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GoLocalProv | RI Real Estate

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Tuesday, November 22, 2022

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Ben Scangio, Mott & Chase

The Rhode Island real estate market is a paradox.

The number of single-family homes on the market decreased by 7.9% year-on-year.

Median prices for single-family homes remained close to record prices as inventories were scarce. The price is up 7.3% year-over-year and is now $405,000.

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Rhode Island has grown 100% in the last seven years.

Ben Scuungio of Mott & Chace Sotheby’s International said: Even in more than feeder markets like Boston, Connecticut, and New York, prices remain high because there aren’t enough homes to sell. “

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RI Realtors President Bryant Da Cruz

20% lower sales activity

Sales activity was down 20.1% year-on-year, and pending sales (sales with contracts but not through the October closing process) were down 40.9% year-on-year. Pending sales are a leading indicator of near-term sales activity.

“We are seeing an interesting property market right now. On the one hand, sales activity has fallen to roughly the same levels seen during the 2020 economic shutdown. The good news is that inflation started to come down last month and if this continues we should see interest rates fall and the market will be active again. But we still have to fix the supply problem before we can see a balanced market again.” Bryant Da Cruz, President of the Rhode Island Real Estate Association.

Multifamily and condominium trends

In the condominium market, the median sales price increased 18.5% from October 2021 to $319,900. However, listings decreased by 22.3% and closed sales decreased by 26.2%. Pending sales decreased 43.4% year-on-year.

In the investor-favorite multi-family market, median selling prices rose to $437,500, up 15.1% and down 25.3% in listings from 12 months ago.

Economic uncertainty also contributed to the sharp decline in multifamily sales, which plummeted 44.7%. Pending sales are also down 43.6% from 12 months ago, indicating that the slowdown will continue over the next few months.

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