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$529,300 Mortgage Calculator
12 DEER RUN
Scituate, RI / 02831
MLS# 1053706
Type: Single Family
Neighborhood: KNIGHT FARMS/SCIT. AVE
Beds: 4 Beds
Baths: 4 Full / 0 Half
Living Area: 3,969 sq. ft.
Lot Size: 40,872 sq. ft.
Listed by: Alayna Berek Adams Realty
Office: 401-295-7600
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$239,900 Mortgage Calculator
87 MEREDITH DR
Cranston, RI / 02920
MLS# 1054762
Type: Single Family
Neighborhood: DEAN ESTATES
Beds: 4 Beds
Baths: 2 Full / 0 Half
Living Area: 1,469 sq. ft.
Lot Size: 9,200 sq. ft.
Listed by: Brian DUPONT Real Estate Masters, Inc.
Office: 401-738-1130
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$1,425,000 Mortgage Calculator
2 LORING AV
East Side of Prov, RI / 02906
MLS# 1062567
Type: Single Family
Neighborhood: GROTTO/BLACKSTONE
Beds: 4 Beds
Baths: 4 Full / 1 Half
Living Area: 5,005 sq. ft.
Lot Size: 10,895 sq. ft.
Listed by: Christina Ardente Residential Properties, Ltd.
Office: 401-245-9600
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$899,900 Mortgage Calculator
25 BURNS WY
East Greenwich, RI / 02818
MLS# 1064621
Type: Single Family
Neighborhood: CHESTNUT HILL ESTATES
Beds: 4 Beds
Baths: 5 Full / 0 Half
Living Area: 5,432 sq. ft.
Lot Size: 43,600 sq. ft.
Listed by: Allen Gammons PRUDENTIAL GAMMONS REALTY
Office: 401-886-6100
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$1,195,000 Mortgage Calculator
199 BAYVIEW AV
Warwick, RI / 02818
MLS# 1046998
Type: Single Family
Neighborhood: COWESETT LOVE LANE
Beds: 7 Beds
Baths: 3 Full / 1 Half
Living Area: 4,457 sq. ft.
Lot Size: 156,380 sq. ft.
Listed by: Janis CAPPELLO COLDWELL BANKER RESIDENTIAL BR
Office: 401-884-8050
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$99,000 Mortgage Calculator
0 SHADOW RIDGE DR
Richmond, RI / 02812
MLS# 1038473
Type: Vacant Land
Neighborhood: SHADOW PINES
Lot Frontage: 180 ft.
Lot Size: 82,328 sq. ft.
Lot Type: Residential
Listed by: Donna SABITONI Fieldstone Properties, Inc.
Office: 401-295-0300
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$289,000 Mortgage Calculator
670 KILLINGLY ST
Johnston, RI / 02919
MLS# 1052841
Type: Multi-Family
Neighborhood: KILLINGLY/JOHNSTON
# of Units: 3
Total Beds: | Unit2(2), Unit3(1), Unit4(1), Beds
Total Baths: 3 | Unit2(1), Unit3(1), Unit4(1), Full
Building Area: 3,562 sq. ft.
Listed by: Kathy Souza RE/MAX Preferred
Office: 401-353-2200
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$1,475,000 Mortgage Calculator
85 LONG MEADOW DR
East Greenwich, RI / 02818
MLS# 1043779
Type: Single Family
Neighborhood: LONG MEADOW FARM
Beds: 4 Beds
Baths: 5 Full / 1 Half
Living Area: 6,378 sq. ft.
Lot Size: 50,530 sq. ft.
Listed by: Janis CAPPELLO COLDWELL BANKER RESIDENTIAL BR
Office: 401-884-8050
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$828,000 Mortgage Calculator
7 RICHARD ST
Barrington, RI / 02806
MLS# 1061237
Type: Single Family
Neighborhood: RUMSTICK NEW HOME!
Beds: 4 Beds
Baths: 2 Full / 1 Half
Living Area: 3,000 sq. ft.
Lot Size: 10,800 sq. ft.
Listed by: Nancy Weaver Residential Properties, Ltd.
Office: 401-245-9600
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$399,900 Mortgage Calculator
25 BAY LAWN AV
Warwick, RI / 02888
MLS# 1061322
Type: Single Family
Neighborhood: PAWTUXET VILLAGE
Beds: 3 Beds
Baths: 3 Full / 1 Half
Living Area: 1,890 sq. ft.
Lot Size: 7,047 sq. ft.
Listed by: Allen Gammons PRUDENTIAL GAMMONS REALTY
Office: 401-886-6100
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Strong Gains in Housing Market in October


Friday, November 30, 2012

Both the number of single family home sales and median price rose in October, according to statistics released today by the Rhode Island Association of Realtors. Though sales activity has been increasing year over year for 16 months, October was the first month that showed evidence of an increase in median price since May, 2011. Single family home sales increased 24 percent last month and the median sales price of single family home sales in October was $200,000, ten percent higher than the median price of sales in October, 2011.

"Sales activity has been increasing for such a long time that prices were bound to go up eventually.  As the supply of excess housing inventory depletes, prices will adjust accordingly. It's all about supply and demand. Diminishing foreclosure sales is also helping to boost median price," said Victoria Doran, 2013 President of the Rhode Island Association of Realtors.  RIAR reported that the number of single family homes for sale fell 18 percent in October, resulting in a seven-month supply of single family homes for sale. A six-month supply is considered to be a balanced market between sellers and buyers.

Foreclosure activity is also adjusting downward with just 21 percent of total single family home sales being sold through short sale or foreclosure last month, compared to 25 percent a year ago. The median price of sales selling through conventional means was $220,500.

The condominium market also fared particularly well last month, with sales rising 37 percent and median price increasing 21 percent to $170,000. The percentage of distressed sales fell to 19 percent from 22 percent last year and the median price of non-distressed sales only was $205,000. The number of condos available for sale fell 16 percent from a year ago. There was a nine-month supply of condominiums for sale at the end of October.

Multi-family properties rose significantly as well, rising 15 percent from the year prior. Median price increased 20 percent to $120,400.  Short sales and foreclosures accounted for 45 percent of total sales (compared to 46 percent in October, 2011), and the median price of conventional sales only was $149,500. There has been a 26 percent decrease in multi-family properties for sale in the past year which has led to six-month supply of inventory for sale.

"The market has been gaining strength gradually for some time now but it's been a while since we've seen such strong indicators of recovery in every area," said Doran.  "As we move toward the New Year, interest rates are still extremely low, prices are reasonable and the housing market seems to be on the right track. It's critically important that Congress not derail this positive momentum with changes to the mortgage interest deduction or capital gains exclusion."

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