It’s hard to believe we are already one month into the new year! Before you know it, Spring will be here. It’s time to plan for what should be a fantastic Spring Market!
The momentum of the 2020 real estate market has carried over into the new year, and the statistics for last year are quite impressive. Sales statistics recently released by the Rhode Island Association of REALTORS® show a gain of 5.1 percent in closed transactions for single family homes, and an increase of 12.3 in median price. It seems the greatest challenge now is inventory. Hopefully, with the distribution of vaccines, more homeowners will feel comfortable with marketing their homes.
Nationally, the numbers are up as well. The National Association of REALTORS® reported that existing home sales were at the highest level in 14 years, 22 percent higher than a year ago. Lawrence Yun, NAR’s chief economist, predicts the momentum to carry into this year, with interest rates continuing to stay low. “Moreover, expect economic conditions to improve with additional stimulus forthcoming and vaccine distribution already underway.”
With all this positive news, it’s time to be prepared for what should be another fantastic year in Real Estate. Are you using the SentriLock lockbox system? I encourage all members to become familiar with it and all of the beneficial features. SentriLock lockboxes are safe and secure, and you can still purchase them for half price at KWAOR--check out the details on our website. Be sure to take advantage of our ongoing Lunch & Learn series, detailed below, and watch for special SentriLock training coming soon.
With that, I wish you all a happy, safe, and prosperous year!