December 2022 Market Update

Buyers of single-family existing homes across Maine are still encountering a lower-than-normal inventory of homes available for purchase. According to Maine Listings, 1,289 homes changed hands in November, a decline of 28.7 percent from November one year ago. The median sales price (MSP) for homes sold reached $325,000—up 8.3 percent from November 2021. The MSP indicates that half of the homes were sold for more and half sold for less.

While demand remains steady for Maine’s tight for-sale inventory, increased mortgage interest rates, coupled with the typical holiday slowdown, have impacted the market. For-sale inventory remains historically low with 13 percent fewer homes on the market in November 2022 compared to last month – and 58 percent fewer homes for sale than pre-pandemic November 2019.

Nationally, sales are down 35.2 percent in November 2022 compared to November 2021. The National Association of Realtors also reported that the national MSP reached $376,700 in November, an increase of 3.2 percent in a year. Sales in the regional Northeast dipped 28.4 percent and the regional MSP of $394,700 represents a rise of 3.5 percent comparing November 2022 to November 2021. For qualified buyers, home ownership remains a solid financial and quality of life investment. With nearly 1,300 sales, November 2022 was the 7th best November in the 22 years of available records.

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 176 transaction sides with a total volume of $74,533,614—up 22% over our Y-T-D numbers in 2021—and we are pleased to report that approximately one-quarter of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $11,993,525 with 32 sides, and the local Sotheby’s office has sold $59,791,951 with 81 sides.

Most of the year-to-date property sales locally have occurred in Waldoboro (94), Jefferson (68), Boothbay Harbor (74), Wiscasset (71), Damariscotta (46), Boothbay (65), and Bristol (86). Slightly fewer sales have happened so far in Dresden (36), Edgecomb (33), Newcastle (29), Nobleboro (35), Westport Island (33), Whitefield (37), and Southport (24). Towns seeing even fewer sales include South Bristol (23), Bremen (14), Alna (13), Somerville (8), and Monhegan Island (2).

There are currently just 85 single-family homes for sale in Lincoln County (down from 119 in November), with 40 percent of those priced at or above $500,000. The 588 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 (23%), and $1 million-plus (7%). Listing inventory remains 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), 1.9 months ($100,000-$249,999), 2.1 months ($250,000-$499,999), 2.6 months ($500,000-$999,999), and 6.7 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 client needs. Questions or comments may be directed to Dennis Hilton, President of Newcastle Realty at dennishilton@cheneycompanies.com or 207-380-3435.

  • Statistics are from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2022 through 12/23/2022.

November 2022 Market Update

2022 YEAR-TO-DATE MARKET AND SALES UPDATE *

According to the Maine Association of Realtors, buyer demand remains healthy in Maine, while rising interest rates and tight inventory continue to affect the real estate market. Maine Listings reported a 7.79 percent rise in the cost for a single-family existing home, which reached a median sales price (MSP) of $332,000 in October 2022 compared to October 2021. The MSP indicates that half of the homes were sold for more and half sold for less. October 2022 sales dipped 23.41 percent compared to a year ago, due to the existing market factors.

After a two-year streak of double-digit pricing increases, we’re finally seeing some relief. While demand remains steady for Maine’s tight for-sale inventory, increased mortgage interest rates have impacted the market. Buyers who need to finance their home have less purchasing power, and the recent pricing deceleration indicates that sellers are adjusting. Sales volume last month outpaced the number of homes coming onto the market, and for-sale inventory remains tight with eight percent fewer homes on the market in October 2022 compared to September 2022 – and 58 percent fewer homes for sale than pre-pandemic October 2019.

The National Association of Realtors reported a 28.2 percent decline in sales nationwide, with a national MSP of $384,900—a rise of 6.2 percent in the past year. Regionally, sales in the Northeast reflected a similar trend, with a decline of 23 percent compared to October 2021. The regional MSP jumped 8.0 percent to $408,700.

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 158 transaction sides with a total volume of $67,660,014—up 27% over our Y-T-D numbers in 2021—and we are pleased to report that approximately one-quarter of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $11,073,025 with 29 sides, and the local Sotheby’s office has sold $58,016,451 with 78 sides.

