Mott & Chace Sotheby’s International Realty is pleased to release the Rhode Island real estate single family home statistics for August 2020. The median asking price for new listings increased 10.0%, while the median home price of sold listings increased 12.7%. The supply of inventory decreased from 4.7 months to 0.9 months when compared to the same time period last year. Additionally, the average days on market decreased 14.5% in August 2020 when compared to last year.
Single family home sales prices have stayed elevated year-over-year, likely due to a significant lack of inventory. COVID-19 has likely contributed to fewer available properties, with less than one month’s supply of inventory in August 2020 – the lowest in years. Sellers of well-priced homes are often receiving multiple offers that create bidding wars, leading to an average sales price to list price ration that is above 100% – the highest ratio the Rhode Island Market has seen in years.
Read the full report here.