Berkshire Hathaway HomeServices New England Properties Releases

Third Quarter 2019 Rhode Island Market Report

An in-depth analysis of sales and emerging trends in the market.

 

Wallingford, CT (October 14th, 2019) – Single family home sales in Rhode Island were up 5.04% when comparing the third quarter of 2019 to 2018. The delayed spring market and low interest rates created steady increases over the last three months and pending sales were up across the Northeast in addition to the rest of the country.

According to NAR, “…optimism fared well in the third quarter of 2019 as 63% of people said they believe that now is a good time for a home purchase, “with 34% of those respondents strongly believing in this statement. Rhode Island statistics also share these sentiments. The $200,000 – $500,000 range showed the strongest sales this quarter, with over 7% more homes sold year over year.

Market wide, average days on market increased to 58 days, up 16% when compared to the same period last year. Average price rose to $347,000 and new listings brought to market decreased by 6.63%. Condominium sales remained flat this quarter, showing a normalization and balancing of the market as more buyers chose single family homes over condominiums. Right pricing plays a significant role, combined with property condition and proper home staging. Buyers know they have choices and prefer to wait for value properties that need minimal work for move-in.

Homes priced over $1 million increased by 14.46% this quarter, however average price decreased 16.46% to $1.6 million. Seasonally, there is an uptick along the coast during the third quarter which proved true in Bristol and Washington Counties with double the amount of sales when compared to 2018. Newport’s average price decreased this quarter and saw the most activity under $1 million.

Looking forward to the fourth quarter, the market has a heightened sense of momentum. Our sales executives are reporting a high level of activity among buyers and sellers alike. Since Labor Day weekend, open houses have been busy with buyers, specifically those looking to make a purchase quickly. The luxury market will still be sluggish but with low interest rates, now is the ideal time to sell and buy in the Northeast.

At Berkshire Hathaway HomeServices, we offer the unique ability to help buyers and sellers alike with all their home ownership needs. As the largest real estate company in the nation, our agents have partnerships with mortgage, insurance, and home warranty professionals to make the experience a one-stop-shop for today’s consumer. If you have any questions regarding the material presented in this report or any other real estate questions, please contact your Berkshire Hathaway HomeServices New England Properties sales associate. Our REALTORS® are here to help you navigate the current market with expert knowledge and exceptional service.

 

About Berkshire Hathaway HomeServices New England Properties/Westchester Properties/ New York Properties
Berkshire Hathaway HomeServices New England Properties/Westchester Properties/ New York Properties is a leading real estate brokerage firm with more than 1,800 REALTORS® in Connecticut, Rhode Island, Manhattan and Westchester County, NY. Selectively chosen by Berkshire Hathaway HomeServices and HomeServices of America; the global reach, financial strength and fresh brand make the brokerage the premiere real estate firm in the Northeast. Whether it is residential, commercial, corporate relocation, equestrian or waterfront living, our company and REALTORS® are local market experts committed to providing exceptional service to our clients. For more information, visit www.bhhsNEproperties.com, www.bhhsNYproperties.com or www.bhhsWestchester.com.

About Berkshire Hathaway HomeServices
Berkshire Hathaway HomeServices is among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, bringing to the global residential real estate market a definitive mark of trust, integrity, stability, and longevity. The network’s parent company is HomeServices of America, Inc., the nation’s largest, full-service residential brokerage firm as measured by transactions, and an affiliate of Berkshire Hathaway Inc. The Berkshire Hathaway HomeServices global network has more than 50,000 affiliated independent sales associates and 1,500 offices throughout the U.S. and abroad, generating US$114.5 billion in closed transactions in 2018. For additional information, visit www.berkshirehathawayhs.com.

 

Media Contact:

Joanne Anglada

joanneanglada@bhhsne.com

860-571-7065