Donna DeLauro

Most recent statistics for R.I single family sale activity…

Statistics released by the Rhode Island Association of Realtors indicate July 14, 2021 -- The Rhode Island Association of Realtors released June sales statistics today which portray another double-digit, year-over-year increase in price.  At $385,000, June’s median sales price of single-family homes represents a 24.6 percent gain since June of last year and a 5.5 percent gain from the previous month.

The number of days a home stayed on the market fell by 50 percent from June 2020 to just 27 days, one more indication of a frenzied market characterized by strong buyer demand and insufficient inventory.

The inventory of single-family homes for sale regained its footing last month after experiencing a significant dip in the prior month, though the supply remained 31 percent lower than that reported in June 2020. The latest data shows that inventory would deplete in 1.6-months at June’s rate of sales, the highest level since November of last year.  In May, RI Realtors reported less than a one-month supply of single-family homes for sale, approximately five months short of the supply typically characterized by a balanced market.

While sales activity increased 19.4 percent compared to 12 months earlier, a more telling indicator is the comparison to 2019, the year closings were unaffected by the economic shutdown. June sales in 2021 represented a 1.9 percent increase compared to the same period two years earlier.

While there will always be market trends to track and report, in all reality for many folks, the time to buy or sell depends on your unique and specific situation.

If you’re in the phase of life, ready to leave the family home to be on your own but renting just doesn’t make sense and your finances allow you to be a homeowner, then the time may be right for you.

Perhaps your family size has increased, and you need more space, well, you make that move to upsize.

Maybe you’re living in that spacious family home, finding yourself empty nesters, or can no longer manage the tasks of maintaining property, you may be ready make that move to downsize.

Others make real estate investments to improve their portfolio.

Having the luxury of taking advantage of a healthy market situation, can allow a profitable transaction, and enjoy positive business opportunities.

Our current environment allows buyers to purchase property at low interest rates, affording more for their budget. There are a variety of loan products for buyers to utilize based on their credit standing, financial situation, and affordability.

Sellers are enjoying increased home values due to an overall lack of inventory, and buyers excited to take advantage of those lower interest rates, and affordable loan products.

When sellers are in a position to either move up or downsize, the increased inventory will level out the balance to a more “normal” market

There are many tools available for buyers to be tuned in to available purchase opportunities, as well as statistics and market values.

Buyers and their agents representing them are aware when properties are listed and priced well or overpriced for the market area.

We as Realtors are experiencing many instances where multiple buyers are making offers on the same property allowing sellers to sell their home at full asking price and often times more.

Although this may be the situation, in many cases depending on contract language or financing type, when a sale is being financed, the sale price will be required to meet the appraisal results at fair market value.

There’s something for everyone in the current residential real estate market.  Buyers can take advantage of interest rates that have remained near historic lows, and many sellers who have waited for gains in their property equity to be able to sell, are now in the position to do so.

If you would like more information either as a buyer, or seller, I would be happy to assist. Please feel free to call or email me.

Thank you

Donna DeLauro
Realtor at Re/Max Real Estate Center
401-486-6044 cell donnadelauro@hotmail.com
Also Proud Founder of Mature Matters Senior Real Estate Specialist