November 2023 Market Update

Though home values in Maine continue to rise, sales remain lower than average due to lack of inventory. Statistics reported by MaineListings indicate the sale of 1,435 single-family homes during October 2023 – a decrease of 10.14 percent compared to October 2022. Prices increased 13.25 percent, reaching a median sales price (MSP) of $376,000. The MSP indicates that half of the homes were sold for more and half sold for less.

Nationally, sales of single-family homes decreased 14.6 percent comparing October 2023 to October of last year. Prices across the country saw a slight increase of 3.0 percent to a national MSP of $396,100. Regionally, sales in the Northeast declined 15.8 percent while the regional MSP reached $439,200, an increase of 7.5 percent, during that same time period.

The buyer’s market remains robust, fueling competition for move-in ready homes. As a prospective seller, now is an opportune time to list your property for sale while demand remains high. To navigate the challenging market, sellers and buyers should partner with a Newcastle Realty agent for expert counsel.  Reach out to our professional broker staff today by calling 207-563-1003 to find out how much your home or 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 109 transaction sides with a total volume of $36,231,450 – Over $4 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $20,766,552 with 36 sides, and Sotheby’s has sold $47,871,160 with 74 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (47), Wiscasset (63), Waldoboro (77), Boothbay (65), Jefferson (51), Whitefield (35), Damariscotta (38), and Bristol (58). Slightly fewer sales have happened so far in Dresden (21), Edgecomb (30), Newcastle (24), and Nobleboro (24). Towns seeing even fewer sales include Westport Island (14), South Bristol (7), Southport (11), Bremen (13), Alna (11), Somerville (8), and Monhegan Island (2).

There are currently 135 single-family homes for sale in Lincoln County (up from 129 in October), with 50 percent of those priced at or above $500,000. The 478 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (19%), $250,000-$499,999 (40%), $500,000-$999,999 (27%), and $1 million-plus (10%). 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 0.7 months (under $100,000), 21.5 months ($100,000-$249,999), 3.5 months ($250,000-$499,999), 4.1 months ($500,000-$999,999), and 6.0 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.

Cheney Financial Group Recognizes Outstanding Service at Awards Dinner

In celebration of outstanding service, Cheney Financial Group (CFG) associates and guests recently gathered for the Annual CFG Awards and Recognition Event. Held at the 1812 Farm in Bristol, the well-attended event was hosted by Dennis Hilton, owner and CEO of the Cheney Companies. Comprised of Cheney Insurance, Newcastle Realty, and Newcastle Vacation Rentals, the locally owned financial group has been serving the property ownership and insurance needs of thousands of families and businesses throughout Maine for over 40 years.

A festive atmosphere, delicious food and lively conversation were the backdrop for the annual celebration and recognition of outstanding service and commitment by CFG employees. New this year was live entertainment provided by local musician, Nat Hussey. All attendees were entered to win a variety of door prizes in addition to participating in the “Wall of Cash”, a favorite company tradition.

 

Hilton, along with co-hosts Kristy Battles and Hannah Kutschinski, acknowledged each and every associate with high praise and gratitude.  Among the several award recipients, Stephanie Mayo and Bobbi Monaghan of Cheney Insurance were recognized for 5 years of dedicated service while Lorrie Zeiner, a broker with Newcastle Realty, was recognized for 10 years with the leading real estate firm. Though unable to attend, long-time associate of Cheney Insurance, Debbie Furman was recognized for an astounding 30 years with the company. Holly Harris, VP of Personal Lines Insurance, and Jasmyn Rose, VP of Commercial Lines Insurance, accepted the award on Furman’s behalf.

CFG Chief Administrative Officer and manager of Newcastle Vacation Rentals, Kristy Battles, was recognized as a Key Contributor for her hard work and commitment to the companies. Kristina Childers, Personal Lines Agent at Cheney Insurance, was also recognized as a Key Contributor for her dependability and dedication to customer service. Recipient of the renowned 2023 President’s Award, CFG Chief Financial Officer, Joe Ford was recognized for his continued dedication to company growth and financial oversite. Newcastle Realty associates, Sara Rogers, Clint Miller, and Lorrie Zeiner were recognized for having the highest current sales volume to date, of $5.5 million, $4.04 and $4.03 million, respectively.

 

Well-known for their commitment to community involvement, CFG associates and guests are encouraged to bring a non-perishable food item to the annual event. This year, over 50 pounds of food were collected and will be donated to the Ecumenical Food Pantry, located in Newcastle.  

