Mott & Chace Sotheby’s International Realty is pleased to release the Rhode Island real estate single family home statistics for April 2017 which continues to show an increasing demand for well-priced homes in the marketplace. The median home price for new listings increased 8.9%, while the months supply of inventory decreased from 4.6 months to 2.1 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 96.8% of the original list price.
In Rhode Island the distinct lack of inventory at the most popular price points has created an advantage for many Sellers. The Buyers we are seeing in the marketplace are experiencing significant competition and many properties are seeing multiple offers before going into contract. Most of our markets are reporting increases in properties going into contract compared to this time last year. In some communities however, there is still an oversupply of inventory in the higher end.
Download the entire report:
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