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47 SOUTH MEADOW LANE
Barrington, RI / 02806
MLS# 1095115
Type: Single Family
Neighborhood: NAYATT/RUMSTICK/SMITH'S COVE
Beds: 5 Beds
Baths: 3 Full / 1 Half
Living Area: 5,000 sq. ft.
Lot Size: 208,884 sq. ft.
Listed by: Kerri Payne Residential Properties, Ltd.
Office: 401-245-9600
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$389,900 Mortgage Calculator
140 LENIHAN LANE
East Greenwich, RI / 02818
MLS# 1090296
Type: Vacant Land
Neighborhood: THE WOODS ON MIDDLE
Lot Frontage: 306 ft.
Lot Size: 428,325 sq. ft.
Lot Type: Residential
Listed by: Janis CAPPELLO COLDWELL BANKER RESIDENTIAL BR
Office: 401-884-8050
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$341,500 Mortgage Calculator
297 STILLWATER RD
Smithfield, RI / 02917
MLS# 1090344
Type: Single Family
Neighborhood: STILLWATER
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 2,016 sq. ft.
Lot Size: 16,734 sq. ft.
Listed by: Ed Duffy RE/MAX Properties
Office: 401-232-3900
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$265,000 Mortgage Calculator
24 LORRAINE AV
North Smithfield, RI / 02896
MLS# 1100192
Type: Single Family
Neighborhood: FORESTDALE
Beds: 4 Beds
Baths: 3 Full / 0 Half
Living Area: 2,220 sq. ft.
Lot Size: 13,500 sq. ft.
Listed by: Ellen Morrissey Fontaine Real Estate, Inc.
Office: 401-769-7821
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$309,000 Mortgage Calculator
96 KENSON DR
East Greenwich, RI / 02818
MLS# 1097871
Type: Single Family
Neighborhood: DEDFORD OFF 1ST AVE
Beds: 4 Beds
Baths: 2 Full / 0 Half
Living Area: 1,512 sq. ft.
Lot Size: 12,552 sq. ft.
Listed by: Janis CAPPELLO COLDWELL BANKER RESIDENTIAL BR
Office: 401-884-8050
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$1,250,000 Mortgage Calculator
285 STONE CHURCH RD
Tiverton, RI / 02878
MLS# 1100540
Type: Single Family
Neighborhood: STONE CHURCH
Beds: 5 Beds
Baths: 4 Full / 2 Half
Living Area: 6,718 sq. ft.
Lot Size: 944,381 sq. ft.
Listed by: Welchman Grp Real Estate Group KELLER WILLIAMS RLTY NEWPORT
Office: 401-845-9200
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$639,900 Mortgage Calculator
2 BLUEBERRY LANE
Narragansett, RI / 02882
MLS# 1078925
Type: Single Family
Neighborhood: VILLAGE AT PT. JUDITH
Beds: 4 Beds
Baths: 4 Full / 0 Half
Living Area: 3,222 sq. ft.
Lot Size: 11,762 sq. ft.
Listed by: Ernie ESPOSITO RE/MAX FLAGSHIP, INC.
Office: 401-789-2255
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$229,900 Mortgage Calculator
36 PALM BLVD NORTH .
Warwick, RI / 02888
MLS# 1101912
Type: Single Family
Neighborhood: WARWICK
Beds: 4 Beds
Baths: 1 Full / 1 Half
Living Area: 1,840 sq. ft.
Lot Size: 8,462 sq. ft.
Listed by: Norman TOBIN Real Estate Masters, Inc.
Office: 401-738-1130
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$397,900 Mortgage Calculator
11 KINGSWOOD DR
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
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$474,000 Mortgage Calculator
1841 MINISTERIAL RD
South Kingstown, RI / 02879
MLS# 1081510
Type: Single Family
Neighborhood: CURTIS CORNER & WORDENS POND
Beds: 4 Beds
Baths: 2 Full / 1 Half
Living Area: 3,918 sq. ft.
Lot Size: 102,366 sq. ft.
Listed by: Marie Theriault RE/MAX FLAGSHIP, INC.
Office: 401-789-2255
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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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