December 2023 Market Update

Fri, 12/22/2023 - 7:15pm

Maine continues to see a high number of qualified buyers across the state while for-sale inventory remains low. According to Maine Listings, 1,218 homes were sold during the month of November, a decrease of 5.51 percent compared to November of last year. The median sales price for homes sold last month jumped 9.23 percent compared to November 2022, reaching $355,000.

Nationally, sales eased 7.3 percent in November 2023 compared to November of last year. Statistics shared by the National Association of Realtors report an increase of 3.5 percent for the national MSP, reaching $392,100. Sales in the regional Northeast declined 13 percent while the regional MSP rose 4.8 percent to $428,600 compared to this time last year.

The buyer’s market remains robust, making winter a great time for sellers to consider listing their home or property for sale. With fewer homes coming to market this time of year and the already tight for-sale inventory, sellers can expect competing offers and a decreased number of days on the market. 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.

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 121 transaction sides with a total volume of $39,746,450 - Over $3 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $21,943,552 with 39 sides, and Peninsula Properties has sold $16,749,100 with 34 sides.

Most of the year-to-date 2023 property sales locally have occurred in Wiscasset (71), Waldoboro (81), Boothbay (71), Jefferson (56), Boothbay Harbor (49), Whitefield (39), Damariscotta (40), and Bristol (65). Slightly fewer sales have happened so far in Dresden (23), Edgecomb (34), Newcastle (25), and Nobleboro (27). Towns seeing even fewer sales include Westport Island (15), South Bristol (8), Southport (14), Bremen (13), Alna (15), Somerville (9), and Monhegan Island (2).

There are currently 111 single-family homes for sale in Lincoln County (down from 135 in November), with 47 percent of those priced at or above $500,000. The 484 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (18%), $250,000-$499,999 (40%), $500,000-$999,999 (20%), 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 0.6 months (under $100,000), 2.5 months ($100,000-$249,999), 2.5 months ($250,000-$499,999), 3.1 months ($500,000-$999,999), and 4.3 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 or 207-380-3435.