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0 LEPES RD
Portsmouth, RI / 02871
MLS# 1091521
Type: Vacant Land
Neighborhood: RIVER HYLANDS
Lot Frontage: 183 ft.
Lot Size: 37,026 sq. ft.
Lot Type: Residential
Listed by: Cathy Wicks Hogan Associates
Office: 401-680-6588
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$639,000 Mortgage Calculator
1467 GARDNERS NECK RD
Swansea, MA / 02777
MLS# 1099100
Type: Single Family
Neighborhood: GARDNERS NECK
Beds: 5 Beds
Baths: 3 Full / 0 Half
Living Area: 3,915 sq. ft.
Lot Size: 97,152 sq. ft.
Listed by: Erin Venditti William Raveis Chapman Enstone
Office: 401-396-9849
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$659,000 Mortgage Calculator
1 PRIMROSE LANE
Rehoboth, MA / 02769
MLS# 1063745
Type: Single Family
Neighborhood: THE PRESERVE
Beds: 4 Beds
Baths: 2 Full / 0 Half
Living Area: 3,020 sq. ft.
Lot Size: 60,000 sq. ft.
Listed by: Jennifer Mello The Mello Group, Inc.
Office: 508-640-0505
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$459,000 Mortgage Calculator
251 WIDOW SWEETS RD
Exeter, RI / 02822
MLS# 1091603
Type: Single Family
Neighborhood: WIDOW SWEETS
Beds: 4 Beds
Baths: 3 Full / 1 Half
Living Area: 4,013 sq. ft.
Lot Size: 139,392 sq. ft.
Listed by: Dan Ferrara RE/MAX 1st Choice
Office: 401-943-6111
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$1,350,000 Mortgage Calculator
1029 EAST RD
Tiverton, RI / 02878
MLS# 1074466
Type: Single Family
Neighborhood: FOUR CORNERS
Beds: 3 Beds
Baths: 2 Full / 0 Half
Living Area: 1,620 sq. ft.
Lot Size: 435,600 sq. ft.
Listed by: Marisa Ferris RESIDENTIAL PROPERTIES LTD.
Office: 401-783-2474
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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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$350,000 Mortgage Calculator
0 TOWER HILL RD
Cumberland, RI / 02864
MLS# 1008191
Type: Vacant Land
Neighborhood: TOWER HILL
Lot Frontage: 1,742 ft.
Lot Size: 2,285,593 sq. ft.
Lot Type: Residential, Agriculture
Listed by: Deb Jobin & Company RE/MAX River's Edge - Bristol
Office: 401-254-1776
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$114,900 Mortgage Calculator
5 BRIDGETTE LANE
Westerly, RI / 02891
MLS# 1098836
Type: Vacant Land
Neighborhood: MILL ROSE HEIGHTS
Lot Frontage: 200 ft.
Lot Size: 40,000 sq. ft.
Lot Type: Residential
Listed by: Allen Gammons PRUDENTIAL GAMMONS REALTY
Office: 401-886-6100
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$124,900 Mortgage Calculator
2171 WEST SHORE RD
Warwick, RI / 02889
MLS# 1096079
Type: Vacant Land
Neighborhood: WEST SHORE ROAD
Lot Frontage: 265 ft.
Lot Size: 15,152 sq. ft.
Lot Type: Commercial
Listed by: Gayle Moone Real Estate Masters, Inc.
Office: 401-738-1130
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$219,900 Mortgage Calculator
2 SCHOOL ST
Lincoln, RI / 02802
MLS# 1094345
Type: Condo
Complex Name: HIGHLAND FALLS
Beds: 2 Beds
Baths: 2 Full / 0 Half
Living Area: 1,546 sq. ft.
Style Type: One Level
Listed by: Mary McNally Keller Williams Realty NRI
Office: 401-333-4900
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Housing Market Pointed in Right Direction for 2013


Friday, February 01, 2013

Warwick, RI, February 1, 2013…..While the median price of all 2012 single family home sales fell slightly from the prior year in 2012, the year closed on a positive note with both median price and sales activity on the upswing in December.  The price gains are a result of diminishing inventory which has led to a market balanced between buyers and sellers for the first time since the housing downturn began.  The supply of single family homes for sale dropped 18 percent in December, ending the year with a six-month supply of properties for sale, the typical measure of a balanced market. 

In 2012, distressed sales dropped markedly. In January, the year began with distressed sales accounting for 35 percent of all single family sales. By December, that number dropped to just under 27 percent.

For 2012 overall, single family median price fell three percent from 2011 to $190,000, though December alone showed an uptick in median price of three percent from December, 2011.  Sales activity jumped 20 percent in 2012 but began to move toward more normal levels by the end of the year, rising nine percent in December.  Pending sales – sales under contract but not yet closed - also increased six percent in December, pointing to continued sales activity in the first quarter of 2013.

“The number of homes sold increased consistently throughout 2012 but we didn’t see price gains until the fourth quarter.  Median price has been up from the prior year for three consecutive months now.  That’s a strong indication that we’re heading out of the woods,” said Victoria Doran, 2013 President of the Rhode Island Association of Realtors. 

The median price of condominium sales fell just one percent in 2012 to $175,000 while sales activity increased 11 percent. At the end of the year however, December showed a significant jump in the condo market, with sales up 14 percent and median price up 23 percent to $200,000. The sharp rise in sales left a 7.6 month supply of condos for sale at the end of the year.  Though inventory fell nearly 16 percent in December, the condo market appears to be tapering off as indicated by an increase in pending sales of just one percent in December.

The distressed market accounted for 17 percent of all condominium sales in December, down from 28 percent at the end of 2011, again a major factor in the rising median price.

“Fourth quarter condo sales could have been motivated by end-of-year tax incentives or tremendous values in price and mortgage rates.  People are just beginning to realize that they can own just as cheaply as they can rent, if not more so.  And, with condo ownership, many homeowner responsibilities are taken care of,” said Doran. 

Since 2010, the median price of multi-family properties has hovered around 2012’s median price of $120,000, rising 33 percent from the market’s year end price of $90,000 in 2009, an annual low.  Sales activity has been up and down in the multi-family market but ended up with a three percent gain in 2012 overall. 

Though the year closed in December with a four percent drop in multi-family sales, pending sales increased seven percent from December, 2011 - an indication that increased sales are likely in the beginning of 2013. As in the single family home and condo markets, inventory is tightening, falling 27 percent in December and leaving just over a five month supply of multi-family properties for sale. Distressed sales fell as a percentage of total sales to 48 percent from 59 percent a year earlier.

“Pent up demand and great affordability are carrying into 2013. I think the spring selling season will be particularly robust, as long as Congress doesn’t derail the recovery with further changes to the tax code that erode homeowner benefits,” said Doran.  “Any changes to the mortgage interest deduction, even if only to second homes, could derail the forward momentum we’re experiencing.  I hope our Congressional delegation realizes that,” she said.

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