It seems the market in RI is showing some signs of improvement. While supply is critically high and overall prices will continue to drop in the next 12 to 24 months, price changes, pendings and showing activity is up. Coupled with this data is the slowdown in new listings.
I compile data every day on all status changes in the state from the State Wide MLS, www.statewidemls.com. I count the number of status changes and then average by the number of days in the month. This data is very helpful in understanding overall trends. It is not a barometer for your individual neighborhood or price point, but gives us a mile high view of the market and market trends.
Here's an interesting chart illustrating the number of new listings per day, pendings per day and price changes per day which clearly shows the dramatic rise in price changes per day along with the steady growth of pendings per day.
Please let me know your thoughts and comments.
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