Most of the year-to-date property sales locally have occurred in Waldoboro (89), Jefferson (65), Boothbay Harbor (71), Wiscasset (65), Damariscotta (45), Boothbay (60), and Bristol (79). Slightly fewer sales have happened so far in Dresden (31), Edgecomb (32), Newcastle (26), Nobleboro (33), Westport Island (30), Whitefield (34), and Southport (24). Towns seeing even fewer sales include South Bristol (21), Bremen (11), Alna (11), Somerville (7), and Monhegan Island (2).

There are currently 119 single-family homes for sale in Lincoln County (down from 131 in October), with 44 percent of those priced at or above $500,000. The 622 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 (23%), and $1 million-plus (7%). Listing inventory remains 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), 1.9 months ($100,000-$249,999), 2.1 months ($250,000-$499,999), 2.6 months ($500,000-$999,999), and 6.7 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 client needs. Questions or comments may be directed to Dennis Hilton, President of Newcastle Realty at dennishilton@cheneycompanies.com or 207-380-3435.

  • Statistics are from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2022 through 11/22/2022.

October 2022 Market Update

According to the Maine Association of Realtors, home prices seem to be stabilizing with sales of single-family homes remaining strong. The month of September saw sales of 1,890 single-family homes with a median sales price (MSP) of $330,000. The MSP indicates that half of the homes were sold for more and half sold for less. Comparing September 2022 to September 2021, sales dipped 8.56 percent, though the steady demand for homes resulted in a slight price increase of 3.13 percent.

With the sale of nearly 1,900 homes, September 2022 was the third best September in the 20 years since the Maine Association of Realtors has been keeping records. Despite a slight decrease in momentum due to strong September sales, for-sale inventory continues to trend upwards and demand for single-family homes remains active.

The National Association of Realtors reported a national sales decline of 23 percent comparing September 2022 to September of last year. The national MSP increased by 8.1 percent reaching $391,000. Regionally, sales decreased 18.7 percent with the regional MSP increasing 8.3 percent to $418,500.

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 148 transaction sides with a total volume of $63,014,914—up 35% over our Y-T-D numbers in 2021—and we are pleased to report that approximately one-quarter of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $11,073,025 with 30 sides, and the local Sotheby’s office has sold $51,956,633 with 71 sides.

Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (81), Jefferson (60), Boothbay Harbor (65), Wiscasset (62), Damariscotta (45), Boothbay (55), and Bristol (71). Slightly fewer sales have happened so far in Dresden (28), Edgecomb (28), Newcastle (26), Nobleboro (29), Westport Island (30), Whitefield (30), and Southport (24). Towns seeing even fewer sales include South Bristol (20), Bremen (9), Alna (9), Somerville (7), and Monhegan Island (2).

There are currently 131 single-family homes for sale in Lincoln County (down from 135 in September), with 44 percent of those priced at or above $500,000. The 645 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 (22%), and $1 million-plus (8%). Listing inventory remains 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), 1.9 months ($100,000-$249,999), 2.1 months ($250,000-$499,999), 2.6 months ($500,000-$999,999), and 6.7 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.

September 2022 Market Update

Statistics shared by Maine Listings indicate a decrease of 9.89 percent in sales for single-family homes across the state comparing August 2022 to August 2021. The median sales price saw an increase of 9.68 percent, reaching $340,000 over August of last year. The MSP indicates that half of the homes were sold for more and half sold for less.

With more than 1,850 single-family homes sold during the month of August, buyer demand seems to persist. Though historically low, the number of active for-sale listings have continued to rise for the past six months, with a jump of almost 25 percent from July 2022 to August 2022.

With the steady increase of for-sale inventory, the Maine real estate market is leveling in some areas of the state. Buyers are now able to approach the current market trends more strategically with contract contingencies and seller concessions becoming more common.

Our company continues to excel with a full staff of exceptional local agents. We are excited to remain the leading real estate firm in Lincoln County as we serve buyers and sellers. As of the date of this report, our brokers have closed 123 transaction sides with a total volume of $52,429,254—up 27% over our Y-T-D numbers in 2021—and we are pleased to report that approximately one-third of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $9,894,525 with 27 sides, and Sotheby’s has sold $45,883,633 with 64 sides.

Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (76), Jefferson (54), Boothbay Harbor (55), Wiscasset (56), Damariscotta (39), Boothbay (48), and Bristol (59). Slightly fewer sales have happened so far in Dresden (24), Edgecomb (26), Newcastle (25), Nobleboro (21), Westport Island (23), Whitefield (29), and Southport (19). Towns seeing even fewer sales include South Bristol (16), Bremen (7), Alna (8), Somerville (7), and Monhegan Island (2).

