Please find the latest market activity comparisons for the state of Rhode Island.
The newly listed property activity tells the story of the market as the September numbers are below 2019 and 2020 levels. There is currently 1.2 months of inventory for single family homes in comparison to 2.5 months last September. Well priced inventory in good condition is still generating mutiple offers and a sales price over asking. However, the frenzied market we experienced in the spring has moderated somewhat.
The number properties under agreement illustrates that the 2021 results are slightly below the 2020 numbers for the past three months in contrast to the February-June results which exceeded both 2019 and 2020.
The sold property results reached their peak in June with July, August and September showing a flattening curve, but still above 2019 levels. The sold numbers were exceptionally strong in the first and second quarter of the year due to the buyer demand and low interest rates.
It is still a seller’s market with out of state buyers continuing to be a factor, low interest rates and the recognition that Rhode Island has had the highest price appreciation of any New England state.