For more information on the Cheney Financial Group, their commitment to community involvement, or employment opportunities, find them online at www.cheneycompanies.com or contact Hannah Kutschinski, Chief Operating Officer, (207) 563-3435 ext. 122.

Hilton Recognized as Business Person of the Year

Owner and Chief Executive Officer of Cheney Financial Group, Dennis Hilton, was recently recognized as Business Person of the Year by the Damariscotta Region Chamber of Commerce (DRCC). As described by the DRCC, individuals considered for this award can be counted on to ‘enhance the overall economic health of the region and well-being of the general population by making our community a better place to live.’ Well-known for his active involvement in the community through business and volunteerism, Dennis was an ideal candidate.

Cheney Financial Group (CFG), which consists of Cheney Insurance, Newcastle Realty, and Newcastle Vacation Rentals, has been owned and operated by the Hilton family for over 50 years. Over the years, Dennis has worked hard to build a team of staff members that are connected to and representative of every corner of the Mid-coast community. He credits his team of local employees and affiliates for the strong hometown connection maintained by Cheney Financial Group. With a long history of serving the local community, CFG currently has 33 staff members with locations in Damariscotta and Boothbay Harbor.

Born and raised in Lincoln County, Dennis is a true native and takes pride in his strong ties to the area. “One of the things I am most proud of is our Charitable Giving Committee, which has existed for over 20 years”, shared Hilton. Staffed by volunteers from each of the three companies, the committee provides financial support that is equitably distributed to nonprofit organizations right here in Lincoln County. Describing his achievement of DRCC Business Person of the Year as a ‘true honor’, Hilton explained this award is a reflection of the hard work and dedication of all associates of the Cheney Companies.

For more information on the Cheney Financial Group and their commitment to community involvement, find them online at www.cheneycompanies.com.

 

October 2023 Market Update

The availability of single-family homes remains lower than average with Realtors across the state reporting just 1,410 homes being sold in September 2023, a 25.4 percent decrease compared to September of last year. The statewide median sales price (MSP) increased 14.17 percent to $376,750. The MSP indicates that half of the homes were sold for more and half sold for less.

While overall for-sale inventory increased two percent between August and September of 2023, the number of available properties is still 57 percent below pre-pandemic September of 2019. The Maine real estate market saw just 3,855 homes listed for sale in September this year, a significant decrease compared to the 9,026 homes for-sale in September 2019.

Statistics shared by the National Association of Realtors indicate a 15.8 percent dip in sales across the country since last year with prices increasing 2.5 percent, reaching a national MSP of $399,200. Regionally, the Northeast saw a 16.7 percent decrease in sales with the regional MSP rising to $439,900, a 5.2 percent increase.

The buyer’s market remains robust, fueling competition for move-in ready homes. As a prospective seller, now is an opportune time to list your property for sale while demand remains high. To navigate the challenging market, sellers and buyers should partner with a Newcastle Realty agent for expert counsel.  Reach out to our professional broker staff today by calling 207-563-1003 to find out how much your home or 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 99 transaction sides with a total volume of $32,108,450 – Over $4 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $17,316,552 with 30 sides, and Sotheby’s has sold $40,306,160 with 64 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (40), Wiscasset (57), Waldoboro (69), Boothbay (58), Jefferson (46), Whitefield (34), Damariscotta (34), and Bristol (51). Slightly fewer sales have happened so far in Dresden (16), Edgecomb (25), Newcastle (20), and Nobleboro (24). Towns seeing even fewer sales include Westport Island (13), South Bristol (6), Southport (11), Bremen (12), Alna (10), Somerville (6), and Monhegan Island (1).

There are currently 129 single-family homes for sale in Lincoln County (down from 138 in September), with 48 percent of those priced at or above $500,000. The 382 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (20%), $250,000-$499,999 (41%), $500,000-$999,999 (26%), and $1 million-plus (10%). 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 0.9 months (under $100,000), 2.6 months ($100,000-$249,999), 3.8 months ($250,000-$499,999), 5.2 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.

September 2023 Market Update

Buyers across the state continue to be met with low inventory when searching for single-family existing homes. Comparing August 2023 to August 2022, statistics shared by Maine listings indicate an increase of 9.41 percent in home values while the overall number of sales dipped 18.77 percent. Month over month, sales volume increased 13 percent but was down almost 19 percent compared to this time last year. The median sales price (MSP) reached $372,000 with a total of 1,510 homes sold during the month of August. The MSP indicates that half of the homes were sold for more and half sold for less.

