Great Island: New Year Newsletter

2023 And A Look Ahead

While 2023 delivered its fair share of challenges to the real estate market, you may be surprised to know that it was generally favorable to sellers in our community and it looks like that trend will continue into 2024.

Following is the data for single family home (SFH) sales on Great Island.  This “hyper local” information indicates the current and potential value of your investment and what to expect if you are considering a sale this year.

Great Island SFH Home Sales 2023*

Average Sold Price:        $931,444

Avg Days on Market:      42

Avg Price per Sq Ft:        $799

The average price per square foot is a key metric – the sale of smaller, expensive homes attests to the power of Great Island’s highly desirable location.  For example, 45 Marine Drive (pictured here) recently sold for $1.855M; 21 Days on Market; $962 per sf.

Listing Courtesy Of: Rhode Island MLS/Mott & Chace Sotheby’s International Realty/Kathy Kourakis

A 5-year lookback provides a critical perspective on the market against pre-pandemic activity.

Compared to 2019*:

Average price is up 47% (from $632,290)

Days on market is down 42% (from 73)

Average price per square foot is up 49% (from $502)

These numbers suggest that sellers who bought their homes before 2020 can expect a significant return on their investment if they sell in 2024.

What about those mortgage rates?

Many sellers are wondering if the buying pool has “dried up” because of high interest rates.  A lot of buyers are actually paying cash, especially at higher price points.  Three of the nine homes sold on Great Island in 2023 were cash deals.  And many lenders are making it easier for buyers who are financing by offering no/low fee refinancing options once rates adjust.

Timing is everything. 

What’s the best time to list your house?  Many buyers in our market want to be in their new home in time to enjoy the beautiful Narragansett summer.  Spring listings are the most appealing to these buyers, since we can assume a 45-90 day period to close if buyers are financing.  Now is the right time to get a comparative market analysis (CMA) and get your home listed as soon as possible.

Michael Mosca is a real estate agent specializing in coastal RI properties with Mott & Chace Sotheby’s International Realty in Narragansett, Rhode Island.  If you’d like guidance pricing a home to sell or buy:  Michael.Mosca@mottandchace.com or 917-287-0950