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
$1,350,000 Mortgage Calculator
0 PUNCATEST NECK RD
Tiverton, RI / 02878
MLS# 1036774
Type: Vacant Land
Neighborhood: FOGLAND BEACH SEAPOWET
Lot Frontage: 800 ft.
Lot Size: 1,038,470 sq. ft.
Lot Type: Residential, Agriculture, Mixed Use
Listed by: Welchman Real Estate Group KELLER WILLIAMS RLTY NEWPORT
Office: 401-845-9200
Photos 360 View
$349,900 Mortgage Calculator
23 PINEHURST DR
Richmond, RI / 02812
MLS# 1128583
Type: Single Family
Neighborhood: CAROLINA
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 2,349 sq. ft.
Lot Size: 41,381 sq. ft.
Listed by: Gayle Moone Real Estate Masters, Inc.
Office: 401-738-1130
Photos 360 View
$209,000 Mortgage Calculator
17 RUFUS ST
Pawtucket, RI / 02860
MLS# 1131943 NEW
Type: Single Family
Neighborhood: FAIRLAWN
Beds: 4 Beds
Baths: 2 Full / 0 Half
Living Area: 1,725 sq. ft.
Lot Size: 5,000 sq. ft.
Listed by: Ari Tanasio Tanasio Realty Advisors
Office: 401-305-7888
Photos 360 View
$425,000 Mortgage Calculator
0 NANAQUAKET RD
Tiverton, RI / 02878
MLS# 1039145
Type: Vacant Land
Neighborhood: WATERFRONT NANAQUAKET
Lot Frontage: 640 ft.
Lot Size: 208,827 sq. ft.
Lot Type: Residential
Listed by: Marisa Ferris RESIDENTIAL PROPERTIES LTD.
Office: 401-783-2474
Photos 360 View
$336,900 Mortgage Calculator
2172 POST RD
South Kingstown, RI / 02879
MLS# 1130457
Type: Multi-Family
Neighborhood: PERRYVILLE/ MATUNUCK
# of Units: 4
Total Beds: | Unit1(2), Unit2(1), Unit3(1), Unit4(3), Beds
Total Baths: 4 | Unit1(1), Unit2(1), Unit3(1), Unit4(1), Full
Building Area: 4,548 sq. ft.
Listed by: Neil ZARTARIAN GREATER R.I. PROPERTIES, LLC
Office: 401-295-4050
Photos 360 View
$279,000 Mortgage Calculator
542 POWER RD
Pawtucket, RI / 02860
MLS# 1105780
Under Contract Status: Inspection Period
Type: Multi-Family
Neighborhood: FAIRLAWN
# of Units: 4
Total Beds: | Unit1(3), Unit2(3), Unit3(1), Unit4(1), Beds
Total Baths: 4 | Unit1(1), Unit2(1), Unit3(1), Unit4(1), Full
Building Area: 4,250 sq. ft.
Listed by: Matthew Escaler Carrington RE Services, LLC
Office: 978-455-4922
Photos 360 View
$365,000 Mortgage Calculator
17 COGGESHALL AV
Bristol, RI / 02809
MLS# 1113978
Type: Single Family
Neighborhood: COGGESHALL AVE.
Beds: 3 Beds
Baths: 1 Full / 1 Half
Living Area: 1,560 sq. ft.
Lot Size: 10,000 sq. ft.
Listed by: Gary Mello The Mello Group, Inc.
Office: 508-640-0505
Photos 360 View
$599,000 Mortgage Calculator
2 BROADVIEW DR
Barrington, RI / 02806
MLS# 1131174
Type: Single Family
Neighborhood: NAYATT - BRICK POND
Beds: 3 Beds
Baths: 1 Full / 1 Half
Living Area: 2,176 sq. ft.
Lot Size: 24,021 sq. ft.
Listed by: Nancy Weaver Residential Properties, Ltd.
Office: 401-245-9600
Photos 360 View
$768,500 Mortgage Calculator
65 CEDAR LANE
Jamestown, RI / 02835
MLS# 1108284
Type: Single Family
Neighborhood: JAMESTOWN
Beds: 4 Beds
Baths: 2 Full / 1 Half
Living Area: 3,028 sq. ft.
Lot Size: 50,530 sq. ft.
Listed by: Brian Dupont Real Estate Masters, Inc.
Office: 401-738-1130
Photos 360 View
$222,900 Mortgage Calculator
83 LOOKOUT AV
Johnston, RI / 02919
MLS# 1099317
Type: Single Family
Neighborhood: CENTRAL JOHNSTON
Beds: 3 Beds
Baths: 1 Full / 0 Half
Living Area: 1,721 sq. ft.
Lot Size: 8,276 sq. ft.
Listed by: Kathy Souza RE/MAX Preferred
Office: 401-353-2200
Homestar Mortgage – the Trusted Home Lender
 
Interested in marketing your products or services on RILiving?
The Shore Club - Luxury Townhouses designed by award winning Union Studio Architects overlooking Wesquage Pond & Bonnet Point Narragansett, Rhode Island. Newport Beach Club – New England’s Premiere Sporting Community
People’s Credit Union – You Belong Here Click here for Stateline Insurance & Financial Services, Inc.

News Detail

« Back to List
Housing Market Pointed in Right Direction for 2013
Friday, February 1, 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.