December 2021 Real Estate Market Update
2021 12 months-TO-Date Market place AND Income UPDATE *
When enhanced demand from customers for one-spouse and children residences in Maine proceeds, for-sale stock remains lessen than usual. Information introduced by Maine Listings confirmed a slight profits lower of 7.99 percent in November 2021 when selling prices amplified 11.11 {73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} as opposed to November 2020. The median revenue rate (MSP) reached $300,000, as opposed to $270,000 in November of final yr. The MSP signifies that half of the houses have been offered for far more and half sold for significantly less.
Although we have observed reduced income quantity through the 2nd 50 {73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} of this year, January through November 2021 ended up history months for Maine. Residential real estate transactions were 4.1 {73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} greater than the similar time interval in 2020, which was Maine’s all-time significant. Compared to pre-pandemic 2019 quantities, 2021 figures are 12.3 {73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} better. The significant desire for household real estate is hindered by the very low offer of for-sale residences throughout the state.
There were being 33 per cent less households for sale in November 2021 than November 2020 and 59 {73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} much less than November 2019. With a well balanced genuine estate current market relying on a six-thirty day period source of for-sale stock as the benchmark, our latest numbers reveal a mere 1.7-thirty day period source.
Our corporation proceeds to excel and remains the primary actual estate business in the Damariscotta region. As of the date of this report, our brokers have shut 203 transaction sides with a whole quantity of $60,971,125 —down 4{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} around our Y-T-D quantities in 2020. In comparison, Drum and Drum Genuine Estate has offered $18,142,370 with 47 sides, and Sotheby’s has marketed $55,303,450 with 90 sides.
Most of the year-to-day 2021 assets sales locally have transpired in Waldoboro (118), Boothbay (124), Wiscasset (96), Bristol (117), and Jefferson (82). A little bit fewer income have transpired so considerably in Damariscotta (57), Dresden (44), Whitefield (45), Newcastle (47), and Boothbay Harbor (68). Cities seeing even much less gross sales incorporate Nobleboro (46), Edgecomb (43), Bremen (27), Westport Island (34), South Bristol (38), and Southport (33). Just a handful of 2021 sales have happened in Alna (13), Somerville (11), and Monhegan Island (1).
There are presently 99 solitary-relatives houses for sale in Lincoln County (down from 138 in Oct), with 36 per cent of those priced at or previously mentioned $500,000. The 742 household income that have occurred in the very last 365 times depict transactions in the array of underneath $100,000 (4{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}), $100,000-$249,999 (25{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}), $250,000-$499,999 (46{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}), $500,000-$999,999 (19{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}), and $1 million-in addition (6{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}). Listing inventory remains super low—it is a fantastic time to promote and our brokers are all set to answer your queries about the system.
The current industry absorption prices for Lincoln County properties are 1.2 months (below $100,000), 1.5 months ($100,000-$249,999), 1.4 months ($250,000-$499,999), 2. months ($500,000-$999,999), and 3.4 months ($1 million and up). This tells us how long it would get for existing inventories to be absorbed into the industry at present fees of revenue if no new listings were being released.
Newcastle Realty tracks Lincoln County and statewide profits, alongside with other vital metrics, which retains our brokers completely knowledgeable of latest industry situations and rising developments as they serve customer and seller customer needs. Thoughts or feedback could be directed to Dennis Hilton, President of Newcastle Realty at [email protected] or 207-380-3435.
- Profits stats primarily based on information and facts from the Maine True Estate Data Process, Inc. (d/b/a Maine Listings) for the time period 1/1/2021 via 12/28/2021.
