Cullion: Custom House Condos Sell Out, Available Housing Inventory in RI Drops Under 1,000
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Cullion: Custom House Condos Sell Out, Available Housing Inventory in RI Drops Under 1,000
The Rhode Island real estate market is about the tightest that seasoned professionals in the industry have ever seen.
Josh Cullion of Mott & Chace Sotheby's International Realty joined GoLocal LIVE and discussed the trends that could be staggering for buyers.
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Less than 1,000 Homes, Condos and Multi-Families on the Market for 1.2 Million People
Cullion painted a dire picture of the inventory situation in Rhode Island.
“Tight is right. It's bleak out there right now, as far as inventory. That's been kind of common knowledge at the moment, or I'll say, it's been that way for a while,” said Cullion.
“The condo market sector right now for sale as of today, and we're going to do macro-level metrics…in the state of Rhode Island you're looking at 171 condos available for sale,” adds Cullion
"For the single-family market sector, it's just over 650 — 653 houses to be exact, are currently for sale, and the multi-family market sector, they had 93 units now,” said Cullion. “It really is a wild erratic kind of market right now.”
Downtown Market
On the more positive side, Cullion reported that the Custom House condos in downtown Providence have sold out in about six months. The New York-style units were well-appointed and moved quickly.
He says the sellout of the Custom House condos in less than six months is a strong indicator of the emerging downtown neighborhood.
“I think it speaks volumes on many levels...being intimately involved with the downtown condo market sector, and knowing the neighborhood, knowing the amenities, the types of establishments,” said Cullion.
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