RILiving Mobile App »
My RILiving  

Already have an account? Login Now

Don’t have an account? Buyers and sellers can save their searches and listings. Create an Account

Featured Showcase Property
View All
Photos 360 View
$309,900 Mortgage Calculator
Portsmouth, RI / 02871
MLS# 1098729
Type: Single Family
Neighborhood: ISLAND PARK
Beds: 3 Beds
Baths: 1 Full / 1 Half
Living Area: 1,661 sq. ft.
Lot Size: 6,534 sq. ft.
Listed by: Carolann Silvia Carolann Ferrell Silvia
Office: 401-418-0789
Photos 360 View
$269,000 Mortgage Calculator
Tiverton, RI / 02878
MLS# 1095393
Type: Single Family
Neighborhood: TIVERTON
Beds: 3 Beds
Baths: 2 Full / 0 Half
Living Area: 2,442 sq. ft.
Lot Size: 12,785 sq. ft.
Listed by: Welchman Grp Real Estate Group KELLER WILLIAMS RLTY NEWPORT
Office: 401-845-9200
Photos 360 View Handicap New Construction
$479,000 Mortgage Calculator
North Kingstown, RI / 02852
MLS# 1089571
Type: Condo
Beds: 2 Beds
Baths: 3 Full / 0 Half
Living Area: 2,215 sq. ft.
Style Type: One Level, Other
Listed by: Donna Sabitoni Fieldstone Properties, Inc.
Office: 401-295-0300
$174,200 Mortgage Calculator
Woonsocket, RI / 02895
MLS# 1027781
Type: Vacant Land
Neighborhood: BERNON
Lot Frontage: 40 ft.
Lot Size: 400,752 sq. ft.
Lot Type: Residential
Listed by: Stacy Corrigan Peace of Mind Property Managem
Office: 401-829-8323
Photos 360 View
$599,999 Mortgage Calculator
North Kingstown, RI / 02874
MLS# 1093608
Type: Single Family
Neighborhood: HOLLY HILLS
Beds: 4 Beds
Baths: 3 Full / 1 Half
Living Area: 4,430 sq. ft.
Lot Size: 197,762 sq. ft.
Listed by: Rhonda De La Cerda Randall Realtors Real Living
Office: 401-294-4000
Photos 360 View
$269,711 Mortgage Calculator
Johnston, RI / 02919
MLS# 1095651
Type: Single Family
Neighborhood: OFF CHERRY HILL
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 2,250 sq. ft.
Lot Size: 13,400 sq. ft.
Listed by: Helen Coupe RE/MAX Metro
Office: 401-736-6100
Photos 360 View
$798,000 Mortgage Calculator
Cranston, RI / 02905
MLS# 1093600
Type: Condo
Complex Name: Sefton Heights
Beds: 2 Beds
Baths: 2 Full / 1 Half
Living Area: 2,649 sq. ft.
Style Type: Town House
Office: 401-884-8050
$397,900 Mortgage Calculator
Coventry, RI / 02816
MLS# 1101999
Type: Single Family
Neighborhood: WOOD ESTATES
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 3,276 sq. ft.
Lot Size: 0 sq. ft.
Listed by: Bob Medeiros Watermark Realty, LLC
Office: 401-921-5300
Photos 360 View
$189,900 Mortgage Calculator
Providence, RI / 02908
MLS# 1098156
Type: Single Family
Neighborhood: MOUNT PLEASANT
Beds: 4 Beds
Baths: 2 Full / 0 Half
Living Area: 2,354 sq. ft.
Lot Size: 6,098 sq. ft.
Listed by: Joan M. Bianco Independent Brks Realty Of RI
Office: 401-942-5600
Photos 360 View
$499,500 Mortgage Calculator
Barrington, RI / 02806
MLS# 1099388
Type: Single Family
Beds: 3 Beds
Baths: 2 Full / 0 Half
Living Area: 1,631 sq. ft.
Lot Size: 12,000 sq. ft.
Listed by: Kerri Payne Residential Properties, Ltd.
Office: 401-245-9600
Millbrook Homes - “Concept to Completion Builder”
A comprehensive resource for those looking to purchase or lease commercial real estate in southeastern New England.
Go to AAA Northeast Hallmark Homes - Homes of distinction since 1975
Click here for Janis Cappello - Coldwell Banker Click here for Homestar Mortgage
« Back to List

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."

Follow Us on Facebook Download the RILiving Mobile App View Our YouTube Channel