The National Association of Realtors reported a nationwide decrease in sales of 15.3 percent in August 2023 compared to August of last year. Prices increased 3.7 percent, reaching a national MSP of $413,500. Regionally, sales in the Northeast dipped 22.6 percent while the regional MSP increased 5.8 percent to $465,700.  The buyer’s market remains robust, fueling competition for move-in ready homes. As a prospective seller, now is an opportune time to list your property for   sale while demand remains high.

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 85 transaction sides with a total volume of $27,740,950 – Over $4 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $14,912,000 with 26 sides, and Sotheby’s has sold $29,632,460 with 53 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (32), Wiscasset (52), Waldoboro (62), Boothbay (48), Jefferson (39), Whitefield (28), Damariscotta (30), and Bristol (44). Slightly fewer sales have happened so far in Dresden (14), Edgecomb (19), Newcastle (18), and Nobleboro (17). Towns seeing even fewer sales include Westport Island (13), South Bristol (4), Southport (9), Bremen (11), Alna (7), Somerville (5), and Monhegan Island (1).

There are currently 138 single-family homes for sale in Lincoln County (up from 127 in August), with 52 percent of those priced at or above $500,000. The 476 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 (41%), $500,000-$999,999 (25%), and $1 million-plus (9%). 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 1.4 months (under $100,000), 2.3 months ($100,000-$249,999), 2.8 months ($250,000-$499,999), 4.9 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.

August 2023 Market Update

Demand for single-family homes remains high across the state. Statistics shared by Maine Listings indicate a 7.34 percent increase in prices for July 2023 compared to July 2022, reaching a median sales price (MSP) of $380,000. The MSP indicates that half of the homes were sold for more and half sold for less. The number of sales in July 2023 decreased 20.93 percent compared to this time last year.

Though for-sale inventory seems low, the number of homes for sale in July 2023 was up nearly nine percent month over month, and six percent above July 2022. As move-in ready homes come to market, they are swiftly placed under contract by individuals and families looking to make Maine their home.

The National Association of Realtors reported a nationwide sales decrease of 16.3 percent in the last year, while the national MSP increased 1.6 percent, reaching $412,300 in July 2023 compared to July of last year. Regionally, sales in the Northeast declined 23.8 percent with the regional MSP increasing 5.5 percent to $467,500 over the same time period.

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 74 transaction sides with a total volume of $23,554,450 – almost $4 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $14,049,500 with 22 sides, and Sotheby’s has sold $25,132,460 with 46 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (29), Wiscasset (43), Waldoboro (54), Boothbay (40), Jefferson (36), Whitefield (24), Damariscotta (28), and Bristol (38). Slightly fewer sales have happened so far in Dresden (13), Edgecomb (19), Newcastle (15), and Nobleboro (13). Towns seeing even fewer sales include Westport Island (11), South Bristol (3), Southport (8), Bremen (11), Alna (5), Somerville (5), and Monhegan Island (0).

There are currently 127 single-family homes for sale in Lincoln County (up from 124 in July), with 48 percent of those priced at or above $500,000. The 502 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 (41%), $500,000-$999,999 (26%), 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 1.2 months (under $100,000), 1.8 months ($100,000-$249,999), 2.9 months ($250,000-$499,999), 4.0 months ($500,000-$999,999), and 5.3 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.

BROWN EARNS DISTINCTION AS REALTOR OF THE YEAR

Patti Brown, a successful real estate broker with Newcastle Realty for more than six years, was named the 2023 Realtor of the Year by the Lincoln County Council of the Mountains to Shore Board of Realtors in June. Her award was celebrated with a wonderful meeting and dinner at the Tugboat Inn, attended by other active Realtors and affiliates from Lincoln County.

Nominees for this annual award are typically involved in volunteer activities for their community, their board, and the local council, as well as the Maine Association of Realtors. Brown has served in various capacities under the Maine Association of Realtors umbrella organization since becoming licensed to sell real estate in 2017. Over the years, she has served on the Lincoln County Council as secretary, president-elect, and president. In her various roles, she has represented the Realtor organization by assisting with blood drives, coordinating fundraising auctions, and helping to organize and sponsor speakers and courses to help fellow Realtors stay current, educated, and informed. In addition, she has served on The Mountains to Shore Board of REALTORS® and the Maine Association of REALTORS® Board of Directors.

Alongside her volunteer efforts for the Realtor association, Patti has been a consistent performer at Newcastle Realty, serving buyer and seller clients while receiving praise for her efforts. One of the key reasons Brown chose to be affiliated with her company is because of the firm’s commitment to community; as such, Patti has served several years on the firm’s charitable giving committee. Newcastle Realty is a locally-owned company that is part of the Cheney Financial Group, which also includes Newcastle Vacation Rentals and Cheney Insurance.

