Statewide sales continue to rise, pushing real estate in Maine towards a more balanced market. Statistics shared by Maine Listings report an increase of 6.81 percent for single-family existing homes, comparing November 2024 to November of last year. The median sales price (MSP) jumped 8.45 percent, reaching $385,000. The MSP indicates that half of the homes were sold for more and half sold for less.
The winter season is a great time for sellers to list their homes or properties for sale as competition is low and buyers remain persistent. Many prospective buyers are better suited than they were a year ago, the number of active listings continues to increase while price appreciation is slowing, and the overall economic forecast is positive. All good signs for both buyers and sellers across the state.
If you have been thinking of listing your home or property for sale, now is an excellent time. With continued buyer demand, sellers can expect competing offers and 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 123 families with a total sales volume of $51,587,093, up $3.5 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 (80), Wiscasset (59), Boothbay (57), Jefferson (48) and Bristol (62). Slightly fewer sales have happened so far in Whitefield (37), Damariscotta (49), Bremen (29), Boothbay Harbor (47), Newcastle (31), and Nobleboro (27). Towns seeing even fewer sales include Westport Island (18), South Bristol (20), Dresden (19), Edgecomb (23), Somerville (14), Southport (15), Alna (13), and Monhegan Island (1).
There are currently 174 single-family homes for sale in Lincoln County (down from 207 in November), with 54 percent of those priced at or above $500,000. The 476 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (13%), $250,000-$499,999 (46%), $500,000-$999,999 (29%), 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 2.8 months (under $100,000), 4.2 months ($100,000-$249,999), 3.1 months ($250,000-$499,999), 6.0 months ($500,000-$999,999), and 7.4 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.
