April 2024 Market Update

Sales volume across the state continue to rise, with a total of 888 single-family homes sold in March 2024 – an increase of 3.5 percent compared to March 2023. The median sales price also increased, reaching $380,000, a surge of 12.59 percent compared to this time last year. The MSP indicates that half of the homes were sold for more and half sold for less.

It appears that the selling season for Maine real estate has kicked-off earlier than usual. After 31-months of year-over-year decline in sales, an increase in listings combined with sustained buyer demand has led us to a second consecutive month of increased sales volume.

Markets remain brisk with properly priced and presentable properties continuing to sell quickly. Now is an excellent time to contact Newcastle Realty about selling your home or property. 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 $7,086,900 and 28 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 (23), Bremen (11), Boothbay Harbor (9), Boothbay (13), Wiscasset (10), Damariscotta (10), Jefferson (11), and Bristol (12). Slightly fewer sales have happened so far in Whitefield (6), Dresden (7), Westport Island (7), and Nobleboro (6). Towns seeing even fewer sales include Edgecomb (5), South Bristol (4), Newcastle (4), Somerville (2), Southport (1), Alna (2), and Monhegan Island (0).

There are currently 102 single-family homes for sale in Lincoln County (up from 86 in March), with 54 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 (43%), $500,000-$999,999 (28%), and $1 million-plus (9%). 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 1.4 months (under $100,000), 1.8 months ($100,000-$249,999), 1.9 months ($250,000-$499,999), 2.9 months ($500,000-$999,999), and 5.4 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.

March 2024 Market Update

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.

February 2024 Market Update

Buyers across the state continue to be met with lower-than-average for sale inventory. Statistics shared by Maine Listings indicate a 1.98 percent decrease in sales while the median sales price (MSP) increased 8.62 percent – reaching $353,000 comparing January 2024 to January of last year. The MSP indicates that half of the homes were sold for more and half sold for less.

A total of 743 homes changes hands last month, slightly less than the 758 sales that occurred in January 2023. With the New Year well underway, the Maine real estate market is experiencing some positive changes for families and individuals looking to buy. While still historically low, for-sale inventory has been trending upward, mortgage rates are beginning to soften, and year-over-year price appreciation has remained in the single digits for three consecutive months.

The buyer’s market remains robust, making winter a great time for sellers to consider listing their home or property for sale. With fewer homes coming to market this time of year and the already 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 excited 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 $3,466,000 with 14 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 (13), Bremen (9), Boothbay Harbor (6), Wiscasset (5), Boothbay (5), and Damariscotta (6). Slightly fewer sales have happened so far in Jefferson (4), Whitefield (4), Newcastle (3), and Bristol (3). Towns seeing even fewer sales include South Bristol (2), Dresden (2), Westport Island (2), Somerville (2), Southport (1), Edgecomb (1), Nobleboro (1), Alna (0), and Monhegan Island (0).

There are currently 85 single-family homes for sale in Lincoln County (down from 90 in December), with 49 percent of those priced at or above $500,000. The 493 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (17%), $250,000-$499,999 (42%), $500,000-$999,999 (28%), 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 0.7 months (under $100,000), 2.1 months ($100,000-$249,999), 1.8 months ($250,000-$499,999), 2.4 months ($500,000-$999,999), and 4.5 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 dennishilton@cheneycompanies.com or 207-380-3435.

Newcastle Realty Launches New Business Brokerage Division

As one of the leading real estate firms in Lincoln County with a staff of 18 agents operating from two offices in Damariscotta and Boothbay Harbor, Newcastle Realty has been assisting buyers and sellers with their property needs for more than 35 years. Now, the company is launching a new division that will offer similar buyer and seller services to local business owners seeking to sell, and prospective buyers looking to acquire or invest in a business,
with or without real estate.
“We are very excited to be expanding our range of services to include assisting business owners in our communities,” said Dennis.
Hilton, owner of Newcastle Realty and The Cheney Financial Group. “We will be leveraging the knowledge and experience that our Sales Agent Jane Oliver-Gravel has with buying and selling businesses, to guide and assist others. I know that Jane and our entire staff is excited to offer these very specialized services.”
The process of buying or selling a business can be complex and subject to unexpected obstacles, especially if financing is involved. Throughout her career, Oliver-Gravel has owned and operated over a dozen businesses in Lincoln County, and she has seen a variety of scenarios as she has launched, acquired, and turned her many business interests over to new owners.
“I am thrilled to help offer this important guidance to our local business communities that I know so well,” said Oliver-Gravel. “I know first-hand how stressful it can be when buying or selling a business, and I also know how rewarding it is for our local entrepreneurs and business owners to be a part of serving the needs of our local residents and also what draws visitors to our vibrant towns”. Jane recently formed a real estate team with veteran Newcastle Realty Associate Broker Debby Schling, who has 18 years of experience.
Along with the new business brokerage division, Newcastle Realty will offer enhanced commercial real estate services for owners of office buildings, retail locations, restaurants, convenience stores, multi-unit dwellings, and other income properties. In some cases, business offerings may be packaged with the commercial properties they reside in. Oliver-Gravel adds, “When necessary, we can offer guidance on business or commercial property leases as
well.”
To learn more about these new business brokerage and commercial real estate services, please contact Jane Oliver-Gravel at (207) 380-2667 (janeolivergravel@cheneycompanies.com) or Debby Schling at (207) 380-4511 (debbyschling@cheneycompanies.com). To learn more about Newcastle Realty, please visit mynewcastle.com.

