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$1,079,800 Mortgage Calculator
1 WESTFIELD DR
East Greenwich, RI / 02818
MLS# 1070843
Type: Single Family
Neighborhood: WESTWOOD FARMS
Beds: 4 Beds
Baths: 3 Full / 1 Half
Living Area: 6,248 sq. ft.
Lot Size: 84,506 sq. ft.
Listed by: Millie Pereira CENTURY 21 Crossroads
Office: 401-766-7545
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$234,900 Mortgage Calculator
235 NARRAGANSETT AV
South Kingstown, RI / 02879
MLS# 1072992
Type: Single Family
Neighborhood: NARRAGANSETT LINE
Beds: 3 Beds
Baths: 1 Full / 1 Half
Living Area: 1,656 sq. ft.
Lot Size: 20,038 sq. ft.
Listed by: Richard Madden Ocean Bay Realty
Office: 401-284-2100
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$87,777 Mortgage Calculator
28 - 30 ARMINGTON AV
Providence, RI / 02908
MLS# 1068827
Type: Multi-Family
Neighborhood: MOUNT PLEASANT
# of Units: 2
Total Beds: | Unit1(2), Unit2(3), Beds
Total Baths: 3 | Unit1(1), Unit2(2), Full
Building Area: 1,693 sq. ft.
Listed by: Neil ZARTARIAN GREATER R.I. PROPERTIES, LLC
Office: 401-295-4050
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$575,000 Mortgage Calculator
552 MIDDLE HWY
Barrington, RI / 02806
MLS# 1066973
Type: Single Family
Neighborhood: CORNER OF BRICK POND DR
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 2,012 sq. ft.
Lot Size: 12,000 sq. ft.
Listed by: Nancy Weaver Residential Properties, Ltd.
Office: 401-245-9600
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$125,000 Mortgage Calculator
103 APPLETON ST
Cranston, RI / 02910
MLS# 1064067
Type: Single Family
Neighborhood: STADIUM
Beds: 3 Beds
Baths: 1 Full / 0 Half
Living Area: 1,300 sq. ft.
Lot Size: 3,200 sq. ft.
Listed by: Sylvia Santilli Gateway Realty
Office: 401-954-8997
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$240,000 Mortgage Calculator
139 FOSTER ST
Burrillville, RI / 02830
MLS# 1072094
Type: Single Family
Neighborhood: HARRISVILLE
Beds: 2 Beds
Baths: 1 Full / 1 Half
Living Area: 1,814 sq. ft.
Lot Size: 13,743 sq. ft.
Listed by: Michelle Keach RE/MAX 1st Choice
Office: 401-943-6111
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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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$965,000 Mortgage Calculator
2 CORR WY
East Greenwich, RI / 02818
MLS# 1073189
Type: Single Family
Neighborhood: WESTWOOD FARMS
Beds: 4 Beds
Baths: 3 Full / 1 Half
Living Area: 4,355 sq. ft.
Lot Size: 100,624 sq. ft.
Listed by: Janis CAPPELLO COLDWELL BANKER RESIDENTIAL BR
Office: 401-884-8050
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$415,000 Mortgage Calculator
63 ATTLEBORO AV
Portsmouth, RI / 02871
MLS# 1065573
Type: Single Family
Neighborhood: COMMON FENCE POINT
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 1,920 sq. ft.
Lot Size: 4,000 sq. ft.
Listed by: Rebecca White Libby Kirwin Real Estate LLC
Office: 401-619-5622
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$597,900 Mortgage Calculator
621 PENDAR RD
North Kingstown, RI / 02852
MLS# 1063920
Type: Single Family
Neighborhood: QUAIL HOLLOW
Beds: 4 Beds
Baths: 2 Full / 1 Half
Living Area: 3,076 sq. ft.
Lot Size: 121,532 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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