Mott & Chace Sotheby’s International Realty is pleased to release the Rhode Island real estate single family home statistics for February 2018 which continues to show an increasing demand for well-priced homes in the marketplace. The median home price for new listings increased 7.4%, while the supply of inventory decreased from 4.7 months to 2.7 months when compared to the same time period last year. Additionally, the average days on market decreased 9% in February 2018 when compared to last year.
The economic indicators that have served as our compass are still going strong and continue to fuel optimism about the spring and summer markets. The low inventory is continuing to drive prices up, but closing activity is slowing due to lack of homes for sale. In Rhode Island, with less than a three months supply of inventory, the market significantly favors sellers, especially in the lower price points.
Download the entire report here:
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