Lately, I am constantly asked about where the real estate market is trending.
“What do you think is going to happen in the next six months?”
“Are we in a ‘real estate bubble’ right now?”
“Do you think the market is going to crash soon?”
I have had these conversations with a wide range of people, from first-time home buyers who may be monitoring the market for the first time, to seasoned industry professionals who have experienced just about every type of market possible.
Personally, I’ve been in the business long enough to have known the climb in the early 2000’s, the significant drop of 2008, the steady climb back up from 2013 – 2019 and the recent surge that we have seen in the last two years. In order to gain a better understanding of historical markets, I’ve also read, studied, and talked with experts about what things were like in the 80’s and 90’s.
The most transformative difference between market conditions now and how things have been during other market shifts in the past is related to technology. The data being collected and distributed regarding the real estate market now is so accurate, in-depth, and delivered so quickly that this makes a real difference to the market. Ultimately, people dictate market changes.
People make decisions whether to buy or sell based upon the information that is available to them. Now, more than ever, that information is at their fingertips, and that technology heavily impacts supply and demand. Gone are the days of properties sitting on the market until someone discovers them in a magazine, newspaper, or while driving through the neighborhood. Because this information is delivered so quickly, the days on market are getting shorter and shorter. Buyers that are in the market are able to see everything they need to formulate a strong opinion before they ever physically go to a property. This enables professionals in the market to know what the trends are down to the most recent weeks and price / market properties accordingly.
Right now, inventory levels are remaining very low. They’ve even continued to drop in recent months. This decrease comes despite a continued supply of new inventory hitting the market, because that housing inventory is being purchased within days of it being introduced.
I don’t think that this trend will continue for years, but I do see it sticking for the near future.
Clearly there are enough buyers in the market to consume new inventory as it comes out for the next several months. At some point, the supply of new homes will start to outpace the number of buyers that are ready, willing, and able to transact, and then things will start to flatten out a bit. However, I don’t see them dropping. If they were to dip at all, the market will see that dip immediately and be able to react in a manner that corrects the dip.
In summary, the bottom falling out of this market does not seem like a viable option to me. The pace flattening and things returning to a balanced level of supply and demand does seem more likely. The good news is, this balance should be a modest change and not the dramatic shift that some people fear.
The following active properties are new to the market in the last seven days. There have been quite a few other properties that were brought to market in the last seven days, but many of them are already under contract. This list represents those properties that were listed within the last seven days and still remain in an active / available status today. For an immediate and instant update on properties as they hit the market, subscribe to our market updates and receive the most accurate and immediate information available.
- 78 Alfred Drown Road: $1,089,000
- 8 Saint Andrews Way: $849,900
- 421 Sowams Road: $729,000
- 51 Middle Highway: $575,000
- 173 Maple Avenue: $380,000
- 9 Leila Jean Drive: $525,000
- 311 Metacom Avenue: $379,900
- 243 State Street: $375,000
- 62 Cliff Drive: $335,000
- 9 Mill Street: $375,000
- 11 Ridgeway Drive: $320,000
- 60 Raymond Drive: $789,900
- 40 42 Willow Lane: $459,000
- 35 Locust Avenue: $380,000
- 169 Cedar Avenue: $309,923
East Side of Providence
- 68 74 Pitman Street: $1,875,000
- 265 267 Benefit Street: $1,595,000
- 441 Rochambeau Avenue: $1,250,000
- 21 Rose Court: $995,000
- 329 Olney Street: $865,000
- 32 Winfield Road: $825,000
- 188 Bowen Street: $779,000
- 58 Cole Avenue: $659,000
- 22 Cushing Street: $615,000
- 232 Power Street: $499,900
- 170 Irving Avenue: $499,000
- 7 Mt. Hope Avenue #304: $399,000
- 173 Congdon Street #3: $259,000
If you have any interest in seeing these properties or others, we would love to hear from you. The properties featured today are just a sampling of opportunities currently on the market. Feel free to contact us via phone or email, or click below to schedule a quick 15 minute phone call so we can hear more about your real estate goals.
About Chart House Realtors
Written by Matthew Antonio, Team Leader for Chart House Realtors in Barrington, RI.
Chart House Realtors combines the best aspects of size and scale. We are a small boutique firm with 7 full-time, local members. We operate out of our office in Barrington, RI conducting business throughout RI and MA. We are also affiliated with Keller Williams, which is the largest real estate brand in the world, with more agents, more sales and more reach than any other real estate company. So, our clients get the best of both worlds!
Our small, local size gives us the ability to craft a unique personalized plan for each and every client. At the same time, the size and scale of Keller Williams allows us to reach buyers and sellers on a national and international level. Year-to-date, Chart House is ranked among the top 1% in sales across all agents in Rhode Island and Massachusetts.
If you are considering buying or selling property anywhere in Southern New England, we would love to hear from you.