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 email@example.com or 207-380-3435.