Home inventory increasing in Providence, Warwick

PROVIDENCE – The inventory of homes for sale in Providence and Warwick is increasing, up 3.4 percent from last December, according to data from the online listing service Realtor.com.
The increase in listings in Rhode Island’s two largest cities goes against the national trend for the month of shrinking supply. The Providence and Warwick market had 7,754 total listings in December, with a median list price of $274,000.
The median list price increased 2.2 percent from last year, according to Realtor.com.
The age of the inventory dropped in Providence-Warwick as well, to 92 days on market, down 1.6 percent from December 2013.
Most real estate markets in the U.S. had tighter inventories of listings in December, according to the service. Of those with more listings, Rochester, Minn. and Orlando, Fla. had the greatest increases in supply, up 28 percent and 20 percent respectively.
Jonathan Smoke, chief economist for Realtor.com, said in a prepared statement that inventory had been increasing nationwide through most of 2014, an indication of a strengthening market.
“In December, we saw inventory tighten nationally, and we need to see that trend reverse quickly in 2015, especially in affordable price points, if we are to see growth in sales,” he stated.

No posts to display