There are currently 135 single-family homes for sale in Lincoln County (down from 148 in August), with 53 percent of those priced at or above $500,000. The 668 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (22%), $250,000-$499,999 (46%), $500,000-$999,999 (22%), and $1 million-plus (7%). Listing inventory remains 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), 1.5 months ($100,000-$249,999), 1.8 months ($250,000-$499,999), 3.5 months ($500,000-$999,999), and 7.9 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.

August 2022 Market Update

Though for-sale inventory remains low, home buyer interest persists across Maine. According to Maine Listings, 1,691 homes were sold statewide for the month of July, a decrease of 15.28 percent compared to July 2021. The median sales price (MSP) reached $354,000, an increase of 12.38 percent since this time last year. The MSP indicates that half of the homes were sold for more and half sold for less.

Activity remains steady during the summer season even with 30 percent fewer single-family homes compared to July 2021 and 66 percent fewer than pre-pandemic July 2019. Overall, it is still a seller’s market in Maine, though evidence of increased days on market and descending price adjustments indicate that could soon change.

Statistics shared by the National Association of Realtors report a 19.0 percent decline in sales nationwide for July 2022 compared to July 2021. The national MSP of $410,600 reflects an increase of 10.6 percent in home values. Regionally, sales in the Northeast eased 16.2 percent with a regional MSP increase of 8.1 percent to $444,000 compared to July of last year. 

Our company continues to excel with a full staff of exceptional local agents. We are excited to remain the leading real estate firm in the Damariscotta area as we serve buyers and sellers. As of the date of this report, our brokers have closed 106 transaction sides with a total volume of $46,750,254—up 41% over our Y-T-D numbers in 2021—and we are pleased to report that approximately one-third of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $8,317,525 with 24 sides, and Sotheby’s has sold $38,329,633 with 53 sides.

Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (67), Jefferson (47), Boothbay Harbor (43), Wiscasset (41), Damariscotta (35), Boothbay (41), and Bristol (45). Slightly fewer sales have happened so far in Dresden (21), Edgecomb (21), Newcastle (21), Nobleboro (19), Westport Island (22), Whitefield (26), and Southport (16). Towns seeing even fewer sales include South Bristol (13), Bremen (6), Alna (8), Somerville (5), and Monhegan Island (1).

There are currently 148 single-family homes for sale in Lincoln County (up from 139 in June), with 48 percent of those priced at or above $500,000. The 677 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (24%), $250,000-$499,999 (46%), $500,000-$999,999 (20%), 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 2.2 months (under $100,000), 1.9 months ($100,000-$249,999), 1.9 months ($250,000-$499,999), 4.1 months ($500,000-$999,999), and 6.6 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.

July 2022 Market Update

According to Maine Listings, sales of single-family homes in Maine saw a decline of 9.83 percent, presumably in response to rising interest rates. Compared to June 2021, the statewide median sales price (MSP) jumped 16.4 percent in June 2022 reaching $360,825. The MSP indicates that half of the homes were sold for more and half sold for less.

REALTORS® across the state share similar experiences of market delays, with homes staying on the market for longer periods of time. We are seeing a downshift in buyer competition of for-sale inventory as mortgage rates continue to rise. The for-sale inventory of single-family properties in Maine remains historically low with 1.8 months of available supply, where a balanced market usually consists of a six-month supply.

Nationally, sales dipped 12.8 percent comparing June 2022 to June of last year. Statistics shared by the National Association of Realtors report a national MSP of $423,300 for June, an increase of 13.3 percent. Regionally, the Northeast saw a decrease in sales of 11.8 percent with the regional MSP increasing 10.1 percent, reaching $453,300.

Our company continues to excel with a full staff of exceptional local agents. We are excited to remain a leading real estate firm in the Damariscotta area as we serve buyers and sellers. As of the date of this report, our brokers have closed 84 transaction sides with a total volume of $32,587,349 —up 26% over our Y-T-D numbers in 2021—and we are pleased to report that one-third of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $7,124,025 with 22 sides, and Sotheby’s has sold $34,092,500 with 44 sides.

Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (55), Jefferson (40), Boothbay Harbor (36), Wiscasset (36), Damariscotta (27), Boothbay (36), and Bristol (40). Slightly fewer sales have happened so far in Dresden (19), Edgecomb (21), Newcastle (17), Nobleboro (18), Westport Island (18), Whitefield (23), and Southport (15). Towns seeing even fewer sales include South Bristol (10), Bremen (6), Alna (6), Somerville (3), and Monhegan Island (1).

There are currently 139 single-family homes for sale in Lincoln County (up from 120 in June), with 40 percent of those priced at or above $500,000. The 685 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (23%), $250,000-$499,999 (47%), $500,000-$999,999 (20%), 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 1.8 months (under $100,000), 1.5 months ($100,000-$249,999), 2.3 months ($250,000-$499,999), 3.3 months ($500,000-$999,999), and 4.8 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.

June 2022 Market Update

As for-sale inventory remains a limiting factor, home values continue to climb. Statistics shared by Maine Listings show the statewide median sales price (MSP) reached $350,000 in May 2022, an increase of 14.75 percent over May of last year. The MSP indicates that half of the homes were sold for more and half sold for less. Sales eased 11.97 percent statewide, comparing May 2022 to May 2021.

Though still historically low, the Maine real estate market has recently experienced slight gains in the number of homes for sale due in part to the typical selling-season increase. Home buying demand has also been impacted by growing mortgage interest rates and home price appreciation.

The National Association of Realtors reported a sales decline of 7.7 percent nationally in May 2022 compared to May 2021, while the MSP increased 14.6 percent to $414,200. Regionally, sales in the Northeast decreased 9.3 percent with an increase of 6.7 percent in prices, reaching a regional MSP of $409,700.

Our company continues to excel with a full staff of exceptional local agents. We are excited to remain a leading real estate firm in the Damariscotta area as we serve buyers and sellers. As of the date of this report, our brokers have closed 70 transaction sides with a total volume of $26,972,300 —up 19% over our Y-T-D numbers in 2021—and we are pleased to report that one-third of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $6,821,525 with 20 sides, and Sotheby’s has sold $28,190,000 with 36 sides.

Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (39), Jefferson (32), Boothbay Harbor (27), Wiscasset (27), Damariscotta (26), Boothbay (30), and Bristol (32). Slightly fewer sales have happened so far in Dresden (14), Edgecomb (19), Newcastle (12), Nobleboro (15), Westport Island (14), Whitefield (18), and Southport (13). Towns seeing even fewer sales include South Bristol (7), Bremen (6), Alna (5), Somerville (3), and Monhegan Island (0).

There are currently 120 single-family homes for sale in Lincoln County (up from 96 in May), with 49 percent of those priced at or above $500,000. The 685 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (24%), $250,000-$499,999 (46%), $500,000-$999,999 (20%), 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 0.5 months (under $100,000), 0.8 months ($100,000-$249,999), 1.6 months ($250,000-$499,999), 3.8 months ($500,000-$999,999), and 4.2 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.

    CHENEY FINANCIAL GROUP CELEBRATES, ANNOUNCES PROMOTIONS

    At their annual Selling Season Kick-Off Breakfast held at the Oysterhead Lounge in Newcastle recently, the 33 associates from Cheney Insurance, Newcastle Realty, and Newcastle Vacation Rentals gathered to honor their clients, to welcome spring, and to celebrate the success of their companies, which together make up the Cheney Financial Group.

    Area native Dennis Hilton of Nobleboro has served as President and CEO of these Damariscotta-based service businesses for over 30 years, and during his remarks he recognized key employees, first-time attendees, and those staff members who had reached milestone years of service.

    In addition, Hilton announced the following promotions of four members of their leadership team. Kristy Battles, who serves as Chief Administrative Officer at Newcastle Realty, has been promoted to also be the manager of Newcastle Vacation Rentals. For Cheney Insurance, Jasmyn Rose was promoted to Vice President of Business Insurance and Holly Harris was promoted to Vice President of Personal Insurance. Lastly, Hannah Kutschinski was promoted to Human Resource Manager for all of the Cheney Financial Group, and will also continue in her role as Office Administrator for Newcastle Realty.

    “Our Chief Financial Officer Joe Ford and I are very proud of our staff and leadership team,” commented Hilton, “and we, along with the rest of our associates, are pleased to recognize the important contributions Kristy, Jasmyn, Holly, and Hannah make every day to our success. As an organization, we look forward to continuing to serve the insurance, real estate, and vacation rental needs of the area communities well into the future.”

