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: 25 Newport County real estate sales, transactions (Jan. 4 – 11)
11 Roseneath Avenue sold for $1,485,000 on January 8. This 2,188 sq. ft home has 4 beds and 3.1 baths.
10 Linden Gate Lane sold for $1.2 million on January 9. This 1,854 sq. ft home has 4 bedrooms and 2 baths.
19 Old Beach Road sold for $1,140,000 on January 8. This 4,307 sq. ft home has 7 bedrooms and 8 baths.
10 Cranston Avenue sold for $636,000 on January 5. This 1,442 sq. ft home has 3 beds and 2 baths.
4 Sagamore Street sold for $443,000 on January 7. This 1,038 sq. ft home has 3 bedrooms and 1 bath.
31 Cranston Avenue #1 sold for $780,000 on January 4. This 2,423 sq. ft home has 3 beds and 3 baths.
6 8 Marin Street sold for $915,000 on January 5. This three-story home spans 5,834 sq. ft.
65 Friendship Street sold for $575,000 on January 5. This three-story home spans 3,809 sq. ft.
112 Esplanade sold for $1.87 million on January 10. This 1,969 sq. ft home has 3 bedrooms and 2 baths.
25 Little Creek Lane sold for $1,025,000 on January 7. This 2,100 sq. ft home has 3 beds and 2 baths.
162 Peckham Avenue sold for $415,000 on January 4. This 1,176 sq. ft home has 3 beds and 1 bath.
75 Green End Avenue #B sold for $450,000 on January 7. This 1,518 sq. ft home has 2 beds and 2 baths.
23 Hilltop Drive sold for $599,000 on January 7. This 2,135 sq. ft home has 3 beds and 2.1 baths.
1 Tower Drive #505 sold for $525,000 on January 5. This 1,365 sq. ft home has 2 beds and 2 baths.
20 Westwood Road sold for $3.6 million on January 5. This 2,272 sq. ft home has 4 beds and 2 baths.
28 Calvert Place sold for $1.2 million on January 8. This 1,985 sq. ft home has 3 beds and 2.1 baths.
30 Carey Lane sold for $716,000 on January 7. This 1,400 sq. ft home has 3 beds and 2 baths.
26 Mount Hope Avenue sold for $450,000 on January 7. This 1,820 sq. ft home has 3 bedrooms and 2.1 baths.
29 Mark Drive sold for $396,000 on January 11. This 1,466 sq. ft home has 3 beds and 1.1 baths.
87 Wood Avenue sold for $366,000 on January 8. This 1,736 sq. ft home has 2 beds and 1.1 baths.
36 Warren Avenue sold for $320,000 on January 7. This 1,086 sq. ft home has 3 beds and 1 bath.
114 Grinnell Avenue sold for $265,000 on January 6. This 1,008 sq. ft home has 3 beds and 1 bath.
33 Pocasset Avenue sold for $260,000 on January 6, This 660 sq. ft home has 2 beds and 1 bath.
115 Mill Street sold for $349,000 on January 11. This 1,344 sq. ft home has 2 beds and 2 baths.
120 Mill Street sold for $237,900 on January 8. This two-story home spans 1,836 sq. ft.