Now that the weather has improved, significantly, will the Buyers come out into the sunshine and start to express interest in properties? That was the hope, and yes, I am glad to report that our Pending Index, or total number of contracts written per day, for Newport County has improved! In mid April of this year the index was showing a paltry 3.63 pending per day. Much lower than the 4.83 we saw in 06. Now it is at 4.9 and we are seeing much more activity from Open Houses, sign calls, internet inquiries and showings. This bodes well for a very good June for sales.
Now we must look at current inventory levels to understand where we are in the market. As of today there is a total of 1,337 properties on the market comprised of 775 single family, 92 multi family, 303 condominium and 167 vacant land properties. While this is a relatively high inventory number, it is actually down from the August of 2006 total of 1,355. I compare this number to August as it is the closest high supply month to today. Supply tends to increase in spring and decrease in late summer/fall.
With supply down and demand on the rise how can we not be optimistic!
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