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
$329,900 Mortgage Calculator
119 HEMLOCK AV
Warwick, RI / 02886
MLS# 1095792
Type: Single Family
Neighborhood: OLDE BUTTONWOODS
Beds: 4 Beds
Baths: 3 Full / 0 Half
Living Area: 1,925 sq. ft.
Lot Size: 15,000 sq. ft.
Listed by: Norman TOBIN Real Estate Masters, Inc.
Office: 401-738-1130
Photos
$125,000 Mortgage Calculator
2 JULIANA DR
Cranston, RI / 02921
MLS# 1083253
Under Contract Status: Inspection Period
Type: Vacant Land
Neighborhood: WESTERN
Lot Frontage: 277 ft.
Lot Size: 79,972 sq. ft.
Lot Type: Residential, Total Residential Development
Listed by: Janis CAPPELLO COLDWELL BANKER RESIDENTIAL BR
Office: 401-884-8050
Photos Handicap
$449,998 Mortgage Calculator
108 HERITAGE DR
Portsmouth, RI / 02871
MLS# 1113558
Type: Single Family
Neighborhood: POCASSET HEIGHTS
Beds: 4 Beds
Baths: 2 Full / 1 Half
Living Area: 2,792 sq. ft.
Lot Size: 16,149 sq. ft.
Listed by: Maggie Elliott BerkshireHathaway HomeServices
Office: 401-849-1800
Photos 360 View
$129,900 Mortgage Calculator
8 LANE 1 .
Warwick, RI / 02888
MLS# 1113824
Type: Single Family
Neighborhood: GASPEE/SPRING GREEN
Beds: 4 Beds
Baths: 1 Full / 0 Half
Living Area: 1,155 sq. ft.
Lot Size: 0 sq. ft.
Listed by: Anita Demers Independent Brks Realty Of RI
Office: 401-942-5600
Photos 360 View Handicap
$899,000 Mortgage Calculator
90 - B OLD MAIN RD
Little Compton, RI / 02837
MLS# 1048936
Type: Single Family
Neighborhood: WINDMILL HILL
Beds: 3 Beds
Baths: 2 Full / 0 Half
Living Area: 2,072 sq. ft.
Lot Size: 178,595 sq. ft.
Listed by: Welchman Real Estate Group KELLER WILLIAMS RLTY NEWPORT
Office: 401-845-9200
Photos 360 View Handicap
$4,450,000 Mortgage Calculator
456 POPPASQUASH RD
Bristol, RI / 02809
MLS# 1090323
Type: Single Family
Neighborhood: POPPASQUASH
Beds: 4 Beds
Baths: 4 Full / 1 Half
Living Area: 5,580 sq. ft.
Lot Size: 268,765 sq. ft.
Listed by: Patricia Orsi Mansions & Manors
Office: 401-423-7000
Photos 360 View
$197,000 Mortgage Calculator
25 MALCOLM ST
Cranston, RI / 02910
MLS# 1112362
Under Contract Status: Soliciting Back-up Offers
Type: Single Family
Neighborhood: SPECTACLE POND/ STADIUM
Beds: 3 Beds
Baths: 1 Full / 0 Half
Living Area: 1,280 sq. ft.
Lot Size: 6,674 sq. ft.
Listed by: Kathy Souza RE/MAX Preferred
Office: 401-353-2200
Photos
$784,900 Mortgage Calculator
50 SPENCER AV
Warwick, RI / 02818
MLS# 1113790
Type: Single Family
Neighborhood: COWESETT
Beds: 5 Beds
Baths: 3 Full / 2 Half
Living Area: 4,697 sq. ft.
Lot Size: 22,570 sq. ft.
Listed by: Allen Gammons BHHS Gammons Realty
Office: 401-886-6100
Photos 360 View
$534,000 Mortgage Calculator
53 SANDY POINT FARM RD
Portsmouth, RI / 02871
MLS# 1077238
Type: Condo
Complex Name: Vanderbilt Stables
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 2,040 sq. ft.
Style Type: Town House
Listed by: Welchman Real Estate Group KELLER WILLIAMS RLTY NEWPORT
Office: 401-845-9200
Photos 360 View
$679,000 Mortgage Calculator
24 LANTERN LANE
Barrington, RI / 02806
MLS# 1098822
Type: Single Family
Neighborhood: RUMSTICK VILLAGE
Beds: 4 Beds
Baths: 2 Full / 1 Half
Living Area: 2,934 sq. ft.
Lot Size: 14,400 sq. ft.
Listed by: Nancy Weaver Residential Properties, Ltd.
Office: 401-245-9600
Click here for AAA Northeast that is right for you!
 
Let Bonnie's experience work for you!
Anchor Financial - Get Your Loan FAST with Great Rates And No Hassle! Click here for Pilgrim Title Insurance Company
Go to Wave Federal Credit Union Click here for Rhode Island Housing. Working together to bring you home.

News Detail

« 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."