RI Real Estate Market Activity YTD 2017 vs. 2016

//RI Real Estate Market Activity YTD 2017 vs. 2016
RI Real Estate Market Activity

RI REAL ESTATE MARKET REPORT

COMPARING RI REAL ESTATE MARKET – JANUARY 1 THROUGH JUNE 10 2017 v. 2016

This month’s update compares year to date stats from the beginning of January 2016 through mid June 2016 to the same time period of this year. There are a few trends I like to follow throughout the year and one of those is the side by side comparison of sales activity. RI real estate market activity is never the same month to month and year to year. Adverse weather conditions can prolong a Winter hibernation and conversely an early Spring can jump start the year. Interest rates and the local economy play a large factor in market activity. We have certainly been on an uptick in the past couple of years, but can this be sustained? At what point does the RI real estate market level off or even dip into the favor of the buyers?  We have been experiencing record low inventory see this Real Estate Minute video over the past few years, but at the same time we have had a record number of transactions. 


2016 Year To Date Sold

4096
  • AVERAGE LIST PRICE: $304,625
  • AVERAGE SOLD PRICE: $291,700
  • MEDIAN SALES PRICE: $233,700
  • DAYS ON MARKET: 84
  • 30 YEAR FIXED MORTGAGE RATE: 3.48%

2017 Year To Date Sold

4156
  • AVERAGE LIST PRICE: $320,290
  • AVERAGE SOLD PRICE: $308,686
  • MEDIAN SALES PRICE: $255,000
  • DAYS ON MARKET: 70
  • 30 YEAR FIXED MORTGAGE RATE: 3.94%

Looking at last year versus this year to date, all of the big value number are higher this year than during the same time period last year.

Transactions are up 1.5%

Average Sales Price is up 5%

Days On Market are down 17%

Median Sales Price is up 9%

Median sales price means half of the sales were above that amount and half were below. It’s a very good indicator of where property values are headed.

By | 2017-06-15T11:26:20+00:00 June 15th, 2017|RI Real Estate Market Update|0 Comments

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