The function of any market is supply and demand. The real estate market is a function of supply - number of available properties on the market and demand - a function of consumer confidence, employment and cost of money or interest rates. So, here we are on the first day of Spring 2007. What's up with the supply/demand here in Newport County?
Inventory is down 12% in the county since August of 2006. This is for all residential properties throughout the area. Some property types in some towns are more or less than 12%, but nearly every type and town is down.
We are currently running at 7 listings per day, 4.68 pendings per day and 2.47 sales per day.
Supply is dropping and demand is rising!! Good news! I don't think we'll see dramatic appreciation this year, if any at all, but the market is stabilizing.
Every property is unique and distinct. I have sold over $60,000,000 and know the local and regional market very well. Please call/email with your specific questions. Thank you.
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