    Cheney Insurance is a family-owned business that has been operating locally for more than 75 years. Their office is located at 277 Main Street, Damariscotta and they can be reached at 207-563-3435. Newcastle Realty, with a staff of 20 real estate agents, is the largest realty firm in the area. They have offices at 87 Main Street, Damariscotta (207-563-1003) and 14 Todd Avenue in Boothbay Harbor (207-633-4433). And Newcastle Vacation Rentals is based in Damariscotta and manages the seasonal rental activities for over 80 cottage and property owners on nearby lakes, ponds, rivers, and the ocean. They can be reached at 207-563-6500. 

     

    May 2022 Market Update

    Prices for single-family existing homes in Maine saw a jump of 25.36 percent in April 2022 compared to April of last year. Statistics shared by the Maine Association of Realtors indicated the sale of 1,143 homes in April 2022, a decrease of 20.90 percent over April 2021. The statewide median sales price (MSP) for homes sold reached $346,000. The MSP indicates that half of the homes were sold for more and half sold for less.

    Due to continued demand, the Maine real estate market remains strong despite limited for-sale inventory.  The number of homes sold from January-April 2022 is 4.5 percent higher than January-April of 2019, which was previously Maine’s top year for real estate sales.  Though seemingly robust, the real estate market is experiencing it’s tenth consecutive month of year-over-year sales declines, with seven of those months showing a decline in for-sale inventory.

    According to the National Association of Realtors, sales across the country dipped by 4.8 percent in April 2022 compared to April 2021, while the MSP increased 14.8 percent to $397,600. Regionally, sales in the Northeast decreased 10.7 percent while the regional MSP increased 8.1 percent, reaching $412,100 comparing April of this year to April of last year.

    Our company continues to excel with a full staff of exceptional local agents. We are excited to remain the leading real estate firm in the Damariscotta area as we serve buyers and sellers. As of the date of this report, our brokers have closed 55 transaction sides with a total volume of $21,760,500 —up 12% over our Y-T-D numbers in 2021. In comparison, Drum and Drum Real Estate has sold $5,937,525 with 16 sides, and Farrin Properties has sold $2,572,800 with 17 sides.

    Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (32), Jefferson (30), Boothbay Harbor (22), Wiscasset (22), Damariscotta (22), Boothbay (20), and Bristol (26). Slightly fewer sales have happened so far in Dresden (13), Edgecomb (13), Newcastle (12), Nobleboro (10), Westport Island (10), Whitefield (13), and Southport (9). Towns seeing even fewer sales include South Bristol (4), Bremen (3), Alna (4), Somerville (1), and Monhegan Island (0).

    There are currently 96 single-family homes for sale in Lincoln County (up from 74 in April), with 46 percent of those priced at or above $500,000. The 701 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (23%), $250,000-$499,999 (46%), $500,000-$999,999 (20%), and $1 million-plus (8%). 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), 01.3 months ($100,000-$249,999), 1.3 months ($250,000-$499,999), 2.9 months ($500,000-$999,999), and 2.5 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.

    NEWCASTLE REALTY ASSISTS IN HISTORIC LAND SALE

    With the involvement of Newcastle Realty, Coastal Rivers Conservation Trust recently completed their largest single-day acquisition in the history of that organization. The newly obtained 476 acres located in Bristol will join an adjacent 230+ acres already in conservation with Coastal Rivers. By placing these parcels in conservation, Coastal Rivers works to ensure the preservation of important ecological necessities for generations to come.

    Receiving support from various individuals and organizations, Coastal Rivers purchased the expansive parcel from the Hunt family. Newcastle Realty agents Kirsten Ingram and Patti Brown worked closely with sellers Norman and Robbie Hunt, and agency President Dennis Hilton assisted in coordinating details between the Hunts and Coastal Rivers. In the end and after many months, the transaction was able to be closed with all parties achieving their goals. A respected provider of real estate services in the mid-coast Maine area, Newcastle Realty has helped local families and organizations achieve their real estate goals for over 30 years.

    With a long history of community involvement and dedication to conservation efforts, Newcastle Realty takes pride in being able to assist with this historic transaction. For more information on Newcastle Realty’s commitment to community involvement, please visit: https://www.mynewcastle.com/about/community-support/