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2012 ended on a great note with both median prices and sales activity on an  upswing. A  recent press release by the Rhode Island Association of Realtors  reports both  price gains and diminishing inventory as factors which ultimately leveled the playing field for both buyers and sellers. According to RIAR, this is a typical measure of a balanced market  and it hasn't occurred since before the housing downturn first began. December closed with an 18% drop in supply of single family homes for sale, which provided a 6 month supply of properties for sale. “The number of homes sold increased consistently throughout 2012 but we didn’t see price gains until the fourth quarter.  Median price has been up from the prior year for three consecutive months now.  That’s a strong indication that we’re heading out of the woods,” said Victoria Doran, 2013 President of the Rhode Island Association of Realtors. Over the past few years, sellers have been accepting of the market conditions, leaving little room for price negotiations. But 2012's historically low interest rates caused growth and sellers now have more of a say when pricing their homes for sale.  Any agent can tell you that adequately pricing your home will sell it the fastest. As inventory continues to be reduced, the more balanced the market will become for 2013.

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Jim DeRentis
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