Mott & Chace Sotheby’s International Realty is pleased to release the Rhode Island real estate single family home statistics for February 2017 which show an increasing demand for well-priced homes in the marketplace. The median home price for new listings increased 14.6%, while the months supply of inventory decreased from 5.8 months to 3.1 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% of the original list price; this is an increase of 4% over last year.
Overall we have transitioned out of a very good 2016 market and are experiencing a very bullish, early 2017 spring market. Rhode Island is experiencing a shortage of available homes for sale which is putting upward pressure on pricing. The rising interest rate environment is encouraging buyers to purchase now. The pent up demand, low interest rates, rising consumer confidence and improved economy that were hallmarks of the 2016 market are continuing to encourage movement in all sectors of the market.
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Mott & Chace Sotheby’s International Realty is pleased to release the Rhode Island real estate single family home statistics for January 2017 which show year-over-year increases in sales activity and the median home price for new listings. The market saw a measurable dip in the amount of properties available for sale during the month compared to the previous year, however the number of properties that were placed under contract during the month of January increased 12%. The average days on market decreased as well as the months supply of inventory when compared to the same time frame from last year.
Overall, the market is expected to remain active as sellers prepare for the coming “Spring” market and listing inventory picks up. The collective opinion with regards to interest rates is that they will begin to creep up in 2017. Because higher interest rates always result in higher end prices for buyers who finance, the motivation to secure a property now instead of delaying will cause an uptick in the number of early Spring sales. It is expected that the pent up demand, low interest rates, rising consumer confidence and improved economy that propelled the 2016 market will provide an impetus for the 2017 market.
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