I thought I would share some sales statistics for RI for the 1st half of 2007. I'm often asked what the average price of a home is in a given area of RI, how long a property has been on the market, etc. And I've been keeping everyone apprised of the "doom and gloom" reported in the media--another pressure on home sales in my opinion.
Well here are some numbers for you to consider.
In the 1st half of 2007, 5,133 homes and condos were sold with an average selling price of just over $335,000. We have to be careful when considering the average selling price of an entire state, especially in a place as small as RI where multimillion dollar homes are never more than a 20-30 minute drive from the most depressed areas of the state.
Consider this. In Providence, the average list price (the "asking price" when the house first goes on the market) was $215,814 in the 1st half of '07 and the average selling price was $207,322. On the EAST SIDE of Providence, however, the average list price was $601,944 with an average selling price of $548,933.
A licensed REALTOR can look at the condition of your home, your individual neighborhood, and the larger municipal area in which you live to help correctly price your home for TODAY'S market. A friend of mine recently asked me about a website, increasing in popularity, that enables you to see active and sold listings on the market with great map capabilities, etc. I visited this site (I am not going to put its name here.) a few days ago and found that the "recent" sales data on many of the houses I checked were from 2005--the TOP of the market 2 years ago.
Pricing your home correctly is probably one of the most important factors in determining how long your home will take to sell. Other things to consider: Make your house stand out among the competition. Repair any defects; de-clutter your home; keep your house clean for any last minute appointments that pop up (not just at open house time); keep your yard tidy.
The following table shows # of Days on Market (DOM) of the 5,133 homes that were sold in the 1st half of the year. Nearly 1/2 sold within 2 months and the majority sold in less than 120 days.
0 - 30 Days....................1,401
31 - 60 Days................... 936 (2,377)
61 - 90 Days................... 702 (3,039)
91 - 120 Days.................. 565 (3,604)
121+ Days......................1,529 (5,133)
Well here are some numbers for you to consider.
In the 1st half of 2007, 5,133 homes and condos were sold with an average selling price of just over $335,000. We have to be careful when considering the average selling price of an entire state, especially in a place as small as RI where multimillion dollar homes are never more than a 20-30 minute drive from the most depressed areas of the state.
Consider this. In Providence, the average list price (the "asking price" when the house first goes on the market) was $215,814 in the 1st half of '07 and the average selling price was $207,322. On the EAST SIDE of Providence, however, the average list price was $601,944 with an average selling price of $548,933.
A licensed REALTOR can look at the condition of your home, your individual neighborhood, and the larger municipal area in which you live to help correctly price your home for TODAY'S market. A friend of mine recently asked me about a website, increasing in popularity, that enables you to see active and sold listings on the market with great map capabilities, etc. I visited this site (I am not going to put its name here.) a few days ago and found that the "recent" sales data on many of the houses I checked were from 2005--the TOP of the market 2 years ago.
Pricing your home correctly is probably one of the most important factors in determining how long your home will take to sell. Other things to consider: Make your house stand out among the competition. Repair any defects; de-clutter your home; keep your house clean for any last minute appointments that pop up (not just at open house time); keep your yard tidy.
The following table shows # of Days on Market (DOM) of the 5,133 homes that were sold in the 1st half of the year. Nearly 1/2 sold within 2 months and the majority sold in less than 120 days.
0 - 30 Days....................1,401
31 - 60 Days................... 936 (2,377)
61 - 90 Days................... 702 (3,039)
91 - 120 Days.................. 565 (3,604)
121+ Days......................1,529 (5,133)
If you're thinking about selling your home, then give me a call or send me an e-mail. I'll be happy to look at homes that have sold in your neighborhood in the last 2, 4, or 6 months to get a more accurate picture of the real estate market where you live.
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