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