January 2024 Market Update

Maine continues to see a steady increase of qualified buyers while lack of inventory and current interest rates contribute to a lower-than-average number of real estate transactions.  Statistics shared by Maine Listings indicate a 6.14 percent decrease in sales comparing December 2023 to December 2022. For that same time, the median sales price increased 6.21 percent, reaching $350,500. The MSP indicates that half of the homes were sold for more and half sold for less.

A total of 13,622 residential transactions occurred in Maine during the 2023 year with a median sales price of $360,000 – up 7.46 percent from the year before.  The buyer’s market remains robust, making winter a great time for sellers to consider listing their home or property for sale. With fewer homes coming to market this time of year and the already 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.

Our company continues to excel with a full staff of exceptional local agents. We are excited to remain a leading real estate firm in Lincoln County as we serve buyers and sellers. Our brokers finished 2023 strong with a total sales volume of $43,524,450 and 127 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 (6), Boothbay Harbor (4), Wiscasset (3), Whitefield (3), Damariscotta (3), and Jefferson (2). Slightly fewer sales have happened so far in Boothbay (1), South Bristol (1), Southport (1), Bremen (1), and Bristol (1). Towns not seeing any sales so far this year include Dresden (0), Edgecomb (0), Newcastle (0), Nobleboro (0), Westport Island (0), Alna (0), Somerville (0), and Monhegan Island (0).

There are currently 90 single-family homes for sale in Lincoln County (down from 111 in December), with 48 percent of those priced at or above $500,000. The 493 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (18%), $250,000-$499,999 (41%), $500,000-$999,999 (28%), 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 0.7 months (under $100,000), 2.1 months ($100,000-$249,999), 1.8 months ($250,000-$499,999), 2.4 months ($500,000-$999,999), and 4.5 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 dennishilton@cheneycompanies.com or 207-380-3435.

December 2023 Market Update

Maine continues to see a high number of qualified buyers across the state while for-sale inventory remains low. According to Maine Listings, 1,218 homes were sold during the month of November, a decrease of 5.51 percent compared to November of last year. The median sales price for homes sold last month jumped 9.23 percent compared to November 2022, reaching $355,000.

Nationally, sales eased 7.3 percent in November 2023 compared to November of last year. Statistics shared by the National Association of Realtors report an increase of 3.5 percent for the national MSP, reaching $392,100. Sales in the regional Northeast declined 13 percent while the regional MSP rose 4.8 percent to $428,600 compared to this time last year.

The buyer’s market remains robust, making winter a great time for sellers to consider listing their home or property for sale. With fewer homes coming to market this time of year and the already 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.

Our company continues to excel with a full staff of exceptional local agents. We are excited 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 closed 121 transaction sides with a total volume of $39,746,450 – Over $3 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $21,943,552 with 39 sides, and Peninsula Properties has sold $16,749,100 with 34 sides.

Most of the year-to-date 2023 property sales locally have occurred in Wiscasset (71), Waldoboro (81), Boothbay (71), Jefferson (56), Boothbay Harbor (49), Whitefield (39), Damariscotta (40), and Bristol (65). Slightly fewer sales have happened so far in Dresden (23), Edgecomb (34), Newcastle (25), and Nobleboro (27). Towns seeing even fewer sales include Westport Island (15), South Bristol (8), Southport (14), Bremen (13), Alna (15), Somerville (9), and Monhegan Island (2).

There are currently 111 single-family homes for sale in Lincoln County (down from 135 in November), with 47 percent of those priced at or above $500,000. The 484 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (18%), $250,000-$499,999 (40%), $500,000-$999,999 (20%), 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 0.6 months (under $100,000), 2.5 months ($100,000-$249,999), 2.5 months ($250,000-$499,999), 3.1 months ($500,000-$999,999), and 4.3 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.

November 2023 Market Update

Though home values in Maine continue to rise, sales remain lower than average due to lack of inventory. Statistics reported by MaineListings indicate the sale of 1,435 single-family homes during October 2023 – a decrease of 10.14 percent compared to October 2022. Prices increased 13.25 percent, reaching a median sales price (MSP) of $376,000. The MSP indicates that half of the homes were sold for more and half sold for less.

Nationally, sales of single-family homes decreased 14.6 percent comparing October 2023 to October of last year. Prices across the country saw a slight increase of 3.0 percent to a national MSP of $396,100. Regionally, sales in the Northeast declined 15.8 percent while the regional MSP reached $439,200, an increase of 7.5 percent, during that same time period.

The buyer’s market remains robust, fueling competition for move-in ready homes. As a prospective seller, now is an opportune time to list your property for sale while demand remains high. To navigate the challenging market, sellers and buyers should partner with a Newcastle Realty agent for expert counsel.  Reach out to our professional broker staff today by calling 207-563-1003 to find out how much your home or property is worth.

