The first quarter of 2007 is in the books. The real estate "meltdown" as some would call it DID NOT materialize in the area, in fact demand is up in certain areas and types of products and overall supply is down. So, let's go to the numbers:
Newport County overall supply is down 9% since August 30, 2006. Demand for single family properties are up; 32% in Newport, 60% in Middletown(Last year was awful - any ideas why?). Portsmouth single family is up 7%, Tiverton, Little Compton and Jamestown demand is all down around 20% but there are very few transactions.
Prices - Newport median sales price UP 17%, Middletown down 17%, Portsmouth down 1%, Tiverton down 9%. Please note that the AVERAGE sales price is up 69% in Newport and 67% in Middletown, up 8% in Portsmouth, up 12% in Tiverton, up 31% in Jamestown and down a whopping 53% in Little Compton!
Condominiums are having a tough time right now with demand and prices down across the board. I do think there will be more activity and price stabilization as the warmer weather will stimulate demand and remove some supply from the table. Currently there are 311 condo's on the market in the county with 50% of that supply in Newport. Newport's condo market is very seasonal and as the weather warms and the summer visitors come back, so will the demand for condo's.
The overall state picture for single family properties shows much the same picture although demand is slightly down from 2006, 1,616 sales versus 1,624 or down .49%. the average sales price came in at $350, 147 up from $347,990 - up .62% and the median sales price was down 2.86% $272,000 this year and $280,000 in 2006.
Ok, so now I've filled your head with lots of numbers and percentages and your wondering what does this all mean. What it means is that we are in a normal market and that the sky is not falling. What it DOESN'T mean is that your home or condo devalued. Each property is unique and distinct and a full market comparison report is required to see what your properties value is in todays market. Please let me know your thoughts and call/email with questions.
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