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$224,900 Mortgage Calculator
31 SPRUCE RD
South Kingstown, RI / 02879
MLS# 1075685
Type: Single Family
Neighborhood: OCEAN RIDGE
Beds: 2 Beds
Baths: 1 Full / 0 Half
Living Area: 736 sq. ft.
Lot Size: 6,970 sq. ft.
Listed by: Gayle Moone Real Estate Masters, Inc.
Office: 401-738-1130
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$339,900 Mortgage Calculator
72 PARKER ST
Glocester, RI / 02814
MLS# 1063728
Type: Single Family
Neighborhood: WATERMAN LAKE PLAT
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 2,060 sq. ft.
Lot Size: 33,624 sq. ft.
Listed by: Ed Duffy RE/MAX Properties
Office: 401-232-3900
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$289,000 Mortgage Calculator
454 GARDNER RD
Richmond, RI / 02898
MLS# 1065973
Type: Single Family
Neighborhood: GARDNER
Beds: 3 Beds
Baths: 2 Full / 0 Half
Living Area: 1,235 sq. ft.
Lot Size: 121,950 sq. ft.
Listed by: Donna Sabitoni Fieldstone Properties, Inc.
Office: 401-295-0300
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$229,000 Mortgage Calculator
101 VISTAS CT
East Greenwich, RI / 02818
MLS# 1064755
Type: Condo
Complex Name: VISTAS ON THE TRAIL
Beds: 2 Beds
Baths: 1 Full / 0 Half
Living Area: 1,029 sq. ft.
Style Type: One Level
Listed by: Janis CAPPELLO COLDWELL BANKER RESIDENTIAL BR
Office: 401-884-8050
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$259,000 Mortgage Calculator
1155 HOPE ST
Bristol, RI / 02809
MLS# 1053655
Type: Single Family
Neighborhood: HOPE STREET
Beds: 3 Beds
Baths: 1 Full / 1 Half
Living Area: 1,312 sq. ft.
Lot Size: 9,750 sq. ft.
Listed by: Jennifer Mello The Mello Group, Inc.
Office: 508-640-0505
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$299,900 Mortgage Calculator
98 SCENIC WY
Exeter, RI / 02822
MLS# 1066309
Type: Single Family
Neighborhood: DEER BROOK
Beds: 3 Beds
Baths: 1 Full / 1 Half
Living Area: 1,384 sq. ft.
Lot Size: 14,257 sq. ft.
Listed by: Allen Gammons PRUDENTIAL GAMMONS REALTY
Office: 401-886-6100
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$2,695,000 Mortgage Calculator
318 RUMSTICK RD
Barrington, RI / 02806
MLS# 1060625
Type: Single Family
Neighborhood: RUMSTICK POINT
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 2,740 sq. ft.
Lot Size: 309,157 sq. ft.
Listed by: Christina Ardente Residential Properties, Ltd.
Office: 401-245-9600
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$299,900 Mortgage Calculator
8 SWEET FERN TRL
Narragansett, RI / 02882
MLS# 1069494
Type: Single Family
Neighborhood: PETTASQUAMSCUTT LAKE
Beds: 3 Beds
Baths: 2 Full / 0 Half
Living Area: 1,702 sq. ft.
Lot Size: 7,218 sq. ft.
Listed by: Jay Shaw Auburn Insurance & Realty Co.
Office: 401-943-3388
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$364,900 Mortgage Calculator
5 DAHLIA ST
Warwick, RI / 02888
MLS# 1076871
Type: Single Family
Neighborhood: GOVERNOR FRANCIS
Beds: 4 Beds
Baths: 2 Full / 1 Half
Living Area: 2,734 sq. ft.
Lot Size: 10,947 sq. ft.
Listed by: Debbie Grimaldi RE/MAX 1st Choice
Office: 401-943-6111
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$1,099,000 Mortgage Calculator
27 NORTH NIANTIC DR
Charlestown, RI / 02813
MLS# 1060994
Type: Single Family
Neighborhood: SOUTH SHORES
Beds: 4 Beds
Baths: 3 Full / 1 Half
Living Area: 3,722 sq. ft.
Lot Size: 87,120 sq. ft.
Listed by: Cindy Curtis Cindy Curtis Real Estate
Office: 401-364-7489
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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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