Low supply and high demand continue to fuel an increasing median sale price for homes sold in Barrington.

Information from the statewide Multiple Listing Service for the month of May showed that the median sale price rose by nearly $100,000 from May 2020 to May 2021 — from $497,500 to $587,900.

Meanwhile, the number of sales in Barrington during the same period of time dropped from 29 in 2020 to 18 this year. Real estate agents have said that the supply of houses for sale in Barrington is down significantly from prior years.

According to MLS data, Barrington was one of the few towns to witness a drop in the number of sales for May 2021, with 11 fewer than a year earlier. MLS data also shows that Rhode Island’s available housing inventory fell by 64 percent since May 202 and by 76 percent since May 2019. Leann D’Ettore, president of the Rhode Island Association of Realtors, said the demand for homes in Barrington and across the state continues to be high.

“…Sellers are seeing multiple offers and all but the most qualified and prepared buyers are having a tough time getting into a home,” she said. “We’re hopeful that as we come out of the pandemic and the economy continues to improve, we’ll see more people willing to put their home up for sale. Even if that occurs, Rhode Island needs more new construction to accommodate the growing demand.”

The average days a house for sale remains on the market has also dropped dramatically this year. In May 2020, the average DOM (days on market) for Barrington sales was 67, but that figure fell to 25 in May 2021 — a 63 percent change.

Million dollar sales

The sale of a colonial on Woodland Road marked Barrington’s 22nd $1 million-plus home sale for 2021. The home, which features four bedrooms, three bathrooms and a gourmet kitchen, sold for $1.3 million recently. Residential Properties Ltd., which represented the sellers and buyers on this sale, has been involved in 16 of the 22 million dollar-plus sales.