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$449,900 Mortgage Calculator
18 ROSEWOOD DR
Lincoln, RI / 02865
MLS# 1074295
Type: Single Family
Neighborhood: JENCKES HILL ESTATES
Beds: 4 Beds
Baths: 2 Full / 1 Half
Living Area: 2,688 sq. ft.
Lot Size: 40,032 sq. ft.
Listed by: Gayle Moone Real Estate Masters, Inc.
Office: 401-738-1130
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$133,000 Mortgage Calculator
1800 DOUGLAS AV
North Providence, RI / 02904
MLS# 1080912
Type: Condo
Complex Name: COVE AT WENSCOTT
Beds: 1 Beds
Baths: 1 Full / 0 Half
Living Area: 800 sq. ft.
Style Type: One Level
Listed by: Debbie Grimaldi RE/MAX 1st Choice
Office: 401-943-6111
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$234,900 Mortgage Calculator
175 HOFFMAN AV
Cranston, RI / 02920
MLS# 1066160
Type: Condo
Complex Name: EAST BEL AIR
Beds: 2 Beds
Baths: 3 Full / 0 Half
Living Area: 1,978 sq. ft.
Style Type: One Level, High Rise
Listed by: Marilyn DePetrillo RE/MAX Professionals
Office: 401-884-6050
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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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$315,000 Mortgage Calculator
54 GREENE AV
Barrington, RI / 02806
MLS# 1064349
Type: Single Family
Neighborhood: BAY SPRING
Beds: 2 Beds
Baths: 1 Full / 0 Half
Living Area: 926 sq. ft.
Lot Size: 21,000 sq. ft.
Listed by: Abby Ashley The Mello Group, Inc.
Office: 508-640-0505
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$250,000 Mortgage Calculator
27 CENTENNIAL ST
Warwick, RI / 02886
MLS# 1081396
Type: Single Family
Neighborhood: GREENWOOD
Beds: 3 Beds
Baths: 1 Full / 1 Half
Living Area: 2,070 sq. ft.
Lot Size: 10,701 sq. ft.
Listed by: The Home Team EXPERIENCE Real Estate
Office: 401-286-8011
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$160,000 Mortgage Calculator
0 PENDAR RD
North Kingstown, RI / 02852
MLS# 1065147
Type: Vacant Land
Neighborhood: WEST RT1/QUAIL HOLLOW
Lot Frontage: 430 ft.
Lot Size: 129,150 sq. ft.
Lot Type: Residential
Listed by: Jeanie Gorrie Residential Properties LTD.
Office: 401-885-8400
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$339,000 Mortgage Calculator
2108 LILIA LANE
Dighton, MA / 02715
MLS# 1082942
Type: Single Family
Neighborhood: MAIN ST
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 1,904 sq. ft.
Lot Size: 21,000 sq. ft.
Listed by: Gary Mello The Mello Group, Inc.
Office: 508-640-0505
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$374,000 Mortgage Calculator
441 SNAKE HILL RD
Glocester, RI / 02857
MLS# 1073584
Type: Single Family
Neighborhood: NORTH SCITUATE
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 2,772 sq. ft.
Lot Size: 83,199 sq. ft.
Listed by: Richard Lemos RE/MAX Preferred
Office: 401-353-2200
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$4,876,250 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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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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