Mott & Chace Sotheby’s International Realty is pleased to release the Rhode Island real estate single family home statistics for March 2018 which continue to show an increasing demand for well-priced homes in the marketplace. The median home price for new listings increased 1.7%, while the supply of inventory decreased from 3.2 months to 1.9 months when compared to the same time period last year. Additionally, the average days on market decreased 15.6% in March 2018 when compared to last year.
The diminished inventory for March was also seen throughout the first quarter as a whole, and therefore continued to push prices upward. The significant drop in available inventory will result in moderating sales which nationally have declined year over year for the past 15 consecutive months.
Read the entire report here:
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