Residential Properties Announces Record 1st Half in 2021
Monday, July 26, 2021
“The spring of 2021 brought with it a feeling of rebirth and rejuvenation. This was reflected throughout our communities, revitalizing our personal relationships, industries, local businesses, and more,” announced Sally Lapides, President and CEO of Residential Properties. “With this in mind, let’s take a look at how these changing times have shaped our local real estate markets throughout the opening six months of the year.”
Overall sales in Rhode Island increased by more than 25% year-over-year, setting a new first-half record with over 8,000 total sales.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTLapides said, “While the number of new single-family listings in Rhode Island failed to return to pre-2020 levels, sales for single-family homes still managed to rebound by over 12% from the same time period last year, challenging the all-time midyear mark set in 2017. This stark contrast between supply and demand resulted in an over 40% drop in average days on market year-over-year, while the average single-family sales price in Rhode Island skyrocketed by almost 25%, reaching never seen before levels.”
The company in announcing its mid-year report said that after seeing significant decreases in sales during the first half of 2020, the Rhode Island condominium and multi-family markets both bounced back in a big way this year. Each segment saw an over 50% increase in sales, both reaching first-half record highs, while also setting new all-time marks for average and median sales price during the opening six months.
Partly due to rising prices, the Rhode Island luxury market saw a nearly 30% increase in new listings year-over-year. This helped to fuel an explosion of luxury home sales which increased by over 150%, more than doubling the previous all-time high for first-half sales.
"As we continue into the summer months, the real estate market is shaping up to be as hot as ever. With such active and competitive market conditions, we strongly advise reaching out to one of our knowledgeable, local real estate experts who will be happy to guide you throughout the entire process, whether buying or selling," said Lapides. "And of course, you can always visit our website to research communities, subscribe to market reports, sign-up for property alerts, and view listings with our videos and 3D virtual tours. Enjoy the rest of your summer, and as always, happy and successful house hunting!"
"As we continue into the summer months, the real estate market is shaping up to be as hot as ever. With such active and competitive market conditions, we strongly advise reaching out to one of our knowledgeable, local real estate experts who will be happy to guide you throughout the entire process, whether buying or selling," Lapides continued.
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