East Side Providence Real Estate Market 2012: How Did We Do?

Happy New Year from the C.C. Wall Real Estate Team! Here’s to taking advantage of market conditions in 2013.

As we look ahead to the 2013 East Side real estate market, it is a good time to look back on the 2012 market to gain some insight on market conditions that can help us create the smoothest and surest path to achieving our clients’ real estate goals.

There were 191 single family sales last year on the East Side. By sold price they break down this way:

16 sales over $1 million; 5 sales in the $900s; 8 sales in the $800s; 14 sales in the $700s; 19 sales in the $600s; 15 sales in the $500s; 36 sales in the $400s; 37 sales in the $300s; 26 sales in the $200s; 11 sales in the $100s; 4 sales under $100,000.

 

2012 rhode island single family pricing trends,

115 of those sold properties (60%!!) were on the market for fewer than 100 days.
33 of those sold properties (17%) were on the market for 100 to 150 days.
41 of those sold properties (21%) were on the market for more than 150 days.
(I realize that only adds up to 98% – my calculator rounds to nearest whole percent)
These statistics underscore the importance of the Wall Team’s tried and true marketing strategy of beating the competition on presentation and pricing. A properly staged and priced house should sell within its first 30-90 days on the market.

Over-priced listings not only sit on the market and erode the seller’s negotiating strength, they also help sell other similar houses that are properly priced. Buyers shop by comparison and when they see a house that beats the competition in the categories of location, condition and price and makes their choices clear.
With last year’s sold single families in mind, let’s look at the current active single family inventory on the East Side by list price range:
9 listings over $1 million; 2 in the $900s; 4 in the $800s; 5 in the $700s; 7 in the $600s; 7 in the $500s; 5 in the $400s; 6 in the $300s; 7 in the $200s; 2 in the $100s.

Granted there are always fewer listings in the winter on the East Side; however, the thing that really jumps out at us is the supply and demand disconnect in the $300,000s and $400,00s price ranges.
Seventy-three of the 191 solds last year (38%) were in these price ranges. Currently there are only 11 actives listings on the East Side in the 300s and 400s (only 20% of active inventory). If you are a seller, it is to your great advantage to get your house on the market as soon as possible when supply is low and demand is high.
If you or a friend is thinking of selling, please give us a call or drop us an email! We would be happy to do a pricing analysis and offer guidance on maximizing your house’s appeal for today’s buyer.
Wishing you all the best for a happy and healthy year!

C.C. Wall Real Estate Team at Residential Properties