slightly fewer sales have happened so far this year in Dresden (20), Whitefield (25), Damariscotta (18), Newcastle (17), and Edgecomb (24). Towns seeing even fewer sales include Westport Island (10), South Bristol (20), Nobleboro (20), and Alna (9). Just a handful of 2020 sales have occurred in Southport (7), Somerville (8), Bremen (14), and Monhegan Island (1).

There are currently 200 single-family homes for sale in Lincoln County (down from 207 in July), with 37 percent of those priced at or above $500,000. The 622 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (9%), $100,000-$249,999 (43%), $250,000-$499,999 (35%), $500,000-$999,999 (11%), and $1 million-plus (2%). Listing inventory remains low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is under one month (under $100,000), 1.4 months ($100,000-$249,999), 3.2 months ($250,000-$499,999), 10.5 months ($500,000-$999,999), and 13.9 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 1/1/2020 through 08/21/2020.

July 2020 Real Estate Market Report

The number of sales of single-family homes in Maine is down slightly in June but prices remain on the rise. Realtors across the state sold 1,720 homes in June—78 fewer homes than a year ago – a 4.3% decrease compared to June 2019. The Median Sales Price (MSP) for homes sold in June reached $249,000, an increase of 4.15 percent compared to June 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

As Maine navigates COVID-19, the real estate industry has adapted. The June statistics show improvement and indicate that sellers and buyers have adjusted to Maine’s health and safety protocols. The current market activity serves as an important catalyst for overall economic recovery. The housing industry provides employment for not just REALTORS®, but also lenders, appraisers, building inspectors, surveyors, title and closing agents, cleaning and yard maintenance providers, and building contractors. Many buyers make home improvements and upgrades, and their spending creates additional positive economic ripples throughout their communities.

Nationally, sales decreased 9.9 percent in June 2020 compared to June 2019. According to the National Association of Realtors, sales of existing homes across the country eased 9.9 percent, while the National MSP rose 3.5 percent in June to $298,600. Realtors in the regional Northeast reported a sales dip of 27.9 percent comparing June 2020 to June 2019, while the regional MSP increased 3.6 percent to $332,900.

Newcastle Realty has had strong first-half of 2020, despite the pandemic. As of the date of this report, our brokers have closed 79 transaction sides with a total volume of $19,226,065—up slightly from our same Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $12,769,200 from 31 sides, and Drum and Drum Real Estate has sold $8,258,500 with 23 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (35), Boothbay (37), Wiscasset (42), Jefferson (26), Bristol (32), and Boothbay Harbor (26). Slightly fewer sales have happened so far this year in Dresden (17), Whitefield (20), Damariscotta (16), Newcastle (13), and Edgecomb (18). Towns seeing even fewer sales include Westport Island (9), South Bristol (14), Nobleboro (17), and Alna (9). Just a handful of 2020 sales have occurred in Southport (5), Somerville (6), Bremen (9), and Monhegan Island (1).

There are currently 207 single-family homes for sale in Lincoln County (down from 278 in June), with 39 percent of those priced at or above $500,000. The 608 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (8%), $100,000-$249,999 (44%), $250,000-$499,999 (36%), $500,000-$999,999 (11%), and $1 million-plus (1%). Listing inventory remains low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is under one month (under $100,000), 1.8 months ($100,000-$249,999), 4.7 months ($250,000-$499,999), 11.2 months ($500,000-$999,999), and 31.1 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 1/1/2020 through 07/22/2020.

June 2020 Real Estate Market Report

Sales of Maine’s single-family homes eased in May, due to effects from COVID-19 and limited supply; however, value and demand for available homes remained strong. According to Maine Listings, Realtors sold 21.34 percent fewer homes in May 2020, compared to May 2019. Prices continued to rise, with a median sales price increase of 3.43 percent to $237,900. The MSP indicates that half of the homes were sold for more and half sold for less.

We are seeing greater impact on supply and demand in Maine’s real estate markets due to COVID-19. For-sale inventory is extremely tight—28 percent below a year ago; statewide, the days on market statistic for May was 17. Since March, when COVID-19 arrived, days on market statistics are down an average of 30 percent. The brokers at Newcastle Realty are guiding buyers and sellers through this unique market to help them achieve their real estate needs, while following Maine’s CDC guidelines.

