RI Realtors Report Big Spike in 3rd Quarter
Wednesday, November 06, 2013
GoLocalProv News Team
There is some good news for the Rhode Island economy. Home sales, traditionally a strong indicator of the strength of Rhode Island’s economy, were on the rebound for the third quarter of 2013. The
RI Association of Realtors (RIAR) indicated rising interest rates as the major driver spurring home sales in Rhode Island.
Statistics released today by RIAR indicted that single family home sales were up 19 percent from the same time last year. The median price of single family homes also made substantial gains, up ten percent to $218,200. RIAR attributes the bump in median price to the decline of both single family foreclosure and short sales — down 13 percent — which accounted for 17 percent of total sales, a 6-point decrease from 23 percent in the third quarter of 2012. West Greenwich properties topped the list, where single family median price rose as much as 70 percent, and the number of distressed sales fell by 33 percent.
The condo market showed a distinct turnaround, with sales activity rising 57 percent from third quarter 2012 and median price rising seven percent to $199,450. Worth noting was a 35 percent drop in distressed sales from the third quarter of 2012.
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"Up until this year, the condo market was lagging in the recovery. Last year, many were in a short sale or foreclosure situation which really limited the number of sales. Now we're seeing the condo market bounce back in a big way," said Victoria Doran, RIAR President.
The multi-family market also showed signs of rebound with sales activity up six percent and median price rising to $140,000, a 17 percent increase. The number of foreclosure and short sales fell 26 percent, but the distressed market for multi-families remains relatively high, with 32 percent of all sales selling through foreclosure or short sale. At the height of the foreclosure crisis, distressed sales accounted for more than 80 percent of the multi-family market.
"It's hard to predict what happens next," said Doran. "Sales under contract but not yet closed were down in August and September, which would generally indicate that sales activity will begin to slow in the fourth quarter. Plus, ramifications of the government shutdown could skew October statistics. But mortgage rates have been falling since September and that has kept buyers in the game."
Related Slideshow: 10 Great Houses in Rhode Island That Just Came On The Market—October 16th, 2013
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Newport
45 Catherine Street
5 Beds, 5 Baths
How about an in-town estate in Newport? Ayrault House offers more than 1 acre of beautiful grounds, including pool, patio, & a separate studio.Original details include the staircase from the Peter Stuyvesant House and a panelled library.
$2,650,000
Days on Market: 5
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Charlestown
79 Ninigret Avenue
4 Beds, 3 Baths
A beach getaway on Charlestown's Central Beach. The house is a short walk to the beach, association tennis, ball field, playground. Plus, Quonnie Pond access for kayaking, sailing, clamming. Versatile floor plan for family entertaining plus a private guest suite. A fun beach house with views.
$1,399,000
Days on Market: 5
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Foster
6A Snagwood Road
4 Beds, 2 Baths
Custom-built spacious family retreat offers stunning landscaping as well as newer 2-car garage with 2nd-floor apartment, inground pool with cabana, hardood floors, open kitchen and dining room.
$400,000
Days on Market: 2
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Narragansett
6 Cypress Avenue
4 Beds, 3 Baths
Stylish designer flair at the beach. Ample warm flow from room to room, and just enough yard for enjoyment (there's room for a pool). Exemplary condition throughout. Just enough yard for wonderful enjoyment. Room for pool, of course, and storage everywhere.
$622,000
Days on Market: 2
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Bristol
0 Sandra Drive
4 Beds, 1 Baths
Snag this beautiful Bristol Highlands home with abutting lot. Beach access, tennis, club, mooring possible and bike path right there. Wonderful family neighborhood--need a compound? There's room.
$878,000
Days on Market: 2
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Middletown
106 Esplanade
4 Beds, 3 Baths
Enjoy glorious sunsets from this waterfront 4-bedroom, 3-bath house in Easton's Point. Beautifully renovated, the house features a 9-ft stone fireplace, two master bedrooms, hardwoods, tiled baths, granite counters, central A/C and an outdoor shower.
$1,795,000
Days on Market: 2
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Smithfield
1 Vaughn Street
2 Beds, 1 Baths
This 1930's charmer is ready for you to bring her back to her glory. Recently removed carpets revealed hardwoods, ready to refinish. Vinyl sided, updated electric, public water & sewer, 2 beds, 1 bath & a nice 3/4 season room. Only 5 mins to Route 295.
$169,000
Days on Market: 5
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Warwick
99 Post Road
2 Beds, 1 Baths
Stunning townhouse condo in charming Pawtuxet Village. Two bedrooms, and a brand new main bath. Private deck overlooking river. Short walk to village shopping, restaurants, pubs, and marinas. Garage and basement storage. Central AC. Low fees.
$225,000
Days on Market: 5
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West Warwick
10 Ann Court
4 Beds, 1 Baths
Delightful deal: this spacious 4-bedroom home with huge yard, gleaming hardwoods, new roof & septic updated windows, electric. Sits on quiet dead end street, West WarwickCoventry line.
$149,000
Days on Market: 6
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Providence
78 Roanoke Street
4 Beds, 1 Baths
Mount Pleasant huge Colonial features four bedroom wtih eat-in kitchen and plenty of storage. There's a huge fenced-in yard with a wood deck.
$175,000
Days on Market: 6
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