South County’s Luxury Real Estate Boom: Mott & Chace’s Soby LIVE
Friday, March 12, 2021
Bridgette Soby with Mott and Chace Sotheby’s International Realty said South County has seen a “luxury real estate boom” during the pandemic — and a red hot Rhode Island real estate market.
"The South County real estate market — the luxury market in south county — certainly is very strong," said Soby on GoLocal LIVE. "The entire market in Rhode Island is really quite strong right now, at any given point in time we generally only have one to two months' worth of inventory, so it’s certainly making for a really competitive marketplace."
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST"The million-dollar plus market though, there is a little bit more room," she added. "Things are staying on the market a little bit longer generally speaking. The million-dollar and under price point, things are staying on the market about 35 days, so things are moving very quickly and a million dollars plus, you have about a 90 to 100-day buffer, so you have a little bit more room — but not much."
Price Point -- and Sales
"If you take a look at February 2020 as compared to February 2021, we’re at a 21 percent increase in terms of the list price. All of South County, I’d say the list price right now is about $579,000 — and that’s an increase over $439,000 I think from last year," said Soby.
"If you look at the luxury marketplace, from January 1st to today in 2021, we have had 41 single-family homes over a million dollars go under contract or pending, and if you take a look at that same time frame compared to last year, which was pre-pandemic of course, there was only 10," she said.
"So we’ve had a 300% increase in terms of the demand for luxury properties here in South County," noted Soby. "So it’s astronomical — it’s certainly a bit of a luxury real estate boom down here."
Mott & Chace Sotheby's International Realty is a paid content partner of GoLocal and appears weekly on GoLocal LIVE.
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