September 2022 Market Update
Statistics shared by Maine Listings indicate a decrease of 9.89 percent in sales for single-family homes across the state comparing August 2022 to August 2021. The median sales price saw an increase of 9.68 percent, reaching $340,000 over August of last year. The MSP indicates that half of the homes were sold for more and half sold for less.
With more than 1,850 single-family homes sold during the month of August, buyer demand seems to persist. Though historically low, the number of active for-sale listings have continued to rise for the past six months, with a jump of almost 25 percent from July 2022 to August 2022.
With the steady increase of for-sale inventory, the Maine real estate market is leveling in some areas of the state. Buyers are now able to approach the current market trends more strategically with contract contingencies and seller concessions becoming more common.
Our company continues to excel with a full staff of exceptional local agents. We are excited to remain the leading real estate firm in Lincoln County as we serve buyers and sellers. As of the date of this report, our brokers have closed 123 transaction sides with a total volume of $52,429,254—up 27% over our Y-T-D numbers in 2021—and we are pleased to report that approximately one-third of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $9,894,525 with 27 sides, and Sotheby’s has sold $45,883,633 with 64 sides.
Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (76), Jefferson (54), Boothbay Harbor (55), Wiscasset (56), Damariscotta (39), Boothbay (48), and Bristol (59). Slightly fewer sales have happened so far in Dresden (24), Edgecomb (26), Newcastle (25), Nobleboro (21), Westport Island (23), Whitefield (29), and Southport (19). Towns seeing even fewer sales include South Bristol (16), Bremen (7), Alna (8), Somerville (7), and Monhegan Island (2).
There are currently 135 single-family homes for sale in Lincoln County (down from 148 in August), with 53 percent of those priced at or above $500,000. The 668 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (22%), $250,000-$499,999 (46%), $500,000-$999,999 (22%), and $1 million-plus (7%). 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), 1.5 months ($100,000-$249,999), 1.8 months ($250,000-$499,999), 3.5 months ($500,000-$999,999), and 7.9 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.