Still Seller's Market in RI During Coronavirus - For Now, Says Northpointe’s Levesque

Still Seller's Market in RI During Coronavirus - For Now, Says Northpointe’s Levesque

Northpointe Bank’s Zach Levesque appeared on GoLocal LIVE where he spoke to the current real estate conditions in Rhode Island during the coronavirus crisis, and what might lie ahead. 

“We talked last week about the surprising numbers that came out with March transactions, and transactions were up year over year — I think it surprised a lot of people,” said Levesque. 

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

“For the month of April last year, there were over 2,500 properties listed on the MLS in Rhode Island.s of yesterday, that number was a little north of 1200. This is only going to feed that low inventory issue that we talked about — making it more of a seller’s market because there’s less property out there,” he said. 

Looking Ahead 

“So I think all these numbers will probably help to support home values right now on the market because that inventory is staying low,” he said. 

“The flip side is the economy, and individuals’ confidence in the economy, unemployment, and if those numbers don’t improve soon, that would work conversely and hurt values,” Levesque added. 

Levesque joins GoLocal LIVE on Tuesday mornings at 10 AM as part of a content partnership.