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$189,000 Mortgage Calculator
15 - 17 REYNOLDS AV
North Providence, RI / 02911
MLS# 1063192
Type: Multi-Family
Neighborhood: MINERAL SPRING
# of Units: 2
Total Beds: | Unit1(3), Unit2(3), Beds
Total Baths: 2 | Unit1(1), Unit2(1), Full
Building Area: 3,360 sq. ft.
Listed by: Kathy Souza RE/MAX Preferred
Office: 401-353-2200
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$348,900 Mortgage Calculator
160 ALLEGRA LANE
North Kingstown, RI / 02852
MLS# 1073707
Type: Condo
Complex Name: SLOCUM HEIGHTS
Beds: 2 Beds
Baths: 2 Full / 0 Half
Living Area: 1,600 sq. ft.
Style Type: One Level
Listed by: Bob Medeiros Watermark Realty, LLC
Office: 401-921-5300
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$499,900 Mortgage Calculator
191 MARJORAM DR
Cranston, RI / 02921
MLS# 1061618
Type: Single Family
Neighborhood: ALPINE ESTATES
Beds: 5 Beds
Baths: 3 Full / 1 Half
Living Area: 2,876 sq. ft.
Lot Size: 19,952 sq. ft.
Listed by: Jeanie Gorrie Residential Properties LTD.
Office: 401-885-8400
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$524,500 Mortgage Calculator
18 MAPLE AV
Narragansett, RI / 02882
MLS# 1070266
Type: Single Family
Neighborhood: SAND HILL COVE
Beds: 4 Beds
Baths: 3 Full / 0 Half
Living Area: 1,793 sq. ft.
Lot Size: 5,000 sq. ft.
Listed by: Ernie ESPOSITO RE/MAX FLAGSHIP, INC.
Office: 401-789-2255
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$575,000 Mortgage Calculator
15 ASHLYNN WY
Rehoboth, MA / 02769
MLS# 1051376
Type: Single Family
Neighborhood: SOUTH WOODS
Beds: 5 Beds
Baths: 3 Full / 0 Half
Living Area: 3,191 sq. ft.
Lot Size: 60,436 sq. ft.
Listed by: Jimmy Andrade The Mello Group, Inc.
Office: 401-339-1506
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$189,000 Mortgage Calculator
42 KIMBALL ST
Providence, RI / 02908
MLS# 1071595
Type: Single Family
Neighborhood: MT PLEASANT ELMHURST TRIGGS GOLF
Beds: 3 Beds
Baths: 1 Full / 1 Half
Living Area: 2,582 sq. ft.
Lot Size: 5,226 sq. ft.
Listed by: Janis CAPPELLO COLDWELL BANKER RESIDENTIAL BR
Office: 401-884-8050
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$835,000 Mortgage Calculator
10 - B WANDA ST
Narragansett, RI / 02882
MLS# 1040707
Type: Condo
Complex Name: Summer Winds
Beds: 3 Beds
Baths: 3 Full / 1 Half
Living Area: 2,422 sq. ft.
Style Type: Town House
Listed by: Shawna Amitrano Fiore Realty Corp.
Office: 401-792-7107
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$339,900 Mortgage Calculator
170 PROVIDENCE PIKE
North Smithfield, RI / 02896
MLS# 1067888
Type: Condo
Complex Name: Laurelwood
Beds: 2 Beds
Baths: 2 Full / 0 Half
Living Area: 1,682 sq. ft.
Style Type: One Level, Registered Adult Community, Green Construction
Listed by: Michelle Keach RE/MAX 1st Choice
Office: 401-943-6111
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$159,000 Mortgage Calculator
0 JULIANA DR
Cranston, RI / 02921
MLS# 1045401
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
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$495,000 Mortgage Calculator
1400 HOPE ST
Bristol, RI / 02809
MLS# 1070046
Type: Single Family
Neighborhood: WEST SIDE
Beds: 3 Beds
Baths: 1 Full / 1 Half
Living Area: 2,860 sq. ft.
Lot Size: 46,200 sq. ft.
Listed by: Nancy Weaver Residential Properties, Ltd.
Office: 401-245-9600
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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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