Understanding RI Real Estate Single Family Market Statistics (1st quarter 2017)
Lets take a quick look at what happened in the single family category RI real estate market:
During January 1, 2017 - March 23, 2017:
Number of Units Sold 1675
Average Sale Price $295,053
Median Sale Price $229,000
Average Days on Market 79
During January 1, 2016 - March 23, 2016:
Number of Units Sold 1624
Average Sale Price $284,367
Median Sale Price $222,750
Average Days on Market 90
The RI real estate market is gaining momentum and strength.
Single family homes are selling quicker in 2017 (vs 2016).
Days on market dropped from 90 to 79 (-12.22%).
Number of units Sold 1625 in 2016 up to 1675 in 2017 (+3.14%)
Average Sale Price $284,367 went up to $295,053 (+3.76%)
Median Sale Price $222,750 went up to $229,000 (+2.81%)
What does it mean for you as a professional RI real estate agent?
Let's do the math real quick and translate this into commission dollars.
So far this year, 1675 homes Sold for an average sales price of $295,053.
If we use the average commission paid to realtors per deal was 5% than the total commissions paid to RI realtors so far this year is: $ $295,053 x 1675 homes x 5% commission = $24,710,688.80
In RI there are 4,000+ real estate licensees (salespeople & brokers).
Less than a 1000 of them actually do business (approximately 20%).
Here is a more accurate estimated (based on 2016 production) breakdown of active realtors in RI:
Less than 20 agents are closing 50+ sales per year (these are the elite top producers)
About 115 agents closing 20-50 sales per year (top producers)
About 200 agents closing 10-20 sales per year (producers)
About 280 do 5-10 sales per year
About 220 do 1-5 deals per year
So lets reflect for a moment...
How much have you earned so far this year?
How much % is it from the total commission paid?
How many sales do you wish to close in the remaining 9 months?
What do you need to do different in order to do that?
What does this information mean for you as a RI home seller?
If you're contemplating selling your RI home, today would be a better time to sell than last year. As we all know the real estate market is dynamic and many factors can influence the value of your home. Condition, Location, Features, Size etc can make a big impact. I have seen 2 homes, similar size on the same street sell within 20%+ price difference in the same year. How can tat be? Some sellers are guided by professional realtors and some by mediocre. Yes, the agent you choose can make a huge impact on your home value and how quickly/slowly it sells.
In Circle100 we make sure each of our agents not just study numbers off the MLS, but actually go out visiting the active homes available. This way when you do a market study you can compare apples to apples. Unfortunately many realtors these days rely on unreliable sources to conduct home evaluation study and many are too lazy to do what it takes (preview every available RI active listing on the market).
For more information visit us at www.Circle100.com