Maine real estate experienced another historic high for sales of single-family homes in the month of January. Though statistics shared from Maine Listings indicate a slight decrease of 7.2 percent in sales compared to January of last year, sales numbers are still experiencing the positive effects of COVID-19.
Sales in January 2022 exceeded those of January 2020 by nearly 10% which demonstrates that markets across the state remain robust though constrained due to perpetual buyer demand and low availability of for-sale inventory. Since the start of the pandemic, Maine’s rural communities have experienced an influx of home buyers in response to remote employment opportunities and increasing sales prices.
The Maine median sales price (MSP) for single-family existing homes rose 14.47 percent to $292,250 comparing January 2022 to January 2021. The MSP indicates that half of the homes were sold for more and half sold for less.
Our company continues to excel with a full staff of exceptional local agents and we are incorporating innovative new marketing programs into our overall 2022 plan. We are excitied 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 17 transaction sides with a total volume of $5,469,000 —up 44% over our Y-T-D numbers in 2021. In comparison, Drum and Drum Real Estate has sold $1,559,000 with six sides, and Sotheby’s has sold $5,040,500 with seven sides.
Most of the year-to-date 2022 property sales locally have occurred in Jefferson (15), Boothbay Harbor (10), Wiscasset (9), Waldoboro (8), Boothbay (7), and Bristol (7). Slightly fewer sales have happened so far in Dresden (6), Edgecomb (4), Damariscotta (6), Newcastle (4), Nobleboro (4), Westport Island (4), and Southport (4). Towns seeing even fewer sales include South Bristol (1), Whitefield (2), Bremen (1), Alna (3), Somerville (1), and Monhegan Island (0).
There are currently 64 single-family homes for sale in Lincoln County (down from 84 in December), with 41 percent of those priced at or above $500,000. The 736 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (25%), $250,000-$499,999 (46%), $500,000-$999,999 (19%), 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 1.4 months (under $100,000), 0.4 months ($100,000-$249,999), 1.0 months ($250,000-$499,999), 1.5 months ($500,000-$999,999), and 2.5 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.
