According to the Rhode Island Association of Realtors, single-family home sales are up 10.2% this year over last year between July and September, shattering all real estate records. Median sale price increased to $245,000 which is up about 4.5% over quarter 3, 2015! Some neighborhoods and areas have seen double-digit price increases.
With less distressed homes on market, home prices are able to continue to increase
GET YOUR FREE HOME SELLERS KIT AND FAIR MARKET VALUE ON YOUR HOME BY TEXTING "LIST TO SELL" TO 401-359-2338!
Where Do Realtors Anticipate the Real Estate Market to Go?
Many agents agree that the number of homes will increase if not double by summertime, making it a more competitive market.
Through 2016 we should see prices rise, however Spring will be the best time to sell a property with low inventory. Consumers may net more.
Market could level off and price increases to slow down in 2017
Mortgage rates will rise and the affordability factor may end up changing
Right now perfect buying and selling conditions - A total "win win"
As rates increase less strict lending guidelines will be in place, allowing a larger pool of qualified buyers to enter the market.
Boomerang Buyers will reenter the market. These are buyers who were once foreclosed on or went through the short sale process. They are back to work and or credit cleaned up and are going to be an estimated 2.3 Million Strong from now until 2021.
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13,233 was the total number of combined real estate sales in Rhode Island for Single Family Homes, Multi Family Homes, Condominiums, Vacant Land
8% more properties were sold in Rhode Island 2015 over 2014 (12,168 total sales in 2014 for single family, multi family, condos, land)
Median Single Family Home in RI Sale Price in 2015 rose 5.5% over 2014
2014 SFM SP $214,900 8928 units sold vs. 2015 SFM SP $225,000 9738 units sold
Median Condo in RI Sale Price in 2015 rose 2.8% over 2014
2014 CND SP $195,000 1566 units sold vs 2015 CND SP $200,444 1643 units sold
Median Multi Family Home in Rhode Island Sold 13.8% higher in 2015 than in 2014!
2014 MFM SP $145,750 1335 units sold vs 2015 MFM SP $169,000 1510 units sold
342 pieces of land sold in 2015 vs 339 in 2014. Land sales remain steady.
In 2015 39.6% of all listings on MLS were either withdrawn or had expired under the agent that had the listing vs. 33.7% of total listings withdrawn in 2014
Many were relisted, prices adjusted, new marketing put in place and sold. The exact number is still undetermined.
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All information was extracted from Statewide MLS 1/4/2016. Information deemed reliable but not guaranteed.
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