Real Estate: Strong Sellers' Market Continues in New England

New England is largely a sellers' market, with few exceptions, according to  RE/MAX INTEGRA New England's 2018 Spring Market Trends Report. Locally, Rhode Island  boasts the lowest average days on market in the region at 64 days.

Low inventory coupled with strong economic factors has led to intense competition, driving up prices and pushing buyers to expand their horizons and think outside of the box.

The annual report evaluated data from most regions across Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont, looking at pricing, volume, and general trends in residential real estate and luxury markets.

Other highlights in this year's report include:

• The only balanced market in New England, Connecticut was the only state in which a property's average days on market increased, from 94 to 104 days, had the highest decrease in total units sold, and the highest decrease in total sales volume.
• Maine had the highest percentage increase in average sales price for both traditional and luxury properties at 10% to $237,295 and 13% to $1,709,313, respectively. The already-crowded Portland area is seeing an influx of buyers seeking second homes; this type of market is not typical of cities.
• Massachusetts has the highest average sales price of any New England state, coming in at $470,016. Properties in Boston are seen as a more affordable investment than in other large cities like New York and San Francisco, and buyers with resources, especially foreign investors, are continually driving prices up and other buyers out.
• New Hampshire saw the highest decrease in average days on market at 13%, from 99 days to 87 – and with sellers accepting offers within 2-3 days for properties under $300,000, inventory is moving quickly.
• Rhode Island's average luxury sales price dropped 30%, the most in New England. However, its traditional market is holding steady with the average sales price up about 8% and the lowest average days on market in New England at 64 days, down about 13% from this time last year.
• Vermont had the lowest increase in average sales price of all New England states at 3.25% to $255,024. Along with Rhode Island, it also saw a decrease in average luxury sales price, which is down about 8% from this time last year.

Download the full report here 

"In the current New England real estate landscape, with many buyers losing out on their desired properties due to fierce competition and rising prices, it is imperative that we fully understand the markets and provide our clients with meaningful and actionable insights," said Fiona Petrie, Executive Vice President & Managing Director of U.S. Operations, RE/MAX INTEGRA, New England. "We strive to know exactly what is going on in our markets so we can be the best resource and steward for our clients, whether they are buying or selling."

All data was sourced from RE/MAX brokers and real estate transactions reported in the Multiple Listing Service and RE Stats. Data from 2017 encompasses January 1, 2017 to March 31, 2017 and 2018 data encompasses January 1, 2018 to March 31, 2018.