2017 has been a FANTASTIC year for the Rhode Island Real Estate Market. For the month ending October 2017, the average days on market was 59 days for single family homes in Rhode Island. This is down about 19% from the same time last year, though up about 18% from just two months earlier in August when the average days on the market was at 50 days.
The media sales price for single family homes in Rhode Island was $264,950. This is up year over year almost 13% from a median sales price of $235,000 in October 2016 and up about 2% over the past two months since August when the median sales price was $260,000. Now for the real nitty gritty...the median sales price for single family homes in Rhode Island is up almost 18% so far this year.
Inventory is one of the biggest factors in the appreciation in Real Estate prices over the past several quarters. For the month ending October 2017 there were 3615 single family homes for sale in Rhode Island. An additional 1094 pending homes for sale in Rhode Island for the same period ending October 2017. This is year over year drop of nearly 9% in available homes for sale and 17% drop in the number of houses under contract.
The lack of available housing is clearly making it difficult for prospective buyers to find houses that meet there needs within their budget. Fortunately, the overall general strong economy, high employment, and appreciating earnings is helping cover some of the gap, but more housing is needed to sustain demand.
The weather will determine the short term market, and as of this morning, temperatures are prohibitive for a majority of buyers, so the market will likely stagnate through January, with a strong bounce likely coming in late winter and to continue well into the spring Real Estate market in Rhode Island.
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