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78 WARNER AV
Portsmouth, RI / 02872
MLS# 1065159
Type: Single Family
Neighborhood: PRUDENCE ISLAND
Beds: 3 Beds
Baths: 1 Full / 1 Half
Living Area: 1,613 sq. ft.
Lot Size: 7,500 sq. ft.
Listed by: Elizabeth Rene William Raveis Chapman Enstone
Office: 401-396-9849
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$149,900 Mortgage Calculator
36 LINDY AV
Warwick, RI / 02889
MLS# 1081133
Type: Single Family
Neighborhood: CHURCH AVE / HOXIE
Beds: 3 Beds
Baths: 1 Full / 0 Half
Living Area: 1,084 sq. ft.
Lot Size: 7,500 sq. ft.
Listed by: Jack Silberman Adaptive Real Estate
Office: 401-578-4648
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$354,500 Mortgage Calculator
36 WILLIAMS CROSSING RD
Coventry, RI / 02827
MLS# 1068386
Type: Single Family
Neighborhood: GREENE
Beds: 3 Beds
Baths: 3 Full / 0 Half
Living Area: 3,218 sq. ft.
Lot Size: 146,362 sq. ft.
Listed by: Raquel Storti Keller Williams Realty
Office: 401-785-1700
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$304,888 Mortgage Calculator
30 BRISAS CIR
East Greenwich, RI / 02818
MLS# 1072395
Type: Single Family
Neighborhood: LAS BRISAS
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 2,316 sq. ft.
Lot Size: 41,665 sq. ft.
Listed by: Ed Magilton RE/MAX FLAGSHIP, INC.
Office: 401-789-2255
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$289,900 Mortgage Calculator
14 WEST GLEN LANE
West Warwick, RI / 02893
MLS# 1074881
Type: Condo
Complex Name: COTTAGES AT WEST GLEN
Beds: 2 Beds
Baths: 2 Full / 0 Half
Living Area: 1,525 sq. ft.
Style Type: One Level
Listed by: Brian Dupont Real Estate Masters, Inc.
Office: 401-738-1130
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$799,995 Mortgage Calculator
636 PENDLETON HILL RD
No Stonington, CT / 06359
MLS# 1069346
Type: Single Family
Neighborhood: RURAL
Beds: 4 Beds
Baths: 2 Full / 1 Half
Living Area: 3,077 sq. ft.
Lot Size: 562,360 sq. ft.
Listed by: Liz Viering Stonington Real Estate Company
Office: 860-535-4047
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$164,900 Mortgage Calculator
8 CORA ST
North Providence, RI / 02911
MLS# 1076142
Type: Single Family
Neighborhood: WOODHAVEN
Beds: 3 Beds
Baths: 2 Full / 0 Half
Living Area: 1,428 sq. ft.
Lot Size: 3,200 sq. ft.
Listed by: Kathy Souza RE/MAX Preferred
Office: 401-353-2200
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$900,000 Mortgage Calculator
415 POPPASQUASH RD
Bristol, RI / 02809
MLS# 1066754
Type: Single Family
Neighborhood: POPPASQUASH POINT
Beds: 4 Beds
Baths: 2 Full / 0 Half
Living Area: 2,606 sq. ft.
Lot Size: 71,438 sq. ft.
Listed by: Dory Skemp Coldwell Banker Res. Brokerage
Office: 401-247-0202
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$169,900 Mortgage Calculator
19 GENERAL ST
Providence, RI / 02904
MLS# 1074645
Type: Single Family
Neighborhood: PROVIDENCE COLLEGE
Beds: 3 Beds
Baths: 1 Full / 0 Half
Living Area: 1,352 sq. ft.
Lot Size: 8,112 sq. ft.
Listed by: Butch Simoneau RE/MAX American Dream
Office: 401-721-5810
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$144,900 Mortgage Calculator
89 WESTWOOD AV
Cranston, RI / 02905
MLS# 1069239
Type: Multi-Family
Neighborhood: EDGEWOOD
# of Units: 2
Total Beds: | Unit1(2), Unit2(2), Beds
Total Baths: 2 | Unit1(1), Unit2(1), Full
Building Area: 1,961 sq. ft.
Listed by: Neil ZARTARIAN GREATER R.I. PROPERTIES, LLC
Office: 401-295-4050
 
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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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