Taking a look at the October real estate market report for RI!

It was another significant month in Rhode Island real estate for October! Just released figures for single family , multi family and condo sales indicate that housing trends in RI continue to remain consistent . In single family homes the price for new listings increased 6% in October while supply decreased from 4.9 months to 4.8 months.  Additionally the median price has risen now for 21 consecutive months while sales activity has decreased for the 8th consecutive month. Although there has been an increase of 6.2% in the amount of single family homes for sale over last year we still continue to have an overall lack of inventory in many price points.  In the multi family department it’s been very busy. I have noticed a big uptick in my multi family clients with many first time home buyers and investors contributing to the 13% increase in closing activity ! The median price of multi family homes has also risen by a whopping 14% in October. In the condo market although the number of condos for sale rose  6.7% in October the median sale price  decreased by 1.2%.  In sum when we look at the month’s real estate activity as a whole the numbers support the finding that key economic indicators remain high. Consumer confidence is up, unemployment is at record low levels, the GDP is up and the stock market continues to remain strong despite some recent volatility. All of this is much in line with the majority of economic forecasters who are theorizing that 2019 will continue to be a strong year in real estate! All the more reason to reach out to me if you are contemplating a real estate move on the buy and /or sell side in the near future. This native Rhode Islander and resident Realtor would love to be of help!!!  Best wishes!