Even with another winter storm rolling through Newport County this past weekend, the local real estate market is finding its rhythm. As we move deeper into the first quarter of the year, both buyers and sellers are gaining traction, and the Spring market is beginning to take shape.
The snow definitely kept some buyers at home on Saturday as Open Houses across Newport County were either cancelled or quiet, but overall engagement remains strong. We are seeing consistent showings, solid online activity, and serious conversations happening around well-prepared listings. Homes that are priced appropriately are moving quickly, often after just a few days on the market.
Last week alone, nine properties officially traded hands in the MLS across condos, single-family homes, and multifamily properties. That steady flow of sales is a great indicator that the market is active and healthy.
One interesting trend continues to stand out. Of those nine sales, seven conveyed for less than their original listing price. This shows that the market is shifting and resetting a bit when it comes to pricing expectations.
There is a difference between perceived market value and true fair market value. Perceived value is what a homeowner believes their property is worth. Fair market value is what an actual buyer is willing to pay for it. Right now, we are seeing that buyers are willing to pay strong prices for the right homes, but they are also paying close attention to condition, preparation, and pricing strategy. Buyers are much more work averse than they were in previous years. Gone are the days and mindset of “buying the worst house in the best neighborhood” and sweat equity seems to be a mantra of the past for many.
Strategic preparation and thoughtful pricing are what move the needle. Homes that hit the market in great shape and at realistic price points are still attracting multiple showings and strong offers. Homes that stretch too far on price are sitting longer and adjusting back to where the market says they belong.
Over the next few weeks, I am working on bringing a number of new listings to market, and I am excited to help add more much-needed inventory for Spring buyers. More choices for buyers means more opportunity for sellers who are ready to make a move. If you are thinking about buying or selling this year, now is the time to start the conversation. The earlier you plan, the better positioned you will be when the right opportunity comes along.
I would be happy to sit down with you for a confidential and complimentary consultation to talk through your goals and options. You can reach me anytime at 401-241-1851 or TylerB@resultswithremax.com.
Here is a look at What Sold last week in Newport County.
21 Helm Street, Jamestown. Cape Cod.
Sold Price: $1,350,000
3 beds | 3.1 baths | 2,335 SF
36 Kay Boulevard, Newport. Colonial, Cottage.
Sold Price: $1,250,000
3 beds | 3 baths | 2,384 SF
7 Cozzens Court, Newport. Colonial.
Sold Price: $1,075,000
6 beds | 3 baths | 2,317 SF
19-21 Princeton Street, Newport. Side/Side Multi-Family.
Sold Price: $675,000
4 beds | 2.2 baths | 2,392 SF
43 Harrington Avenue, Portsmouth. Ranch.
Sold Price: $560,000
4 beds | 2.1 baths | 1,547 SF
62 Education Lane, Portsmouth. Ranch.
Sold Price: $530,000
3 beds | 2 baths | 1,242 SF
102 Hayden Avenue, Tiverton. Ranch.
Sold Price: $430,000
2 beds | 1 bath | 1,215 SF
495 Hooper Street, Tiverton. Cape Cod.
Sold Price: $380,000
4 beds | 1 bath | 1,610 SF447 Stafford Road, Unit #E4, Tiverton. One Level Condo.
Sold Price: $263,500
1 bed | 1 bath | 1,025 SF