Mott & Chace Sotheby’s International Realty is pleased to release the Rhode Island real estate single family home statistics for February 2017 which show an increasing demand for well-priced homes in the marketplace. The median home price for new listings increased 14.6%, while the months supply of inventory decreased from 5.8 months to 3.1 months when compared to the same time period last year. Additionally, homes priced according to market value that did not experience a price adjustment during the listing period sold at 96% of the original list price; this is an increase of 4% over last year.
Overall we have transitioned out of a very good 2016 market and are experiencing a very bullish, early 2017 spring market. Rhode Island is experiencing a shortage of available homes for sale which is putting upward pressure on pricing. The rising interest rate environment is encouraging buyers to purchase now. The pent up demand, low interest rates, rising consumer confidence and improved economy that were hallmarks of the 2016 market are continuing to encourage movement in all sectors of the market.
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