RI Housing Supply Beginning to Grow 📈
On August 24th, 2018, The Rhode Island Association of Realtors published a press release titled, "Supply Begins to Grow in R.I.'s Housing Market".
We had not seen an increase in the number of single family homes for sales year over year for 29 months and that streak was broken in July. In July, the total number of active single-family listings in RI grew to over 4,000 for the first time in nearly 24 months.
Here are some other highlights from their report:
- Sales activity in July lagged behind last year's number for the 5th month in a row.
- The median price increased 3.5 percent when compared with July of 2017.
- The supply of condominiums for sale also increased for the first time in 18 months rising 2.6 percent.
- The median sales price of condominiums fell 3.1% when compared with this time last year.
- The multifamily home market saw increases in inventory, closing activity and median price rising 25%, 20.4% and 9.7%, respectively.
According to the RI Association of Realtors president, “Our housing market has been robust with homes selling in record time but it’s important to remember that every market has cycles. More listings on the market will help buyers who haven’t been able to strike a deal in the competitive sellers’ market that has existed for the past few years. When supply increases, prices will begin to stabilize but we don’t anticipate any significant drop in prices like we saw a decade ago. The conditions aren’t the same, We’re still firmly in a seller’s market but the tide might be beginning to turn. That’s good news for both buyers and sellers right now"
We're beginning to see some of these same stats affect our buyers and sellers. With that being said, as long as houses are priced correctly, they are getting attention from buyers and are still in great demand.
Our one piece of advice as a seller would be to listen to the market as it speaks to you in a couple of ways whenever you list a property for sale. If you put your listing on the market and it's getting acceptable offers in a timely manner, that's the market indicating that you're priced right. If you list the property - it has been marketed properly - but is still not getting calls, activity or offers... That's the market saying that they're not finding your listing to be a compelling enough buy at that moment. Then, we need to work together and listen to the feedback to find out what's holding buyers back. Is it the price? condition? or a combination of both? The last thing you want is to not listen to the market and become a "stale" listing which makes an eventual sale, all that much more difficult.
Warwick, R.I., August 24, 2018 � In July, the number of single-family homes for sale in Rh...