September 2021 Real Estate Market Update
2021 YEAR-TO-DATE MARKET AND SALES UPDATE *
According to Maine Listings, the sale of single-family homes in Maine decreased slightly by 4.76 percent last month. Data shows that 2,063 homes were sold in August of 2021 compared to 2,166 during August of last year. Prices continue to grow with an increase of 14.81 percent to a statewide median sales price (MSP) of $310,000 comparing August 2021 to August 2020. The MSP indicates that half of the homes were sold for more and half sold for less.
Residential real estate has been resilient as we navigate through the pandemic but with sustained demand coupled with rapid turnover of for-sale inventory, prices continue to be pushed upward. It appears some potential buyers are choosing to take a break from the market while others who had been on the margins are no longer financially qualified without additional savings. With this decrease in buyer demand, the upward pricing pressure may slow.
The National Association of Realtors reported a nationwide sales decline of 2.8 percent for single-family existing homes in August 2021 compared to August 2020. Prices, however, increased 15.6 percent between this August and last to reach a national MSP of $363,800. Regionally, the Northeast experienced a 2.7 percent dip in sales while the regional MSP jumped 16.8 percent to $407,800.
Our company continues to excel and remains the leading real estate firm in the Damariscotta area. As of the date of this report, our brokers have closed 136 transaction sides with a total volume of $39,791,125 —up 14% over our Y-T-D numbers in 2020. In comparison, Drum and Drum Real Estate has sold $13,385,175 with 33 sides, and Sotheby’s has sold $33,793,600 with 58 sides.
Most of the year-to-date 2021 property sales locally have occurred in Waldoboro (84), Boothbay (87), Wiscasset (68), Bristol (77), and Jefferson (60). Slightly fewer sales have happened so far in Damariscotta (38), Dresden (32), Whitefield (33), Newcastle (37), and Boothbay Harbor (45). Towns seeing even fewer sales include Nobleboro (29), Edgecomb (31), Bremen (26), Westport Island (21), South Bristol (27), and Southport (23). Just a handful of 2021 sales have occurred in Alna (6), Somerville (7), and Monhegan Island (1).
There are currently 196 single-family homes for sale in Lincoln County (down from 203 in July), with 38 percent of those priced at or above $500,000. The 802 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 (47%), $500,000-$999,999 (18%), and $1 million-plus (5%). 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 3.8 months (under $100,000), 2.3 months ($100,000-$249,999), 2.4 months ($250,000-$499,999), 4.5 months ($500,000-$999,999), and 5.5 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 email@example.com or 207-380-3435.
- Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/1/2021 through 9/23/2021.