Our company continues to excel with a full staff of exceptional local agents. We are excited 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 closed 109 transaction sides with a total volume of $36,231,450 – Over $4 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $20,766,552 with 36 sides, and Sotheby’s has sold $47,871,160 with 74 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (47), Wiscasset (63), Waldoboro (77), Boothbay (65), Jefferson (51), Whitefield (35), Damariscotta (38), and Bristol (58). Slightly fewer sales have happened so far in Dresden (21), Edgecomb (30), Newcastle (24), and Nobleboro (24). Towns seeing even fewer sales include Westport Island (14), South Bristol (7), Southport (11), Bremen (13), Alna (11), Somerville (8), and Monhegan Island (2).

There are currently 135 single-family homes for sale in Lincoln County (up from 129 in October), with 50 percent of those priced at or above $500,000. The 478 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (19%), $250,000-$499,999 (40%), $500,000-$999,999 (27%), 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 0.7 months (under $100,000), 21.5 months ($100,000-$249,999), 3.5 months ($250,000-$499,999), 4.1 months ($500,000-$999,999), and 6.0 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.

filed under: News

 

Cheney Financial Group Recognizes Outstanding Service at Awards Dinner

In celebration of outstanding service, Cheney Financial Group (CFG) associates and guests recently gathered for the Annual CFG Awards and Recognition Event. Held at the 1812 Farm in Bristol, the well-attended event was hosted by Dennis Hilton, owner and CEO of the Cheney Companies. Comprised of Cheney Insurance, Newcastle Realty, and Newcastle Vacation Rentals, the locally owned financial group has been serving the property ownership and insurance needs of thousands of families and businesses throughout Maine for over 40 years.

A festive atmosphere, delicious food and lively conversation were the backdrop for the annual celebration and recognition of outstanding service and commitment by CFG employees. New this year was live entertainment provided by local musician, Nat Hussey. All attendees were entered to win a variety of door prizes in addition to participating in the “Wall of Cash”, a favorite company tradition.

Hilton, along with co-hosts Kristy Battles and Hannah Kutschinski, acknowledged each and every associate with high praise and gratitude.  Among the several award recipients, Stephanie Mayo and Bobbi Monaghan of Cheney Insurance were recognized for 5 years of dedicated service while Lorrie Zeiner, a broker with Newcastle Realty, was recognized for 10 years with the leading real estate firm. Though unable to attend, long-time associate of Cheney Insurance, Debbie Furman was recognized for an astounding 30 years with the company. Holly Harris, VP of Personal Lines Insurance, and Jasmyn Rose, VP of Commercial Lines Insurance, accepted the award on Furman’s behalf.

CFG Chief Administrative Officer and manager of Newcastle Vacation Rentals, Kristy Battles, was recognized as a Key Contributor for her hard work and commitment to the companies. Kristina Childers, Personal Lines Agent at Cheney Insurance, was also recognized as a Key Contributor for her dependability and dedication to customer service. Recipient of the renowned 2023 President’s Award, CFG Chief Financial Officer, Joe Ford was recognized for his continued dedication to company growth and financial oversite. Newcastle Realty associates, Sara Rogers, Clint Miller, and Lorrie Zeiner were recognized for having the highest current sales volume to date, of $5.5 million, $4.04 and $4.03 million, respectively.

Well-known for their commitment to community involvement, CFG associates and guests are encouraged to bring a non-perishable food item to the annual event. This year, over 50 pounds of food were collected and will be donated to the Ecumenical Food Pantry, located in Newcastle.  

For more information on the Cheney Financial Group, their commitment to community involvement, or employment opportunities, find them online at www.cheneycompanies.com or contact Hannah Kutschinski, Chief Operating Officer, (207) 563-3435 ext. 122.

Hilton Recognized as Business Person of the Year

Owner and Chief Executive Officer of Cheney Financial Group, Dennis Hilton, was recently recognized as Business Person of the Year by the Damariscotta Region Chamber of Commerce (DRCC). As described by the DRCC, individuals considered for this award can be counted on to ‘enhance the overall economic health of the region and well-being of the general population by making our community a better place to live.’ Well-known for his active involvement in the community through business and volunteerism, Dennis was an ideal candidate.

Cheney Financial Group (CFG), which consists of Cheney Insurance, Newcastle Realty, and Newcastle Vacation Rentals, has been owned and operated by the Hilton family for over 50 years. Over the years, Dennis has worked hard to build a team of staff members that are connected to and representative of every corner of the Mid-coast community. He credits his team of local employees and affiliates for the strong hometown connection maintained by Cheney Financial Group. With a long history of serving the local community, CFG currently has 33 staff members with locations in Damariscotta and Boothbay Harbor.

Born and raised in Lincoln County, Dennis is a true native and takes pride in his strong ties to the area. “One of the things I am most proud of is our Charitable Giving Committee, which has existed for over 20 years”, shared Hilton. Staffed by volunteers from each of the three companies, the committee provides financial support that is equitably distributed to nonprofit organizations right here in Lincoln County. Describing his achievement of DRCC Business Person of the Year as a ‘true honor’, Hilton explained this award is a reflection of the hard work and dedication of all associates of the Cheney Companies.

For more information on the Cheney Financial Group and their commitment to community involvement, find them online at www.cheneycompanies.com.

 

October 2023 Market Update

The availability of single-family homes remains lower than average with Realtors across the state reporting just 1,410 homes being sold in September 2023, a 25.4 percent decrease compared to September of last year. The statewide median sales price (MSP) increased 14.17 percent to $376,750. The MSP indicates that half of the homes were sold for more and half sold for less.

