The month of February saw a statewide uptick in both sales and home prices, due to continued buyer demand and an increase in single-family homes available for sale. Statistics shared by Maine Listings indicate a jump in home sales of 11.44 percent, comparing February 2024 to February of last year. The median sales price increased 7.52 percent, reaching $354,000, during that same period of time. The MSP indicates that half of the homes were sold for more and half sold for less.
Though an increase in listing activity has led to higher sales volume, buyer demand continues to outpace supply in many local markets, fueling higher list prices. Overall, the Maine real estate market is experiencing some positive changes for families and individuals looking to buy. After 31 consecutive months of year-over-year decline in number of homes sold, February finally showed an increase in year-over-year sales volume.
The buyer’s market remains robust, making spring a great time for sellers to consider listing their home or property for sale. With increased buyer demand and 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 or 207-633-4433.
Our company continues to excel with a full staff of exceptional local agents. We are proud 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 a total sales volume of $6,193,000 and 23 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 (16), Bremen (10), Boothbay Harbor (9), Boothbay (8), Damariscotta (8), Jefferson (8), and Bristol (11). Slightly fewer sales have happened so far in Wiscasset (7), Whitefield (5), Westport Island (5), and Nobleboro (5). Towns seeing even fewer sales include South Bristol (4), Newcastle (3), Dresden (2), Somerville (2), Southport (1), Edgecomb (3), Alna (1), and Monhegan Island (0).
There are currently 86 single-family homes for sale in Lincoln County (up from 85 in February), with 51 percent of those priced at or above $500,000. The 501 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (16%), $250,000-$499,999 (42%), $500,000-$999,999 (29%), 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 0.0 months (under $100,000), 1.9 months ($100,000-$249,999), 1.8 months ($250,000-$499,999), 2.2 months ($500,000-$999,999), and 3.9 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 dennishilton@cheneycompanies.com or 207-380-3435.
