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$459,900 Mortgage Calculator
10 EASTWARD DR
Lincoln, RI / 02865
MLS# 1075164
Type: Single Family
Neighborhood: LIMEROCK
Beds: 4 Beds
Baths: 3 Full / 1 Half
Living Area: 4,970 sq. ft.
Lot Size: 87,425 sq. ft.
Listed by: Joan Dion Reliable Realty Group LLC
Office: 401-723-3300
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$257,000 Mortgage Calculator
25 PRIMROSE LANE
Johnston, RI / 02919
MLS# 1070979
Type: Single Family
Neighborhood: JOHNSTON
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 1,877 sq. ft.
Lot Size: 20,000 sq. ft.
Listed by: Mary Iacono COLDWELL BANKER RESIDENTIAL BR
Office: 401-884-8050
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$209,000 Mortgage Calculator
5 INDIAN TRL
Narragansett, RI / 02874
MLS# 1065205
Type: Condo
Complex Name: INDIAN TRAIL CONDOS
Beds: 2 Beds
Baths: 1 Full / 0 Half
Living Area: 1,182 sq. ft.
Style Type: One Level
Listed by: Donna Sabitoni Fieldstone Properties, Inc.
Office: 401-295-0300
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$159,900 Mortgage Calculator
0 SIR MICHAEL CIR
South Kingstown, RI / 02892
MLS# 955313
Type: Vacant Land
Neighborhood: WEST KINGSTON
Lot Frontage: 176 ft.
Lot Size: 40,075 sq. ft.
Lot Type: Residential
Listed by: Marc Archambault Randall Realtors Real Living
Office: 401-783-9611
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$479,000 Mortgage Calculator
160 BATES TRL
West Greenwich, RI / 02817
MLS# 1068627
Type: Single Family
Neighborhood: HOPKINS HILL
Beds: 4 Beds
Baths: 2 Full / 1 Half
Living Area: 2,468 sq. ft.
Lot Size: 108,854 sq. ft.
Listed by: Janis CAPPELLO COLDWELL BANKER RESIDENTIAL BR
Office: 401-884-8050
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$304,888 Mortgage Calculator
30 BRISAS CIR
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
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$585,000 Mortgage Calculator
3 RIVER MEADOW DR
Hopkinton, RI / 02832
MLS# 1072340
Type: Single Family
Neighborhood: HOPE VALLEY
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 2,721 sq. ft.
Lot Size: 139,392 sq. ft.
Listed by: Bryant Da Cruz Keller Williams Realty
Office: 401-785-1700
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$394,900 Mortgage Calculator
1224 - 1232 GREENWICH AV
Warwick, RI / 02886
MLS# 1052795
Type: Commercial
Neighborhood:
# of Buildings: 1
Total Sq Ft: 3,835 sq. ft.
Building Type: Office
Listed by: Gayle Moone Real Estate Masters, Inc.
Office: 401-738-1130
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$1,049,000 Mortgage Calculator
1 WESTFIELD DR
East Greenwich, RI / 02818
MLS# 1070843
Type: Single Family
Neighborhood: WESTWOOD FARMS
Beds: 4 Beds
Baths: 3 Full / 1 Half
Living Area: 6,248 sq. ft.
Lot Size: 84,506 sq. ft.
Listed by: Millie Pereira CENTURY 21 Crossroads
Office: 401-766-7545
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$125,977 Mortgage Calculator
24 THURBER ST
Pawtucket, RI / 02861
MLS# 1071402
Type: Single Family
Neighborhood: PINECREST DARLINGTON
Beds: 2 Beds
Baths: 1 Full / 0 Half
Living Area: 1,020 sq. ft.
Lot Size: 5,000 sq. ft.
Listed by: Neil ZARTARIAN GREATER R.I. PROPERTIES, LLC
Office: 401-295-4050
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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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