While overall for-sale inventory increased two percent between August and September of 2023, the number of available properties is still 57 percent below pre-pandemic September of 2019. The Maine real estate market saw just 3,855 homes listed for sale in September this year, a significant decrease compared to the 9,026 homes for-sale in September 2019.

Statistics shared by the National Association of Realtors indicate a 15.8 percent dip in sales across the country since last year with prices increasing 2.5 percent, reaching a national MSP of $399,200. Regionally, the Northeast saw a 16.7 percent decrease in sales with the regional MSP rising to $439,900, a 5.2 percent increase.

The buyer’s market remains robust, fueling competition for move-in ready homes. As a prospective seller, now is an opportune time to list your property for sale while demand remains high. To navigate the challenging market, sellers and buyers should partner with a Newcastle Realty agent for expert counsel.  Reach out to our professional broker staff today by calling 207-563-1003 to find out how much your home or property is worth.

Our company continues to excel with a full staff of exceptional local agents. We are excited 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 closed 99 transaction sides with a total volume of $32,108,450 – Over $4 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $17,316,552 with 30 sides, and Sotheby’s has sold $40,306,160 with 64 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (40), Wiscasset (57), Waldoboro (69), Boothbay (58), Jefferson (46), Whitefield (34), Damariscotta (34), and Bristol (51). Slightly fewer sales have happened so far in Dresden (16), Edgecomb (25), Newcastle (20), and Nobleboro (24). Towns seeing even fewer sales include Westport Island (13), South Bristol (6), Southport (11), Bremen (12), Alna (10), Somerville (6), and Monhegan Island (1).

There are currently 129 single-family homes for sale in Lincoln County (down from 138 in September), with 48 percent of those priced at or above $500,000. The 382 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (20%), $250,000-$499,999 (41%), $500,000-$999,999 (26%), 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 0.9 months (under $100,000), 2.6 months ($100,000-$249,999), 3.8 months ($250,000-$499,999), 5.2 months ($500,000-$999,999), and 6.6 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.

September 2023 Market Update

Buyers across the state continue to be met with low inventory when searching for single-family existing homes. Comparing August 2023 to August 2022, statistics shared by Maine listings indicate an increase of 9.41 percent in home values while the overall number of sales dipped 18.77 percent. Month over month, sales volume increased 13 percent but was down almost 19 percent compared to this time last year. The median sales price (MSP) reached $372,000 with a total of 1,510 homes sold during the month of August. The MSP indicates that half of the homes were sold for more and half sold for less.

The National Association of Realtors reported a nationwide decrease in sales of 15.3 percent in August 2023 compared to August of last year. Prices increased 3.7 percent, reaching a national MSP of $413,500. Regionally, sales in the Northeast dipped 22.6 percent while the regional MSP increased 5.8 percent to $465,700.  The buyer’s market remains robust, fueling competition for move-in ready homes. As a prospective seller, now is an opportune time to list your property for   sale while demand remains high.

To navigate the challenging market, sellers and buyers should partner with a Newcastle Realty agent for expert counsel. Now is a terrific time to list your property for sale. Don’t wait to place your home, camp or land parcel on the market; qualified buyers are searching now. Reach out to our professional broker staff today by calling 207-563-1003. They can quickly tell you what your property is worth!

Our company continues to excel with a full staff of exceptional local agents. We are excited 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 closed 85 transaction sides with a total volume of $27,740,950 – Over $4 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $14,912,000 with 26 sides, and Sotheby’s has sold $29,632,460 with 53 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (32), Wiscasset (52), Waldoboro (62), Boothbay (48), Jefferson (39), Whitefield (28), Damariscotta (30), and Bristol (44). Slightly fewer sales have happened so far in Dresden (14), Edgecomb (19), Newcastle (18), and Nobleboro (17). Towns seeing even fewer sales include Westport Island (13), South Bristol (4), Southport (9), Bremen (11), Alna (7), Somerville (5), and Monhegan Island (1).

There are currently 138 single-family homes for sale in Lincoln County (up from 127 in August), with 52 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 (4%), $100,000-$249,999 (21%), $250,000-$499,999 (41%), $500,000-$999,999 (25%), 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 1.4 months (under $100,000), 2.3 months ($100,000-$249,999), 2.8 months ($250,000-$499,999), 4.9 months ($500,000-$999,999), and 6.6 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.

August 2023 Market Update

Demand for single-family homes remains high across the state. Statistics shared by Maine Listings indicate a 7.34 percent increase in prices for July 2023 compared to July 2022, reaching a median sales price (MSP) of $380,000. The MSP indicates that half of the homes were sold for more and half sold for less. The number of sales in July 2023 decreased 20.93 percent compared to this time last year.

Though for-sale inventory seems low, the number of homes for sale in July 2023 was up nearly nine percent month over month, and six percent above July 2022. As move-in ready homes come to market, they are swiftly placed under contract by individuals and families looking to make Maine their home.

The National Association of Realtors reported a nationwide sales decrease of 16.3 percent in the last year, while the national MSP increased 1.6 percent, reaching $412,300 in July 2023 compared to July of last year. Regionally, sales in the Northeast declined 23.8 percent with the regional MSP increasing 5.5 percent to $467,500 over the same time period.

To navigate the challenging market, sellers and buyers should partner with a Newcastle Realty agent for expert counsel. Now is a terrific time to list your property for sale. Don’t wait to place your home, camp or land parcel on the market; qualified buyers are searching now. Reach out to our professional broker staff today by calling 207-563-1003. They can quickly tell you what your property is worth!

