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
$224,900 Mortgage Calculator
North Providence, RI / 02904
MLS# 1065948
Type: Single Family
Neighborhood: MINERAL SPRING
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 4,136 sq. ft.
Lot Size: 14,187 sq. ft.
Listed by: Kathy Souza RE/MAX Preferred
Office: 401-353-2200
Photos 360 View
$2,695,000 Mortgage Calculator
Barrington, RI / 02806
MLS# 1060625
Type: Single Family
Neighborhood: RUMSTICK POINT
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 2,740 sq. ft.
Lot Size: 309,157 sq. ft.
Listed by: Christina Ardente Residential Properties, Ltd.
Office: 401-245-9600
$284,000 Mortgage Calculator
Narragansett, RI / 02882
MLS# 1061486
Type: Condo
Complex Name: Northgate
Beds: 2 Beds
Baths: 1 Full / 1 Half
Living Area: 1,762 sq. ft.
Style Type: Town House
Listed by: Betty Barrett Bay Realty, LTD.
Office: 401-789-3003
$254,000 Mortgage Calculator
Coventry, RI / 02816
MLS# 1064378
Type: Single Family
Neighborhood: WESTERN/GREENE
Beds: 3 Beds
Baths: 2 Full / 0 Half
Living Area: 1,874 sq. ft.
Lot Size: 130,100 sq. ft.
Listed by: Jan Parrillo Parrillo Realty Group, LLC
Office: 401-228-6660
$171,900 Mortgage Calculator
Bristol, RI / 02809
MLS# 1067040
Type: Condo
Complex Name: Courtyard at Metacom
Beds: 2 Beds
Baths: 2 Full / 0 Half
Living Area: 1,106 sq. ft.
Style Type: One Level
Listed by: Joyce Kinsella East Bay Real Estate
Office: 401-253-2983
$129,900 Mortgage Calculator
Scituate, RI / 02831
MLS# 1053752
Type: Vacant Land
Lot Frontage: 170 ft.
Lot Size: 40,231 sq. ft.
Lot Type: Residential
Listed by: Brian Dupont Real Estate Masters, Inc.
Office: 401-738-1130
Photos Handicap
$354,500 Mortgage Calculator
Coventry, RI / 02827
MLS# 1068386
Type: Single Family
Neighborhood: GREENE
Beds: 3 Beds
Baths: 3 Full / 0 Half
Living Area: 3,218 sq. ft.
Lot Size: 146,362 sq. ft.
Listed by: Raquel Storti Keller Williams Realty
Office: 401-785-1700
Photos Handicap
$319,888 Mortgage Calculator
East Greenwich, RI / 02818
MLS# 1072395
Type: Single Family
Neighborhood: LAS BRISAS
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 2,316 sq. ft.
Lot Size: 41,665 sq. ft.
Listed by: Ed Magilton RE/MAX FLAGSHIP, INC.
Office: 401-789-2255
$199,900 Mortgage Calculator
Bristol, RI / 02809
MLS# 1054973
Type: Vacant Land
Neighborhood: FERNCLIFF
Lot Frontage: 100 ft.
Lot Size: 25,333 sq. ft.
Lot Type: Residential
Listed by: Dory Skemp Coldwell Banker Res. Brokerage
Office: 401-247-0202
$265,000 Mortgage Calculator
East Providence, RI / 02916
MLS# 1072362
Type: Condo
Complex Name: Rumford Gardens
Beds: 2 Beds
Baths: 2 Full / 2 Half
Living Area: 1,600 sq. ft.
Style Type: Town House
Listed by: Jessica Wasserman Wasserman Homes & Properties
Office: 401-274-5700
Click Here to Download Your FREE Century 21 Real Estate Mobile Search app
Dargan Real Estate Team - "Dependable, Reliable & Always On-Call"
Click here for Janis Cappello - Coldwell Banker Click here for C21 offices throughout Rhode Island
Go to Wave Federal Credit Union Click here for Rhode Island Housing. Working together to bring you home.
« 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