The National Association of Realtors reported that sales across the United States eased 24.8 percent and the national MSP increased 2.4 percent to $287,700 comparing May 2020 to May 2019. Regionally, sales in the Northeast fell 29.9 percent compared to last May. The regional MSP rose 7.8 percent to $327,900.

Newcastle Realty has had a strong start to this sales year, despite the pandemic. As of the date of this report, our brokers have closed 55 transaction sides with a total volume of $12,899,300—down slightly from our same Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $8,656,200 from 21 sides, and Drum and Drum Real Estate has sold $4,077,500 with 15 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (29), Boothbay (22), Wiscasset (32), Jefferson (20), Bristol (25), and Boothbay Harbor (20). Slightly fewer sales have happened so far this year in Dresden (13), Whitefield (17), Damariscotta (13), Newcastle (10), and Edgecomb (15). Towns seeing even fewer sales include Westport Island (9), South Bristol (10), Nobleboro (11), and Alna (8). Just a handful of 2020 sales have occurred in Southport (4), Somerville (6), Bremen (5), and Monhegan Island (1).

There are currently 278 single-family homes for sale in Lincoln County (up from 222 in May), with 35 percent of those priced at or above $500,000. The 594 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (8%), $100,000-$249,999 (44%), $250,000-$499,999 (36%), $500,000-$999,999 (11%), and $1 million-plus (1%). Listing inventory remains low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is 1.7 months (under $100,000), 2.5 months ($100,000-$249,999), 6.3 months ($250,000-$499,999), 12.3 months ($500,000-$999,999), and 30.4 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 1/1/2020 through 06/22/2020.

May 2020 Real Estate Market Report

Despite a pandemic-fueled wane in the sales of single-family homes, values in Maine increased by double digits last month. According to Maine Listings, Realtors sold 194 fewer homes in April 2020 compared to April 2019, which is a decrease of 15.41 percent. The median sales price (MSP) jumped 12.29 percent to $235,800, compared April 2020 to April 2019. The MSP indicates that half of the homes were sold for more and half sold for less.

The April 2020 statistics show the beginning impact of the pandemic pause on Maine’s real estate sales. Because real estate transactions take 30-45 days to close, contracts written before the pandemic have likely now been completed. Recent statistics show that Maine’s for-sale inventory is down 19 percent compared to a year ago. Activity reported by Newcastle Realty brokers indicate that buyers are plentiful and multiple offer situations are prevalent due to historic low mortgage interest rates and the constrained inventory levels. Values remain strong.

Nationally in April 2020, sales decreased 15.5 percent compared to April a year ago. The National Association of Realtors also cited a rise in April’s home prices—7.3 percent—to a national MSP of $288,700. In April 2020, the regional Northeast experienced a sales dip of 18.2 percent, while the regional MSP increased 8.7 percent to $312,500 compared to April 2019.

Newcastle Realty has had a strong start to this sales year. As of the date of this report, our brokers have closed 43 transaction sides with a total volume of $10,784,000—down slightly from our same Y-T-D numbers in 2019. In comparison, the local Sotheby’s office has booked $8,471,200 from 20 sides, and Drum and Drum Real Estate has sold $3,715,500 with 13 sides. We are pleased to remain the leading real estate firm in our area.

Most of the year-to-date 2020 property sales locally have occurred in Waldoboro (20), Boothbay (17), Wiscasset (24), Jefferson (17), Bristol (20), and Boothbay Harbor (13). Slightly fewer sales have happened so far this year in Dresden (11), Whitefield (11), Damariscotta (8), Newcastle (10), and Edgecomb (9). Towns seeing even fewer sales include Westport Island (7), South Bristol (8), Nobleboro (9), and Alna (4). Just a handful of 2020 sales have occurred in Southport (3), Somerville (4), Bremen (3), and Monhegan Island (1).

There are currently 222 single-family homes for sale in Lincoln County (down slightly from 233 in April), with 36 percent of those priced at or above $500,000. The 618 residential sales that have occurred in the past 365 days represent transactions in the range of under $100,000 (9%), $100,000-$249,999 (46%), $250,000-$499,999 (34%), $500,000-$999,999 (10%), and $1 million-plus (1%). Listing inventory remains low—it is a great time to sell and we are ready to answer your questions about the process.

The current market absorption rates for Lincoln County homes is 1.80 months (under $100,000), 1.82 months ($100,000-$249,999), 5.3 months ($250,000-$499,999), 12.4 months ($500,000-$999,999), and 27.0 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 1/1/2020 through 05/22/2020.