Our company continues to excel with a full staff of exceptional local agents. We are excited 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 closed 74 transaction sides with a total volume of $23,554,450 – almost $4 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $14,049,500 with 22 sides, and Sotheby’s has sold $25,132,460 with 46 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (29), Wiscasset (43), Waldoboro (54), Boothbay (40), Jefferson (36), Whitefield (24), Damariscotta (28), and Bristol (38). Slightly fewer sales have happened so far in Dresden (13), Edgecomb (19), Newcastle (15), and Nobleboro (13). Towns seeing even fewer sales include Westport Island (11), South Bristol (3), Southport (8), Bremen (11), Alna (5), Somerville (5), and Monhegan Island (0).

There are currently 127 single-family homes for sale in Lincoln County (up from 124 in July), with 48 percent of those priced at or above $500,000. The 502 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (21%), $250,000-$499,999 (41%), $500,000-$999,999 (26%), 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 1.2 months (under $100,000), 1.8 months ($100,000-$249,999), 2.9 months ($250,000-$499,999), 4.0 months ($500,000-$999,999), and 5.3 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.

BROWN EARNS DISTINCTION AS REALTOR OF THE YEAR

Patti Brown, a successful real estate broker with Newcastle Realty for more than six years, was named the 2023 Realtor of the Year by the Lincoln County Council of the Mountains to Shore Board of Realtors in June. Her award was celebrated with a wonderful meeting and dinner at the Tugboat Inn, attended by other active Realtors and affiliates from Lincoln County.

Nominees for this annual award are typically involved in volunteer activities for their community, their board, and the local council, as well as the Maine Association of Realtors. Brown has served in various capacities under the Maine Association of Realtors umbrella organization since becoming licensed to sell real estate in 2017. Over the years, she has served on the Lincoln County Council as secretary, president-elect, and president. In her various roles, she has represented the Realtor organization by assisting with blood drives, coordinating fundraising auctions, and helping to organize and sponsor speakers and courses to help fellow Realtors stay current, educated, and informed. In addition, she has served on The Mountains to Shore Board of REALTORS® and the Maine Association of REALTORS® Board of Directors.

Alongside her volunteer efforts for the Realtor association, Patti has been a consistent performer at Newcastle Realty, serving buyer and seller clients while receiving praise for her efforts. One of the key reasons Brown chose to be affiliated with her company is because of the firm’s commitment to community; as such, Patti has served several years on the firm’s charitable giving committee. Newcastle Realty is a locally-owned company that is part of the Cheney Financial Group, which also includes Newcastle Vacation Rentals and Cheney Insurance.

Brown loves living in Midcoast Maine. Her passion for the area and joy of living here is contagious. She believes that building relationships with clients, both buyers and sellers, through trust, integrity, and client service is as important as closing each transaction.

When not working with buyers or sellers, Brown loves getting together with family and friends, and enjoys reading, film noir, and traveling internationally. Brown can be reached on her mobile at 207-530-2253, at Newcastle Realty’s office, 87 Main St., Damariscotta at 563-1003, ext. 115, or by email at pattibrown@cheneycompanies.com. To learn more about Newcastle Realty, please go to mynewcastle.com.

July 2023 Market Update

Though real estate inventory across the state remains low, a slight increase in home values suggest there are positive signs on the horizon. Statistics shared by Maine Listings show sold prices for homes increased 6.45 percent in June 2023 compared to June 2022, reaching a median sales price (MSP) of $385,000. The MSP indicates that half of the homes were sold for more and half sold for less.

Mainly due to a lack of inventory, sales for June 2023 were down 19.24 percent compared to June of last year. But with more for-sale homes entering the market and qualified buyers ready to make purchases, month over month sales appear to be on the rise. The Maine real estate market saw a jump in sales of 27 percent from May to June. Additionally, the number of homes for sale saw an increase of 14 percent, indicating a more balanced market may be on the way.

According to the National Association of Realtors, the national MSP dipped 1.2 percent to $416,000 with sales decreasing 18.8 percent for June 2023 compared to June 2022. Regionally, the Northeast experienced a 21.5 percent decrease in sales volume and a 4.9 percent increase in the regional MSP, reaching $475,300.

To navigate the challenging market, sellers and buyers should partner with a Newcastle Realty agent for expert counsel. Now is a terrific time to list your property for sale. Don’t wait to place your home, camp or land parcel on the market; qualified buyers are searching now. Reach out to our professional broker staff today by calling 207-563-1003. They can quickly tell you what your property is worth!

Our company continues to excel with a full staff of exceptional local agents. We are excited 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 closed 59 transaction sides with a total volume of $19,795,550 – over $3 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $12,734,500 with 19 sides, and Sotheby’s has sold $18,772,460 with 31 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (22), Wiscasset (24), Waldoboro (24), Boothbay (19), Jefferson (23), Whitefield (14), Damariscotta (17), and Bristol (14). Slightly fewer sales have happened so far in Dresden (9), Edgecomb (10), Newcastle (7), and Nobleboro (8). Towns seeing even fewer sales include Westport Island (4), South Bristol (3), Southport (7), Bremen (5), Alna (1), Somerville (1), and Monhegan Island (0).

