RI Real Estate Market Prices Up, Inventory and Sales Are Down in Feb, 2017

GoLocalProv Business Team

RI Real Estate Market Prices Up, Inventory and Sales Are Down in Feb, 2017

February sales data released by the Rhode Island Association of Realtors shows a sharp drop in the number sales heading into the spring market.

The data also showed a lack of inventory and an increase in median sales price. According the realtors, "the diminishing supply of homes for sale was good news for those who sold last month - the median sales price rose 6.3 percent to $231,000, $2000 above the national median sales price."

The number of closings on single-family homes dropped 6.9 percent in February compared to 12 months earlier. Nationally, "this stands in stark contrast to data released by the National Association of Realtors recently which portrayed a 5.8 percent increase in February's single-family home sales nationwide."

There were 19.9 percent fewer single-family homes for sale last month than there were a year earlier and with the exception of February, 2016, inventory has slipped every month for the past 26 months. As of mid-March, there was a 3.4-month supply of homes on the market, giving sellers a significant advantage. A six-month supply is considered to be a market balanced between buyers and sellers.

 

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