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160 ALLEGRA LANE
North Kingstown, RI / 02852
MLS# 1073707
Type: Condo
Complex Name: SLOCUM HEIGHTS
Beds: 2 Beds
Baths: 2 Full / 0 Half
Living Area: 1,600 sq. ft.
Style Type: One Level
Listed by: Bob Medeiros Watermark Realty, LLC
Office: 401-921-5300
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$5,500,000 Mortgage Calculator
26 LEES WHARF ST
Newport, RI / 02840
MLS# 1071301
Type: Condo
Complex Name: Newport Harbor Marina
Beds: 0 Beds
Baths: 0 Full / 0 Half
Living Area: 0 sq. ft.
Style Type: Slip
Listed by: Gordon King WILLIAM RAVEIS CHAPMAN ENSTONE
Office: 401-846-3800
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$655,000 Mortgage Calculator
76 CARVER LANE
Narragansett, RI / 02882
MLS# 1071202
Type: Single Family
Neighborhood: EAST POND HEIGHTS
Beds: 4 Beds
Baths: 2 Full / 0 Half
Living Area: 2,848 sq. ft.
Lot Size: 17,860 sq. ft.
Listed by: Ernie ESPOSITO RE/MAX FLAGSHIP, INC.
Office: 401-789-2255
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$62,900 Mortgage Calculator
0 HOWARD AV
Coventry, RI / 02816
MLS# 1065958
Type: Vacant Land
Neighborhood: HARRIS
Lot Frontage: 120 ft.
Lot Size: 32,893 sq. ft.
Lot Type: Residential
Listed by: John Ruzzo Stone Ridge Realty
Office: 401-397-7900
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$189,900 Mortgage Calculator
101 GOVERNORS HILL
West Warwick, RI / 02893
MLS# 1072425
Type: Condo
Complex Name: GOVERNORS HILL
Beds: 2 Beds
Baths: 1 Full / 1 Half
Living Area: 2,196 sq. ft.
Style Type: Town House
Listed by: Norman TOBIN Real Estate Masters, Inc.
Office: 401-738-1130
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$745,000 Mortgage Calculator
11 EAST MATUNUCK FARM DR
South Kingstown, RI / 02879
MLS# 1055232
Type: Single Family
Neighborhood: SNUG HARBOR
Beds: 4 Beds
Baths: 3 Full / 1 Half
Living Area: 2,530 sq. ft.
Lot Size: 15,600 sq. ft.
Listed by: Shawna Amitrano Fiore Realty Corp.
Office: 401-792-7107
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$1,449,900 Mortgage Calculator
225 FISCHER CIR
Portsmouth, RI / 02871
MLS# 1067539
Type: Single Family
Neighborhood: SANDY POINT FARM
Beds: 4 Beds
Baths: 4 Full / 1 Half
Living Area: 5,513 sq. ft.
Lot Size: 49,988 sq. ft.
Listed by: Shirley Kosoff KELLER WILLIAMS RLTY NEWPORT
Office: 401-845-9200
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$159,000 Mortgage Calculator
0 JULIANA DR
Cranston, RI / 02921
MLS# 1045401
Type: Vacant Land
Neighborhood: WESTERN
Lot Frontage: 277 ft.
Lot Size: 79,972 sq. ft.
Lot Type: Residential, Total Residential Development
Listed by: Janis CAPPELLO COLDWELL BANKER RESIDENTIAL BR
Office: 401-884-8050
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$299,000 Mortgage Calculator
32 ALTIN AV
South Kingstown, RI / 02881
MLS# 1063130
Type: Single Family
Neighborhood: KINGSTON/URI
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 1,518 sq. ft.
Lot Size: 7,875 sq. ft.
Listed by: Donna Sabitoni Fieldstone Properties, Inc.
Office: 401-295-0300
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$129,900 Mortgage Calculator
14 - 16 GRANITE ST
Burrillville, RI / 02830
MLS# 1067768
Type: Multi-Family
Neighborhood: HARRISVILLE
# of Units: 2
Total Beds: | Unit1(2), Unit2(3), Beds
Total Baths: 2 | Unit1(1), Unit2(1), Full
Building Area: 2,600 sq. ft.
Listed by: Michelle Keach RE/MAX 1st Choice
Office: 401-943-6111
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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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