There are currently 124 single-family homes for sale in Lincoln County (up from 97 in June), with 45 percent of those priced at or above $500,000. The 503 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (21%), $250,000-$499,999 (42%), $500,000-$999,999 (25%), 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 2.0 months (under $100,000), 1.6 months ($100,000-$249,999), 2.9 months ($250,000-$499,999), 3.7 months ($500,000-$999,999), and 5.3 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.

June 2023 Market Update

Low for-sale inventory continues to hinder buying efforts across Maine. Statistics shared by Maine Listings show sold-prices for homes increased 6.57 percent in May 2023 compared to May of last year, with a median sales price (MSP) of $373,000. The MSP indicates that half of the homes were sold for more and half sold for less. The reported 1,134 sales in May 2023 show a significant decline of 20.08 percent compared to a year ago.

The real estate market in Maine is off to a slow start this year. Sales from January-May show a 25 percent decrease over the same period of time last year. A 43 percent increase in sales from June to May brought a glimmer of hope, indicating the real estate market may be turning the corner.

Comparing this May to last, the National Association of Realtors reported a 20 percent decrease in sales at the national level, with the national MSP easing 2.4 percent to $401,100. Regionally, the median sales price in in the Northeast increased 2.5 percent to $439,000, with sales declining 25.4 percent compared to this time last year.

To navigate the challenging market, sellers and buyers should partner with a Newcastle Realty agent for expert counsel. Now is a terrific time to list your property for sale. Don’t wait to place your home, camp or land parcel on the market; qualified buyers are searching now. Reach out to our professional broker staff today by calling 207-563-1003. They can quickly tell you what your property is worth!

Our company continues to excel with a full staff of exceptional local agents. We are excited 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 closed 50 transaction sides with a total volume of $16,643,550 – over $3 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $7,755,000 with 12 sides, and Tindal & Callahan has sold $18,409,822 with 29 sides.

Most of the year-to-date 2023 property sales locally have occurred in Boothbay Harbor (15), Wiscasset (19), Waldoboro (20), Boothbay (16), Jefferson (14), Whitefield (13), and Bristol (13). Slightly fewer sales have happened so far in Dresden (8), Edgecomb (6), Damariscotta (10), Newcastle (5), and Nobleboro (6). Towns seeing even fewer sales include Westport Island (2), South Bristol (2), Southport (2), Bremen (3), Alna (1), Somerville (1), and Monhegan Island (0).

There are currently 97 single-family homes for sale in Lincoln County (up from just 92 in May), with 54 percent of those priced at or above $500,000. The 510 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (21%), $250,000-$499,999 (44%), $500,000-$999,999 (24%), and $1 million-plus (7%). 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 0.6 months (under $100,000), 0.7 months ($100,000-$249,999), 2.0 months ($250,000-$499,999), 3.6 months ($500,000-$999,999), and 5.3 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.

May 2023 Real Estate Market Update

Due to low inventory and higher interest rates, homebuying efforts across Maine continue to struggle. Statistics shared by Maine Listings show a decrease of 30.53 percent for home sales in April 2023 compared to April 2022. Prices, however, increased 6.21 percent to a median sales price (MSP) of $367,500. The MSP indicates that half of the homes were sold for more and half sold for less.

Though the number of Maine homes for sale increased slightly since the previous month, the number is significantly lower compared to pre-pandemic numbers. In April 2019, there were over 7,000 homes on the market statewide compared to a meager 2,300 in April 2023.

The National Association of Realtors reported a decline of 22.4 percent in national sales for this April compared to last. The national MSP for a single-family home dipped 2.1 percent to $393,300. Regionally, sales in April 2023 were down 23.9 percent year over year, while the regional MSP increased 2.8 percent to $422,700.

To navigate the challenging market, sellers and buyers should partner with a Newcastle Realty agent for expert counsel. Now is a terrific time to list your property for sale. Don’t wait to place your home, camp or land parcel on the market; qualified buyers are searching now. Reach out to our professional broker staff today by calling 207-563-1003. They can quickly tell you what your property is worth!

Our company continues to excel with a full staff of exceptional local agents. We are excited 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 closed 39 transaction sides with a total volume of $13,318,400 — over $3.5 million in sales since last month alone. In comparison, Drum and Drum Real Estate has sold $6,742,500 with five sides, and Tindal & Callahan has sold $4,901,722 with 14 sides.

Most of the year-to-date 2022 property sales locally have occurred in Jefferson (10), Boothbay Harbor (8), Wiscasset (15), Waldoboro (13), Boothbay (8), and Bristol (10). Slightly fewer sales have happened so far in Dresden (6), Edgecomb (5), Damariscotta (10), Newcastle (4), Nobleboro (6), Westport Island (1), and Southport (1). Towns seeing even fewer sales include South Bristol (1), Whitefield (10), Bremen (2), Alna (1), Somerville (1), and Monhegan Island (0).

There are currently 92 single-family homes for sale in Lincoln County (up from just 53 in April), with 47 percent of those priced at or above $500,000. The 524 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (21%), $250,000-$499,999 (45%), $500,000-$999,999 (24%), and $1 million-plus (7%). 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), 1.6 months ($100,000-$249,999), 1.7 months ($250,000-$499,999), 2.8 months ($500,000-$999,999), and 5.2 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.

