January 2024 Market Update

Tue, 01/23/2024 - 2:14pm

Maine continues to see a steady increase of qualified buyers while lack of inventory and current interest rates contribute to a lower-than-average number of real estate transactions.  Statistics shared by Maine Listings indicate a 6.14 percent decrease in sales comparing December 2023 to December 2022. For that same time, the median sales price increased 6.21 percent, reaching $350,500. The MSP indicates that half of the homes were sold for more and half sold for less.

A total of 13,622 residential transactions occurred in Maine during the 2023 year with a median sales price of $360,000 – up 7.46 percent from the year before.  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. Our brokers finished 2023 strong with a total sales volume of $43,524,450 and 127 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 (6), Boothbay Harbor (4), Wiscasset (3), Whitefield (3), Damariscotta (3), and Jefferson (2). Slightly fewer sales have happened so far in Boothbay (1), South Bristol (1), Southport (1), Bremen (1), and Bristol (1). Towns not seeing any sales so far this year include Dresden (0), Edgecomb (0), Newcastle (0), Nobleboro (0), Westport Island (0), Alna (0), Somerville (0), and Monhegan Island (0).

There are currently 90 single-family homes for sale in Lincoln County (down from 111 in December), with 48 percent of those priced at or above $500,000. The 493 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (18%), $250,000-$499,999 (41%), $500,000-$999,999 (28%), 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 0.7 months (under $100,000), 2.1 months ($100,000-$249,999), 1.8 months ($250,000-$499,999), 2.4 months ($500,000-$999,999), and 4.5 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.