And that’s a wrap!!!

As we wind down 2022, I thought we’d take a look back at what we’ve discussed in real estate throughout the year.

We started out with record low inventory across the residential categories, and threatening increases to interest rates for buyers. We talked about strategies for buyers in a very competitive environment and educated sellers navigating their home sales. 

Another topic we reviewed was how to plan and qualify for a mortgage and the various types of financing opportunities, especially with the changing rate dynamics this year.

Home maintenance and safety is always a beneficial conversation as a homeowner, so we touched on those topics as well.

Technology continues to provide great conveniences in searching for a home to purchase, building homes through 3D technology, as well as various products throughout the home, as we’ve discussed. It will be interesting to see and learn what other new developments will come available as we progress.

And here we are in December already. The year certainly flew by quickly.

Below is a brief report provided by RI Realtors to sum up where we are, and what to expect in 2023.

I want to thank you all for a great 2022 and wish you a Happy Healthy and Prosperous New Year ahead!!

Enjoy your Holidays!! Donna

RI Realtors

Rhode Island’s home sale trends remain steady. At $405,000 the median sales price of single-family homes rose 7.3%. The ratio of list price to sales price remained stable at 100%.

The number of single-family homes on the market fell 7.9% year-over-year, not surprising given rising interest rates and fewer options available for sellers to move to.

Sales activity dropped 20.1% from the prior year while pending sales – those sales under contract but not through the closing process dropped 40.9% from the previous year. Pending sales are the leading indicator of sales activity in the near future.

“We’re seeing an interesting real estate market right now. On the one hand, sales activity has fallen to about the same level as we saw during the economic shutdown of 2020. On the other hand, even with sales dropping, inventory is so tight that prices aren’t plummeting. The good news is that inflation started to come down and if that continues, we should see a drop in rates. That will jump start the market again but even with that, we still have a supply problem to correct before we will see a balanced market again,” said Bryant Da Cruz, President of Rhode Island Association of Realtors.

Donna DeLauro
Realtor at RE/MAX Real Estate Center
Also Proud Founder of Mature Matters
Senior Real Estate Specialist
donnadelauro@hotmail.com
www.donnadelaurorealestate.com
www.maturemattersrealestate.com