Kent County, Rhode Island
Market Metrics Report December 2023
Let's start by examining the "Months Supply of Inventory," which currently stands at 1.52. This metric represents the number of months it would take to sell all the available properties on the market, given the current sales pace. A lower number indicates a seller's market, where demand exceeds supply, leading to potentially higher prices and faster sales.
let's consider the "12-Month Change in Months of Inventory," which shows a significant decrease of -8.98%. This means that compared to the previous year, there has been a substantial reduction in the amount of time it takes to sell available properties.
Moving on to the "Median Days Homes are On the Market," we find that properties spend an average of 18 days before being sold. This metric highlights the swift pace at which homes are being snatched up by eager buyers. For sellers, this means a potential quick sale, while buyers must act swiftly to secure their desired properties.
Let's now turn our attention to the "List to Sold Price Percentage," which stands at an impressive 99.8%. This metric indicates that homes are being sold very close to their initial listing price. Such a high percentage suggests that sellers are experiencing minimal price reductions and are able to secure favorable offers.
Lastly, we come to the "Median Sold Price," which currently sits at $383,750. This figure represents the middle point of all home sale prices in the market. This median value gives us a general idea of the market's overall price range.
The short "Median Days Homes are On the Market" further reinforces the notion of a fast-paced market, where buyers must act promptly to secure their dream homes. The high "List to Sold Price Percentage" signifies that sellers are achieving prices close to their initial listing price, showcasing their bargaining power in negotiations.
Finally, the "Median Sold Price" of $383,750 gives us an idea of the price range within this market. It is important for both buyers and sellers to analyze these metrics to align their expectations and make informed decisions.
With any market it is important to consult with a Rhode Isalnd real estate agent for expert analysis of the current market and how it is trending so you can make an informed decision about buying or selling a home. At REMAX 1st Choice
we offer at no cost or obligation real estate consultation for both home buyers and sellers.
REMAX 1st Choice
980 Reservoir Ave
Cranston, RI 02910