April 2024 Market Update

Wed, 04/24/2024 - 9:45am

Sales volume across the state continue to rise, with a total of 888 single-family homes sold in March 2024 – an increase of 3.5 percent compared to March 2023. The median sales price also increased, reaching $380,000, a surge of 12.59 percent compared to this time last year. The MSP indicates that half of the homes were sold for more and half sold for less.

It appears that the selling season for Maine real estate has kicked-off earlier than usual. After 31-months of year-over-year decline in sales, an increase in listings combined with sustained buyer demand has led us to a second consecutive month of increased sales volume.

Markets remain brisk with properly priced and presentable properties continuing to sell quickly. Now is an excellent time to contact Newcastle Realty about selling your home or property. To find out how much your home or property is worth, reach out to our team of professional broker staff today by calling 207-563-1003 or 207-633-4433.

Our company continues to excel with a full staff of exceptional local agents. We are proud 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 a total sales volume of $7,086,900 and 28 families served. As a locally owned company, Newcastle Realty is committed to supporting our local communities and families. Through our Charitable Giving and Community Outreach committee, a portion of every transaction is invested back into the Lincoln County community. Over the past 30 years, we have donated over $450,000 and hundreds of hours to local organizations. Learn more about our charitable giving at www.mynewcastle.com/about/community-support/.

Most of the year-to-date 2024 property sales locally have occurred in Waldoboro (23), Bremen (11), Boothbay Harbor (9), Boothbay (13), Wiscasset (10), Damariscotta (10), Jefferson (11), and Bristol (12). Slightly fewer sales have happened so far in Whitefield (6), Dresden (7), Westport Island (7), and Nobleboro (6). Towns seeing even fewer sales include Edgecomb (5), South Bristol (4), Newcastle (4), Somerville (2), Southport (1), Alna (2), and Monhegan Island (0).

There are currently 102 single-family homes for sale in Lincoln County (up from 86 in March), with 54 percent of those priced at or above $500,000. The 501 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (16%), $250,000-$499,999 (43%), $500,000-$999,999 (28%), and $1 million-plus (9%). 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 1.4 months (under $100,000), 1.8 months ($100,000-$249,999), 1.9 months ($250,000-$499,999), 2.9 months ($500,000-$999,999), and 5.4 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.