Cranston Home Sales up Significantly this Year

Thinking of buying a new home and expecting to encounter a true buyer's market with lots of inventory, rock-bottom prices and sellers willing to bend over backwards to make a sale?

Think again.

Reasonably-priced homes in the city are moving fast and inventory is low. That means some houses are getting multiple offers and very close or at or above asking prices.

The numbers tell the story: since Jan. 1, sales are up 18.92 percent over last year and prices for home sales in Cranston are up a whopping 23.8 percent. Last year's median home price was $150,000. This year, it's $182,000.

"It's definitely picking up in 2013," said Carole Scaralia of Albert Realtors. "If a home is priced according to market conditions, they're moving."

It always boils down to price and supply and demand, and right now, inventory is low and prices are climbing. That means this spring could be a busy one as people on the fence about selling their houses decide they've waited long enough for the market to recover.

The market is still going through a correction and there are still many short sales and bank-owned properties making their way through the market. But market conditions are vastly better than the previous few years and buyers who are expecting the fire sales that were being had recently are in for a surprise.

"People are buying. Interest rates are still historically low. Now is the time — even if you're selling and moving up, it's a great opportunity," Scaralia said.

As of Thursday last week, there were 230 homes on the market in Cranston, of which just 26 are active short sales. Of those listings, 122 are pending and a total of 144 houses have sold since the beginning of the year.

And Cranston still remains a desirable community to live in. It's right in the middle of the state with easy access to Interstates 95, 295 and a short drive to 195. The school system, despite serious financial hardships over the last few years, is a good one for a city this size. And there's few other cities or towns in Rhode Island that have the same neighborhood and community feel. 

"It has a lot to offer," Scaralia said. 

The one oddity in the numbers has to do with days on the market. The average length of time on the market for a listing in Cranston increased from 95 days on average last year to 130 in 2013. 

The weather could have influenced that number, as many weekends were lost with several snowstorms keeping people inside. And many of those homes languishing on the market could be priced too high, stuck in complex short sales or simply due to the fact that it's still early in the year. In reality, even though most people think the best time to buy a house is in the spring, houses sell all year and the days on market average could plummet as 2013 rolls on.