Maine Real Estate Market Report
Continuing with our series of monthly market reports for real estate in Lincoln County, here's a brief snapshot of what transpired in the month of March. According to the Maine Real Estate Information Service (MREIS) which manages our Statewide Multiple Listing Service there were 66 single family residential sides closed in March with a total dollar volume of $21,709,744. This compares quite favorably to March of 2006 when only 40 total sides closed with a dollar volume of $9,729,800.
This compares even more favorably with our report for February, where you will recall both sales and dollar volume were off around 50% from '06 with a paltry 22 closed sides for the month in '07. January of this year and December of last were similarly gloomy with volume off in the 25% range.
So what are we to make of this resurgence? Before we get too excited we should look carefully at just where in the market these sales are taking place. The highest priced sale for the month was a property on Damariscotta Lake brokered by Newcastle Square Realty that sold for $925,000 after 337 days on the market. There were only 3 other sales over $500,000. for the entire month! A home in Boothbay sold for $870,000 after 231 days on market, we brokered a sale in Sheepscot at $650,000 after 171 days on market and another property in Boothbay sold for $605,000 after an astounding 400 days on market. Every other sale was under $500,000 with 10 homes selling under $200,000.
The homes that are selling now are for the most part selling to people who already have some connection to the area and do not represent an influx of new residents. It remains to be seen if the retiree's and second home buyers from out of state will be able to buy this year or if we will have to wait out the market downturn to our south. When they do come back they will find a market loaded with inventory and plenty of properties to choose from.
I said last month that, "we are in a period of readjustment and we will have up and down months for some time". I still believe this to be true. The job market locally is very good, our biggest employer, Bath Iron Works is actually calling laid off employees back to work. Reasonably priced, average homes will sell and there will be some movement at the upper end. But gone are the days when brokers could tell someone the price they wanted to hear and still have a chance that the home would sell. Several companies are learning that the hard way and unfortunately so are their clients. Some of them don't even appear in the stats for March as they had no sales. Before you list your home for sale be sure and ask the broker you're talking with to tell you exactly how their company is doing in this challenging environment.
If you're ready to sell there's no secret and no magic formula. Put your house in the best possible condition (email me for a free copy of our Market Preparation Guide), price it sensibly and hire the top company in town to market it for you. Newcastle Square Realty brokers are standing by.
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