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Newport Real Estate |
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Newport County Quarterly Report 2008 Quarter 2Posted at 4:21 AM on Jul. 13, 2008
The second quarter of 2008 just ended, and although activity picked up a bit, market activity is still a bit slow. Buyers still seem to be hesitant, despite this being the best buyer's market we've seen in over twelve years! Home prices across southern Rhode Island are down about 14% from the peak we saw in the third quarter of 2005. A few months ago I reported that the market was showing signs of stabilizing; however this quarter showed a continued slow decline in median sale prices. Inventory is up again as well. As of July 3, there were 1385 properties for sale in Newport County. The median sale price for a Newport County residence in the second quarter was $358,500, down sharply from the $418,750 median we saw in the same quarter in 2007. In Bristol County, the median sale price was $335,000, down about 10%. In South County, the median price was down about the same 10%, to $322,000. Not good news if you've bought a home in the past two years, but chances are good that if you bought your home before 2003, its value is still up considerably.
While buyers are at a definite advantage at this moment, if you are considering selling (or know someone who is) it's still possible to get a good price. However, in this market, it's as important as ever to be sure that you get the right professional help, whether buying or selling!
For additional details, visit my web site at http://www.steve-larson.com View more entries tagged with: Real Estate, Newport, Market, Report, Update |
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