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Along with a major shift towards online real estate services, low rates and even lower inventory, perhaps the biggest trend we saw in real estate throughout 2020 was the massive migration from metropolitan areas to smaller cities like Providence and second-home markets such as Aquidneck Island and other coastal communities throughout the Ocean State.
The Covid-19 pandemic shifted many professions from in-person daily operations to the digital realm. With the ability to work and attend school/university remotely, time spent at home and personal space for productivity has never been more valued. Competition will not cease to exist in 2021.
Without the need to be at the corporate office on a daily basis, getting out of densely populated areas and moving to areas that offer more space, outdoor amenities and the ability to move away from the costly burden of city living has been a prerogative for many city-dwelling professionals.
Unfortunately for many active buyers, there is extremely limited inventory for sale. According to the National Association of Realtors, inventory in December of 2020 was down nearly 15-20% compared to previous years. We can confidently anticipate similar expectations for 2021. Interest rates will likely remain low and with the uncertainty of the pandemic still looming, there’s a strong possibility that inventory will as well.
Like any market, real estate prices are determined by a supply and demand relationship. The current climate gives sellers the clear cut advantage in the market, leaving a deep pool of qualified buyers being forced to compete for the limited houses currently available. When inventory is low and demand is high, prices rise.
What do these higher prices mean for buyers? Buying a home in a seller’s market means you absolutely need to find out how much you can really afford. Commit to stay within a budget no matter how much external pressure you feel and work with a qualified lender to help assess your own personal situation.
Having a trusted and experienced local agent who knows how to navigate this sector is extremely beneficial and in my opinion, they key to navigating a competitive market. In the State of Rhode Island, sellers pay the broker commissions, meaning buyer representation comes at no cost to a purchaser.
Working with a qualified realtor will help you compete for properties as well as give you the inside track on new listings and homes coming to market.
If you have any questions about real estate in Rhode Island, please feel free to contact me directly at 401-241-1851 or TylerB@RemaxNewportRI.com
What Sold: 23 Newport County real estate sales, transactions (Jan. 10 – 17)
7 La Salle Place sold for $585,000 on January 15. This 1,308 sq. ft home has 3 beds and 2 baths.
47 Dudley Avenue sold for $480,000. This 1,093 sq. ft home has 3 beds and 2 baths.
70 Carroll Avenue #702 sold for $208,000 on January 15. This 708 sq. ft home has 2 beds and 1 baths.
112 Esplanade sold for $1,870,000 on January 10. This 1,969 sq. ft home includes 3 beds and 2 baths.
141 (Rear) Forest Avenue sold for $569,000 on January 15. This 3,088 sq. ft home has 4 beds and 2.1 baths.
7 Wedgewood Drive sold for $480,000 on January 12. This 1,318 sq. ft home has 4 beds and 2.1 baths.
46 William Street sold for $740,000 on January 15. This 2,200 sq. ft home has 3 beds and 2 baths.
70 Douglas Avenue sold for $199,000 on January 15. This 832 sq. ft home has 2 beds and 1 baths.
15 Calvert Place sold for $1,510,000 on January 14. This 3,577 sq. ft home has 6 beds and 3.1 baths.
30 Intrepid Lane sold for $1,0050,000 on January 15. This 3,345 sq. ft home has 4 bedrooms and 4.1 baths.
66 Pemberton Avenue sold for $790,000 on January 15, This 2,152 sq. ft home has 3 beds and 3 baths.
54 Copper Beech Drive sold for $685,000 on January 15. This 2,364 sq. ft home has 4 beds and 2.1 baths.
95 Riverscape Lane sold for $1,400,000 on January 12. This 4,846 sq. ft home has 5 bedrooms and 4.1 baths.
69 Nanaquaket Road sold for $1,370,000 on January 15. This 2,533 sq. ft home has 4 beds and 2.1 baths.
23 Mallard Lane sold for $700,000 on January 15. This 2,912 sq. ft home has 3 beds and 2.1 baths.
58 Lazywood Lane sold for $465,000 on January 13. This 2,154 sq. ft home has 3 bedrooms and 2.1 baths.
1736 Bulgarmarsh Road sold for $460,000 on January 11. This 2,132 sq. ft home has 4 beds and 2 baths.
70 Crest Road sold for $408,500 on January 11. This 2,180 sq. ft home has 3 beds and 2 baths.
29 Mark Drive sold for $396,000 on January 11. This 1,466 sq. ft home has 3 beds and 1.1 baths.
612 Fish Road sold for $328,900 on January 15. This 1,367 sq. ft home has 3 beds and 1 baths.
45 Starboard Dr. Drive #440 on January 15. This 1,106 sq. ft home has 1 bed and 1.1 baths.
115 Mill Street sold for $349,000 on January 11. This 1,344 sq. ft home has 2 beds and 2 baths.
86 South of Commons Road sold for $1,150,000 on January 14. This 2,953 sq. ft home has 3 bedrooms and 3 baths.