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 360 View
$249,900 Mortgage Calculator
72 WINSOR AV
Johnston, RI / 02919
MLS# 1069007
Type: Single Family
Neighborhood: GREENVILLE/SCITUATE
Beds: 3 Beds
Baths: 2 Full / 0 Half
Living Area: 2,016 sq. ft.
Lot Size: 20,037 sq. ft.
Listed by: Rothmeyer Russo Associates RESIDENTIAL PROPERTIES LTD.
Office: 401-783-2474
Photos
$158,000 Mortgage Calculator
499 MEADOW VIEW AV
Warwick, RI / 02889
MLS# 1071729
Type: Single Family
Neighborhood: WARWICK NECK
Beds: 3 Beds
Baths: 1 Full / 1 Half
Living Area: 1,322 sq. ft.
Lot Size: 3,600 sq. ft.
Listed by: George Villari Independent Brks Realty Of RI
Office: 401-942-5600
Photos
$169,000 Mortgage Calculator
9 THORNTON ST
Pawtucket, RI / 02860
MLS# 1070223
Type: Single Family
Neighborhood: PAWTUCKET
Beds: 3 Beds
Baths: 1 Full / 1 Half
Living Area: 1,755 sq. ft.
Lot Size: 7,922 sq. ft.
Listed by: Butch Simoneau RE/MAX American Dream
Office: 401-721-5810
Photos 360 View
$580,000 Mortgage Calculator
245 BROAD HILL WY
South Kingstown, RI / 02879
MLS# 1070590
Type: Single Family
Neighborhood: BROAD HILL
Beds: 4 Beds
Baths: 2 Full / 1 Half
Living Area: 3,184 sq. ft.
Lot Size: 435,600 sq. ft.
Listed by: Keri-Ann McAlice WILLIAM RAVEIS CHAPMAN ENSTONE
Office: 401-846-3800
Photos 360 View
$439,900 Mortgage Calculator
37 EASTWICK RD
North Kingstown, RI / 02852
MLS# 1072914
Type: Single Family
Neighborhood: WICKFORD HIGHLANDS
Beds: 4 Beds
Baths: 2 Full / 1 Half
Living Area: 2,444 sq. ft.
Lot Size: 26,760 sq. ft.
Listed by: Allen Gammons PRUDENTIAL GAMMONS REALTY
Office: 401-886-6100
Photos
$62,900 Mortgage Calculator
0 HOWARD AV
Coventry, RI / 02816
MLS# 1065958
Type: Vacant Land
Neighborhood: HARRIS
Lot Frontage: 120 ft.
Lot Size: 32,893 sq. ft.
Lot Type: Residential
Listed by: John Ruzzo Stone Ridge Realty
Office: 401-397-7900
Photos
$199,900 Mortgage Calculator
230 NEGANSETT AV
Warwick, RI / 02888
MLS# 1074774 BACK ON MKT
Type: Single Family
Neighborhood: PILGRIM PARK
Beds: 3 Beds
Baths: 2 Full / 0 Half
Living Area: 2,051 sq. ft.
Lot Size: 9,463 sq. ft.
Listed by: Norman TOBIN Real Estate Masters, Inc.
Office: 401-738-1130
Photos
$199,900 Mortgage Calculator
845 OLD BAPTIST RD
North Kingstown, RI / 02852
MLS# 1059204
Type: Multi-Family
Neighborhood: STONY LANE
# of Units: 2
Total Beds: | Unit1(2), Unit2(1), Beds
Total Baths: 2 | Unit1(1), Unit2(1), Full
Building Area: 1,505 sq. ft.
Listed by: The Weller Team RE/MAX Central
Office: 401-823-7600
Photos
$600,000 Mortgage Calculator
0 JOHNNYCAKE LANE
Portsmouth, RI / 02871
MLS# 982390
Type: Vacant Land
Neighborhood: WATER STREET
Lot Frontage: 129 ft.
Lot Size: 41,031 sq. ft.
Lot Type: Residential
Listed by: Shirley Kosoff KELLER WILLIAMS RLTY NEWPORT
Office: 401-845-9200
Photos
$179,900 Mortgage Calculator
47 SHERWOOD AV
Warwick, RI / 02888
MLS# 1069049
Type: Single Family
Neighborhood: NORWOOD
Beds: 3 Beds
Baths: 1 Full / 0 Half
Living Area: 1,224 sq. ft.
Lot Size: 8,500 sq. ft.
Listed by: Brian Dupont Real Estate Masters, Inc.
Office: 401-738-1130
Click here for Wells Fargo -Heath Lefort
 