Brown loves living in Midcoast Maine. Her passion for the area and joy of living here is contagious. She believes that building relationships with clients, both buyers and sellers, through trust, integrity, and client service is as important as closing each transaction.

When not working with buyers or sellers, Brown loves getting together with family and friends, and enjoys reading, film noir, and traveling internationally. Brown can be reached on her mobile at 207-530-2253, at Newcastle Realty’s office, 87 Main St., Damariscotta at 563-1003, ext. 115, or by email at pattibrown@cheneycompanies.com. To learn more about Newcastle Realty, please go to mynewcastle.com.

July 2023 Market Update

Though real estate inventory across the state remains low, a slight increase in home values suggest there are positive signs on the horizon. Statistics shared by Maine Listings show sold prices for homes increased 6.45 percent in June 2023 compared to June 2022, reaching a median sales price (MSP) of $385,000. The MSP indicates that half of the homes were sold for more and half sold for less.

Mainly due to a lack of inventory, sales for June 2023 were down 19.24 percent compared to June of last year. But with more for-sale homes entering the market and qualified buyers ready to make purchases, month over month sales appear to be on the rise. The Maine real estate market saw a jump in sales of 27 percent from May to June. Additionally, the number of homes for sale saw an increase of 14 percent, indicating a more balanced market may be on the way.

According to the National Association of Realtors, the national MSP dipped 1.2 percent to $416,000 with sales decreasing 18.8 percent for June 2023 compared to June 2022. Regionally, the Northeast experienced a 21.5 percent decrease in sales volume and a 4.9 percent increase in the regional MSP, reaching $475,300.

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 59 transaction sides with a total volume of $19,795,550 – over $3 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $12,734,500 with 19 sides, and Sotheby’s has sold $18,772,460 with 31 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (22), Wiscasset (24), Waldoboro (24), Boothbay (19), Jefferson (23), Whitefield (14), Damariscotta (17), and Bristol (14). Slightly fewer sales have happened so far in Dresden (9), Edgecomb (10), Newcastle (7), and Nobleboro (8). Towns seeing even fewer sales include Westport Island (4), South Bristol (3), Southport (7), Bremen (5), Alna (1), Somerville (1), and Monhegan Island (0).

There are currently 124 single-family homes for sale in Lincoln County (up from 97 in June), with 45 percent of those priced at or above $500,000. The 503 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 (42%), $500,000-$999,999 (25%), 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 2.0 months (under $100,000), 1.6 months ($100,000-$249,999), 2.9 months ($250,000-$499,999), 3.7 months ($500,000-$999,999), and 5.3 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.

June 2023 Market Update

Low for-sale inventory continues to hinder buying efforts across Maine. Statistics shared by Maine Listings show sold-prices for homes increased 6.57 percent in May 2023 compared to May of last year, with a median sales price (MSP) of $373,000. The MSP indicates that half of the homes were sold for more and half sold for less. The reported 1,134 sales in May 2023 show a significant decline of 20.08 percent compared to a year ago.

The real estate market in Maine is off to a slow start this year. Sales from January-May show a 25 percent decrease over the same period of time last year. A 43 percent increase in sales from June to May brought a glimmer of hope, indicating the real estate market may be turning the corner.

Comparing this May to last, the National Association of Realtors reported a 20 percent decrease in sales at the national level, with the national MSP easing 2.4 percent to $401,100. Regionally, the median sales price in in the Northeast increased 2.5 percent to $439,000, with sales declining 25.4 percent compared to this time last year.

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 50 transaction sides with a total volume of $16,643,550 – over $3 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $7,755,000 with 12 sides, and Tindal & Callahan has sold $18,409,822 with 29 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (15), Wiscasset (19), Waldoboro (20), Boothbay (16), Jefferson (14), Whitefield (13), and Bristol (13). Slightly fewer sales have happened so far in Dresden (8), Edgecomb (6), Damariscotta (10), Newcastle (5), and Nobleboro (6). Towns seeing even fewer sales include Westport Island (2), South Bristol (2), Southport (2), Bremen (3), Alna (1), Somerville (1), and Monhegan Island (0).

There are currently 97 single-family homes for sale in Lincoln County (up from just 92 in May), with 54 percent of those priced at or above $500,000. The 510 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 (44%), $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 0.6 months (under $100,000), 0.7 months ($100,000-$249,999), 2.0 months ($250,000-$499,999), 3.6 months ($500,000-$999,999), and 5.3 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.

May 2023 Real Estate Market Update

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 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 1/01/2023 through 5/19/2023.