The Maine real estate market continues to fluctuate with the month of June seeing an increase in for-sale inventory and a decrease in number of sales transactions. Statewide sales totaled 1,291 transactions during June 2024, a decrease of 10.03 percent compared to this time last year. Statistics shared by Maine Listings report a current inventory of 4,400 homes for sale at a median sales price of $406,000, an increase of 5.45 percent compared to June 2023. The MSP Indicates that half of the homes were sold for more and half sold for less.
While increased buyer activity persists, we continue to see an upward trend in listing activity. This is great news for the many active buyers who have been seeking to purchase real estate and sellers who may be looking to relocate within the state.
Selling season in Maine is here! The buyer’s market remains robust, making summer a great time for sellers to consider listing their home or property for sale. With continued buyer demand, sellers can expect competing offers and a decreased number of days on the market. Don’t wait! 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 assisted 51 families with a total sales volume of $20,481,025, up almost $8 million since last month alone! 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 (45), Wiscasset (32), Boothbay (28), Jefferson (27), and Bristol (30). Slightly fewer sales have happened so far in Whitefield (18), Damariscotta (21), Bremen (17), Boothbay Harbor (22), Westport Island (12), and Nobleboro (12). Towns seeing even fewer sales include South Bristol (7), Newcastle (12), Dresden (9), Edgecomb (13), Somerville (5), Southport (5), Alna (3), and Monhegan Island (0).
There are currently 168 single-family homes for sale in Lincoln County (up from 133 in June), with 61 percent of those priced at or above $500,000. The 500 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (15%), $250,000-$499,999 (45%), $500,000-$999,999 (28%), and $1 million-plus (9%). 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 1.7 months (under $100,000), 2.1 months ($100,000-$249,999), 2.7 months ($250,000-$499,999), 5.6 months ($500,000-$999,999), and 10.3 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.
