May 2022 Market Update
Prices for single-family existing homes in Maine saw a jump of 25.36 percent in April 2022 compared to April of last year. Statistics shared by the Maine Association of Realtors indicated the sale of 1,143 homes in April 2022, a decrease of 20.90 percent over April 2021. The statewide median sales price (MSP) for homes sold reached $346,000. The MSP indicates that half of the homes were sold for more and half sold for less.
Due to continued demand, the Maine real estate market remains strong despite limited for-sale inventory. The number of homes sold from January-April 2022 is 4.5 percent higher than January-April of 2019, which was previously Maine’s top year for real estate sales. Though seemingly robust, the real estate market is experiencing it’s tenth consecutive month of year-over-year sales declines, with seven of those months showing a decline in for-sale inventory.
According to the National Association of Realtors, sales across the country dipped by 4.8 percent in April 2022 compared to April 2021, while the MSP increased 14.8 percent to $397,600. Regionally, sales in the Northeast decreased 10.7 percent while the regional MSP increased 8.1 percent, reaching $412,100 comparing April of this year to April of last year.
Our company continues to excel with a full staff of exceptional local agents. We are excited to remain the leading real estate firm in the Damariscotta area as we serve buyers and sellers. As of the date of this report, our brokers have closed 55 transaction sides with a total volume of $21,760,500 —up 12% over our Y-T-D numbers in 2021—and we are pleased to report that one-third of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate has sold $5,937,525 with 16 sides, and Sotheby’s has sold $21,277,000 with 26 sides.
Most of the year-to-date 2022 property sales locally have occurred in Waldoboro (32), Jefferson (30), Boothbay Harbor (22), Wiscasset (22), Damariscotta (22), Boothbay (20), and Bristol (26). Slightly fewer sales have happened so far in Dresden (13), Edgecomb (13), Newcastle (12), Nobleboro (10), Westport Island (10), Whitefield (13), and Southport (9). Towns seeing even fewer sales include South Bristol (4), Bremen (3), Alna (4), Somerville (1), and Monhegan Island (0).
There are currently 96 single-family homes for sale in Lincoln County (up from 74 in April), with 46 percent of those priced at or above $500,000. The 701 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (23%), $250,000-$499,999 (46%), $500,000-$999,999 (20%), and $1 million-plus (8%). 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 0.5 months (under $100,000), 01.3 months ($100,000-$249,999), 1.3 months ($250,000-$499,999), 2.9 months ($500,000-$999,999), and 2.5 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.