  • Sales statistics based on information from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2023 through 5/19/2023.

NEWCASTLE REALTY BOOTHBAY HARBOR LOCATION CELEBRATES THIRD YEAR

Together with his staff of 18 REALTORs, Newcastle Realty owner Dennis Hilton is excited to be celebrating the start of their third year in their Boothbay Harbor office located at 14 Todd Avenue. Newcastle Realty has operated from Newcastle and Damariscotta for over 30 years, and this branch location shows the commitment Newcastle Realty has made to serve the Boothbay Region.

“We are very happy to have strengthened our local presence for Boothbay area residents and the local business community,” said Hilton. “While we have assisted real estate clients in the Boothbay Region for many years, this downtown branch office location has allowed us to expand those services while providing a modern and attractive space for customers to enjoy and our broker staff to work from.”

The office features an open concept layout with modern technology, providing convenient and comfortable areas to meet or for visitors to look at real estate listings. Soon, the office will become another popular stop on the Boothbay Harbor Region Sculpture Trail, with the planned installation of SEEDLING by Joseph Dimauro.

Newcastle Realty has several agents who live and volunteer in the Boothbay area. The company is known for its commitment to supporting all Lincoln County communities through the charitable giving efforts of The Cheney Financial Group, which includes Cheney Insurance and Newcastle Vacation Rentals.

“We are very excited to be a growing part of the business community in Boothbay Harbor,” commented Kristy Battles, Chief Administrative Officer. “We look forward to offering property owners more options when it comes to real estate services, and we are grateful for the warm reception we have received over the past two years.”

Newcastle Realty is an independent firm that focuses on helping families with their real estate needs, regardless of their price point. “While we are very comfortable handling high-end properties, we don’t focus on any one part of the market,” explained Hilton. “We are solutions driven, and all our brokers love working with home buyers and sellers to help them achieve their goals. We provide important support and guidance throughout the process.”

Visitors are urged to call the office at (207)633-4433 to make an appointment or to speak with a REALTOR. Their website is MyNewcastle.com and they can be found on Facebook, Instagram, and Snapchat.

April 2023 Real Estate Market Update

Interest rates and lower-than-normal inventory led to a single-family existing home sales decline of 16.78 percent in March. According to Maine Listings, 858 homes changed hands last month, compared to 1,031 homes in March 2022. The median sales price for homes sold rose 3.85 percent to $337,500 comparing March 2023 to March 2022. The MSP indicates that half of the homes were sold for more and half sold for less.

As spring arrives, potential buyers are adjusting to the increased mortgage interest rates and returning to actively searching for their next home. However, the low inventory of forsale homes continue to be a challenge. The tight for-sale inventory, while bolstering sales prices overall, has contributed to the rate of statewide price growth slowing. In some counties, median sales prices have declined during the first quarter.

The National Association of Realtors reported a home sales decline nationwide of 21.1 percent in March 2023 compared to March 2022. Prices also eased 1.4 percent to a national MSP of $380,000. Regionally, home prices in the Northeast rose 1.0 percent to $395,400, while sales dipped 21.2 percent comparing March 2023 to March 2022.

To navigate the challenging market, sellers and buyers should partner with a Newcastle Realty agent for expert counsel. Now is a terrific time to list your property for sale. Buyers are searching for and finding new property options every day and purchasing the right home for their needs. Don’t wait to place your home, camp or land parcel on the market; qualified buyers are searching now. Reach out to our professional broker staff today by calling 207-563-1003. They can quickly tell you what your property is worth!

We are pleased 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 closed 30 transaction sides with a total volume of $9,685,500. We are excited to report that approximately one-quarter of our sales volume has come through our new Boothbay Harbor branch office. In comparison and of this date, Drum and Drum Real Estate has sold $3,769,500 with five sides, and Tindal & Callahan has sold $4,137,722 with 12 sides.

It is early yet, but most of the 2023 year-to-date property sales locally have occurred in Wiscasset (16), Waldoboro (18), Jefferson (12), Bristol (12), Boothbay Harbor (9), Whitefield (9), and Boothbay (15). Slightly fewer sales have happened so far in Newcastle (7), Dresden (7), Edgecomb (8), Alna (3), Damariscotta (9), and Nobleboro (6). Towns seeing just a few or no sales include South Bristol (1), Southport (1), Westport Island (2), Bremen (3), and Southport (3).

There are currently just 53 single-family homes for sale in Lincoln County (up from 46 in March), with 62 percent of those priced at or above $500,000. The 542 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 (45%), $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), 1.9 months ($100,000-$249,999), 2.1 months ($250,000-$499,999), 2.6 months ($500,000-$999,999), and 6.7 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 client needs. Questions or comments may be directed to Dennis Hilton, President of Newcastle Realty at dennishilton@cheneycompanies.com or 207-380-3435.

  • Statistics are from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2023 through 04/23 /2023.

March 2023 Real Estate Market Update

Availability of properties for sale continues to be an issue for buyers of single-family existing homes across Maine. According to Maine Listings, Realtors sold 708 homes last month—a dip of 19.4 percent from February 2022. Prices increased 10.7 percent in the past year, with data indicating a median sales price (MSP) of $329,250. The MSP indicates that half of the homes were sold for more and half sold for less.

The shortage of move-in ready homes for sale continues to be the challenge for buyers in today’s market. Homeowners who purchased in recent years with record-low mortgage interest rates are staying put and, like the rest of the country, new home construction in Maine has not kept pace with demand.

