The chart below represents Newport's single family market over the last 6 months. According to Statewide MLS data, an average of 17% of available single families are going under contract each month and an average of 8% are selling. If you're a seller it's important to understand that it will take some time for this inventory to be absorbed. If you're a buyer, well, you could be forgiven for thinking it's too turbulent to jump in, but when the pendulum swings (and it always does...) I predict you will look back longingly at this chart.
Leslie Hogan, Broker / Owner, Hogan Associates, 129 Bellevue Ave., Newport, RI 02840 401-845-9513, f. 401-633-6447