Stateline Insurance & Financial Services - Auto, Homeowners, Business, and Financial Services For East Providence and All of Rhode Island
Click here for Janis Cappello - Coldwell Banker Let Bonnie's experience work for you!
Anchor Financial - Get Your Loan FAST with Great Rates And No Hassle! Hallmark Homes - Homes of distinction since 1975
« Back to List

November Home Sales and Median Price Continue Uphill Climb


Thursday, December 27, 2012

Warwick, RI, December 27, 2012…Single family home sales rose 43 percent last month from the year prior and median price showed signs of continued stabilization according to data from the Rhode Island Association of Realtors. The median price of $195,000 rose one percent from November 2011. The supply of homes for sale fell 21 percent in the past year, leaving just under a six-month supply of homes for sale, which signifies a market balanced between supply and demand. November is the first month to achieve a balanced market since the housing market began to falter.

Pending sales – those under contract but not yet sold – also continued their upward momentum, rising by nine percent in November. Foreclosure and short sales rose slightly from 22 percent of all sales in November, 2011 to 23 percent of all sales last month. The median price excluding such sales was $220,500.

"We're optimistic about the 2013 housing market but we are concerned about the fiscal cliff and the impact it may have on capital gains and the mortgage interest deduction. One of the proposals that we're hearing about is the elimination of the mortgage interest deduction on second homes which comprise a large segment of the Rhode Island housing market. We're encouraging everyone to contact their members of Congress to urge them not to make changes that will hamper the housing recovery," said Victoria Doran, 2013 President of the Rhode Island Association of Realtors.

Doran also commented on various recent media reports that place Rhode Island as one of five states that did not see a price uptick. "Reports on sales statistics can be very confusing. Most reports commenting on the Rhode Island housing market refer to the Rhode Island Metropolitan Statistical Area (MSA) which includes New Bedford and Fall River. Others are talking about average sales price, rather than median sales price. Both can skew the numbers significantly. The Rhode Island Association of Realtors reports median prices – which aren't affected by large outliers at the top or bottom of the sales ranges – and reports sales in Rhode Island only," she said. Doran also explained that RIAR data is pulled within days of the recorded sales while other reports rely on information from town halls, which may report sales with longer lag times, often being recorded several months after the closing.

The condominium sector also fared well, with sales up 32 percent and media price up 25 percent to $205,000 last month. The number of condominiums on the market decreased 18 percent from November, 2011, leaving only a one-month supply of condos for sale, clearly indicating a seller's market. Buyer activity has begun to slow down however, as indicated by a two percent decrease in pending sales. Distressed sales dropped from 29 percent of total sales last year to 21 percent of sales this year. The median price of conventional sales only was $239,900.

"We're starting to see a trend of diminished inventory and rising prices in the condo sector, however, many condo developments turned into rentals during the market downturn. We may see those begin to convert back to units for sale in the year ahead. If so, we would expect to inventory to rise," said Doran.

The upswing in the multi-family market, which typically has a higher concentration of investors, seems to have leveled off since earlier this year. In November, sales declined 17 percent and median price dropped a scant .04 percent to $119,950 from $120,000 last year.

"Investors recognized the signs of favorable market conditions first," commented Doran. "Low prices and unbelievable low financing rates encouraged throngs of multi-family investors to buy earlier this year and last but that frenzy is now waning. There are still great deals out there however, especially if you are able to handle the renovations that may be necessary on a distressed property," said Doran.

Forty-three (43) percent of multi-family sales were sold through short sale or foreclosure this year compared to 59 percent last year. While the decline is significant, a large percentage of distressed multi-family properties remain, providing ample opportunities for investors. The median price of non-distressed properties of $157,450 was 31 percent higher than the median of all multi-family sales. "Overall, we're excited. I think we're finally able to look forward to a solid year of growth," said Doran.

Follow Us on Facebook Download the RILiving Mobile App View Our YouTube Channel