Nationally, home sales declined 21.4 percent in February 2023 compared to February 2022. The National Association of Realtors reported that the national MSP eased nationwide 0.7 percent to $367,500. Sales in the Northeast decreased 25.7 percent and the regional MSP declined 4.5 percent to $366,100 comparing February 2023 to February 2022. In some areas of Maine, sellers are responding to the higher mortgage interest rate environment, which has impacted affordability. We’re beginning to see a softening of prices, a welcome sign for buyers coming into spring.

Don’t wait to place your home, camp or land parcel on the market; qualified buyers are searching now. Reach out to our professional broker staff today by calling 207-563-1003. They can quickly tell you what your property is worth!

We are pleased 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 closed 20 transaction sides with a total volume of $7,291,500—down 22% from our Y-T-D numbers in 2022—and we are excited to report that approximately one-quarter of our sales volume has come through our new Boothbay Harbor branch office. In comparison and of this date, Drum and Drum Real Estate has sold $1,909,500 with three sides, and the local Sotheby’s office has sold $3,234,250 with five sides.

It is early yet, but most of the 2023 year-to-date property sales locally have occurred in Wiscasset (12), Waldoboro (13), Jefferson (6), Boothbay Harbor (7), Whitefield (7), and Boothbay (7). Slightly fewer sales have happened so far in Newcastle (5), Dresden (5), Edgecomb (6), Alna (3), Damariscotta (7), and Nobleboro (5). Towns seeing just a few or no sales include South Bristol (1), Southport (1), Westport Island (0), and Southport (3).

There are currently just 46 single-family homes for sale in Lincoln County (down from 49 in February), with 54 percent of those priced at or above $500,000. The 555 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (3%), $100,000-$249,999 (20%), $250,000-$499,999 (46%), $500,000-$999,999 (24%), 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), 1.9 months ($100,000-$249,999), 2.1 months ($250,000-$499,999), 2.6 months ($500,000-$999,999), and 6.7 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 client needs. Questions or comments may be directed to Dennis Hilton, President of Newcastle Realty at dennishilton@cheneycompanies.com or 207-380-3435.

  • Statistics are from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2023 through 03/21/2023.

February 2023 Lincoln County Maine Real Estate Update

Sales of single-family existing homes in Maine continue to be affected by rising mortgage interest rates and a smaller number of available homes for sale. Maine Listings announced a 34.99 percent sales decrease in January 2023, compared to January 2022. The median sales price (MSP) for homes sold in January 2023 reached $325,000, an increase of 11.21 percent over January 2022. The MSP indicates that half of the homes were sold for more and half sold for less.

In most communities across Maine, buyers need more for-sale housing inventory. Compared to pre-pandemic January 2020, Maine has just over 2,100 homes for sale statewide—3,700 fewer homes for sale in January 2023.

According to the National Association of Realtors, sales nationwide declined 36.1 percent comparing January 2023 to January 2022. The MSP for those homes in January 2023 reached $363,100, up 0.7 percent from January 2022. Regionally, sales in the Northeast dipped 35.9 percent in January 2023, while the regional MSP increased 0.3 percent to $383,000. The sales numbers for January are impacted by the scarce for-sale inventory, recent upward adjustments to mortgage interest rates, and the end of year holiday season.

There’s no need to wait until spring to place your home, camp or land parcel on the market; qualified buyers are searching now. Reach out to our professional broker staff today by calling 207-563-1003. They can quickly tell you what your property is worth!

Our company continues to excel with a full staff of exceptional local agents. We are excited to remain a leading real estate firm in Lincoln County as we serve buyers and sellers. We finished 2022 with $75,831,614 in sales from 180 transactions—up 20% over our Y-T-D numbers in 2021—and we are pleased to report that approximately one-quarter of our sales volume has come through our new Boothbay Harbor branch office. In comparison, Drum and Drum Real Estate sold $11,993,525 with 32 sides last year, and the local Sotheby’s office sold $59,791,951 with 81 sides.

It is early yet, but most of the 2023 year-to-date property sales locally have occurred in Wiscasset (7), Bremen (7), Waldoboro (6), Jefferson (5), Boothbay Harbor (5), and Boothbay (4). Slightly fewer sales have happened so far in Newcastle (4), Dresden (3), Edgecomb (3), Alna (3), Damariscotta (3), and Nobleboro (2). Towns seeing just one or no sales include South Bristol (0), Southport (1), Westport Island (0), and Whitefield (0).

There are currently just 49 single-family homes for sale in Lincoln County (down from 85 in January), with 39 percent of those priced at or above $500,000. The 558 residential sales that have occurred in the last 365 days represent transactions in the range of under $100,000 (4%), $100,000-$249,999 (20%), $250,000-$499,999 (45%), $500,000-$999,999 (24%), 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), 1.9 months ($100,000-$249,999), 2.1 months ($250,000-$499,999), 2.6 months ($500,000-$999,999), and 6.7 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 client needs. Questions or comments may be directed to Dennis Hilton, President of Newcastle Realty at dennishilton@cheneycompanies.com or 207-380-3435.

  • Statistics are from the Maine Real Estate Information System, Inc. (d/b/a Maine Listings) for the period 1/01/2023 through 02/23/2023.