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$369,900 Mortgage Calculator
14 PROVIDENT PL
Coventry, RI / 02816
MLS# 1068468
Type: Single Family
Neighborhood: PHILLIPS HILL
Beds: 3 Beds
Baths: 2 Full / 0 Half
Living Area: 3,004 sq. ft.
Lot Size: 40,511 sq. ft.
Listed by: Peter ALMONTE RE/MAX Metro
Office: 401-736-6100
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$164,900 Mortgage Calculator
232 SEVEN MILE RD
Scituate, RI / 02831
MLS# 1065863 BACK ON MKT
Type: Single Family
Neighborhood: SCITUATE
Beds: 3 Beds
Baths: 1 Full / 0 Half
Living Area: 1,392 sq. ft.
Lot Size: 16,000 sq. ft.
Listed by: Debbie Grimaldi RE/MAX 1st Choice
Office: 401-943-6111
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$394,900 Mortgage Calculator
1224 - 1232 GREENWICH AV
Warwick, RI / 02886
MLS# 1052795
Type: Commercial
Neighborhood:
# of Buildings: 1
Total Sq Ft: 3,835 sq. ft.
Building Type: Office
Listed by: Gayle Moone Real Estate Masters, Inc.
Office: 401-738-1130
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$134,900 Mortgage Calculator
650 EAST GREENWICH AV
West Warwick, RI / 02893
MLS# 1073946
Type: Condo
Complex Name: Quaker Valley Estates
Beds: 2 Beds
Baths: 2 Full / 0 Half
Living Area: 1,152 sq. ft.
Style Type: One Level
Listed by: Ronnie TOSONI RE/MAX Professionals
Office: 401-884-6050
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$87,177 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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$348,900 Mortgage Calculator
160 ALLEGRA LANE
North Kingstown, RI / 02852
MLS# 1073707
Type: Condo
Complex Name: SLOCUM HEIGHTS
Beds: 2 Beds
Baths: 2 Full / 0 Half
Living Area: 1,600 sq. ft.
Style Type: One Level
Listed by: Bob Medeiros Watermark Realty, LLC
Office: 401-921-5300
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$219,900 Mortgage Calculator
48 CAPITOL ST
Johnston, RI / 02919
MLS# 1076008
Type: Single Family
Neighborhood: SIMMONSVILLE
Beds: 3 Beds
Baths: 2 Full / 0 Half
Living Area: 2,101 sq. ft.
Lot Size: 8,700 sq. ft.
Listed by: The Stone Alliance Coldwell Banker Res. Brokerage
Office: 401-739-9500
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$149,000 Mortgage Calculator
81 GARFIELD AV
Providence, RI / 02908
MLS# 1080530
Type: Multi-Family
Neighborhood: ELMHURST/MT. PLEASANT
# of Units: 2
Total Beds: | Unit1(2), Unit2(3), Beds
Total Baths: 2 | Unit1(1), Unit2(1), Full
Building Area: 1,750 sq. ft.
Listed by: Kathy Souza RE/MAX Preferred
Office: 401-353-2200
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$138,900 Mortgage Calculator
35 NORFOLK ST
Cranston, RI / 02910
MLS# 1067713
Type: Single Family
Neighborhood: AUBURN
Beds: 2 Beds
Baths: 1 Full / 0 Half
Living Area: 1,044 sq. ft.
Lot Size: 4,000 sq. ft.
Listed by: Wayne Farina State Properties, Inc.
Office: 401-824-4561
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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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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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