According to the Maine Association of Realtors, home prices seem to be stabilizing with sales of single-family homes remaining strong. The month of September saw sales of 1,890 single-family homes with a median sales price (MSP) of $330,000. The MSP indicates that half of the homes were sold for more and half sold for less. Comparing September 2022 to September 2021, sales dipped 8.56 percent, though the steady demand for homes resulted in a slight price increase of 3.13 percent.
With the sale of nearly 1,900 homes, September 2022 was the third best September in the 20 years since the Maine Association of Realtors has been keeping records. Despite a slight decrease in momentum due to strong September sales, for-sale inventory continues to trend upwards and demand for single-family homes remains active.
The National Association of Realtors reported a national sales decline of 23 percent comparing September 2022 to September of last year. The national MSP increased by 8.1 percent reaching $391,000. Regionally, sales decreased 18.7 percent with the regional MSP increasing 8.3 percent to $418,500.
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 148 transaction sides with a total volume of $63,014,914—up 35% over our Y-T-D numbers in 2021—and we are pleased to report that approximately one-quarter of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $11,073,025 with 30 sides, and the local Sotheby’s office has sold $51,956,633 with 71 sides.
Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (81), Jefferson (60), Boothbay Harbor (65), Wiscasset (62), Damariscotta (45), Boothbay (55), and Bristol (71). Slightly fewer sales have happened so far in Dresden (28), Edgecomb (28), Newcastle (26), Nobleboro (29), Westport Island (30), Whitefield (30), and Southport (24). Towns seeing even fewer sales include South Bristol (20), Bremen (9), Alna (9), Somerville (7), and Monhegan Island (2).
There are currently 131 single-family homes for sale in Lincoln County (down from 135 in September), with 44 percent of those priced at or above $500,000. The 645 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 (45%), $500,000-$999,999 (22%), and $1 million-plus (8%). Listing inventory remains 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 0.5 months (under $100,000), 1.9 months ($100,000-$249,999), 2.1 months ($250,000-$499,999), 2.6 months ($500,000-$999,999), and 6.7 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.
