NEW: RI Realtors Report Spike in Housing Prices in April, Drop in Sales
Tuesday, May 27, 2014
GoLocalProv Real Estate Team
The Rhode Island Association of Realtors reported the median price of
single family homes rose 17 percent from last year -- and while the median price climbed to $210,000, sales were down 5% year over year.
Sales were down five percent compared to April 2013, but the number of homes did increase by two percent marking first year-over-year increase in single family home inventory since March 2012.
“We’re excited to see more homes coming onto the market. There’s been too little to choose from for too long. With interest rates remaining low, prices on the rise, and buyers’ options expanding, we should be seeing good opportunities ahead for both buyers and sellers,” said Robert Martin, President of the Rhode Island Association of Realtors.
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Condominium Market Sees Strong Gains
The condominium market also saw strong gains with median price rising ten percent to $172,500 and sales activity increasing by three percent. Among multi-family properties, median price rose thirty percent to $139,400, accompanied by a decrease in sales activity of 19 percent. Tougher lending requirements and spent demand on the part of investors who snatched up properties at their lowest, have tempered sales in the multi-family market.
According to Lawrence Yun, Chief Economist for the National Association of Realtors, the upside of rising prices is a recovery in home equity. “Based on our forecast for this year, the median home equity gain over three years is expected to be $40,000,” Yun said at a recent presentation to residential Realtors at the Realtor Party Convention and Expo last week. Yun expects a continued uptrend in the market through 2015 with 30-year mortgage rates reaching 4.7 percent this year and 5.5 percent next year.
“The recent drop in Rhode Island’s unemployment is a good sign for the future of the state’s housing market,” added Martin. “Obviously, home affordability will decrease as interest rates rise so the more people who are employed and back on solid financial ground, the more entrenched our recovery will be.”
Related Slideshow: 10 Great RI Homes The Just Came on the Market—May 9 2014
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Coventry
101 Pilgrim Ave
3 beds, 2 baths
$259,750
Bright airy colonial with new hardwood floors. Granite counters in kitchen & baths. Large eat-in kitchen opens to deck. Full basement with walkout ready to be finished. Wooded back fronting river with paths. Country living with convenience for all.
Days on the market: 7
To see more of this property, go here
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Foster
102 South Killingly Rd
3 beds, 2 baths
$304,900
Builders home, Raised Ranch built in 2005. Offers 3 bed, 2.5 bath, Central Air, roughed in central vac system, 75% finished basement w/ Den and Rec. rm. Sits on 1.63 acres with a fenced yard and privacy. Minutes to Foster Country Club. Call today!
Days on the market: 5
To see more of this property, go here
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Warwick
24 Peaceful Lane
3 beds, 2 baths
$356,000
Impeccable young Colonial in wonderful Cowesett neighborhood. Home boasts a large family with gas fireplace opening to an updated kitchen with stainless steel appliances. Beautiful master suite. Great outdoor living space with a deck and patio.
Days on the market: 8
To see more of this property, go here
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Bristol
347 Spinnaker Ln
2 beds, 2 baths
$295,500
A perfect “10”. Tastefully decorated featuring water views and sunsets. Enjoy the open floor plan. Gleaming hardwoods, fireplace, tandem garage and super storage. 1/2% sale price paid by buyer to NFHA at closing.
Days on the market: 3
To see more of this property, go here
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Charlestown
13 Burlingame Dr.
3 beds, 2 baths
$375,000
Meticulous, well-cared-for home in Charlestown. Low Taxes. Porch, deck, and screened in porch. Perfect for entertaining. 2 Fireplaces, gleaming hardwoods, large master bedroom with walk in closet, and partially finished basement. A lovely home in a great location.
Days on the market: 4
To see more of this property, go here
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Hopkinton
485 Main St
4 beds, 3 baths
$435,000
Attention, History Buffs! This historically significant property is longing for your love. Lovely home with 4FP, original moldings, and wonderful details.Yet, it’s gotten lots of updates: roof, furnace, plumbing, electric. Gorgeous 21 acres. Ideal gentleman’s farm.
Days on the market: 4
To see more of this property, go here
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Cranston
10 Dove Ct
3 beds, 2 baths
$417,000
Beautiful 2 bedroom colonial in desirable Alpine Estates. Hardwoods, granite kitchen, fireplace LR, master suite w/ jacuzzi tub, central air on professionally manicured lot. Won’t last.
Days on the market: 2
To see more of this property, go here
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Narragansett
14 Green Acres
3 beds, 3 baths
$514,000
Bring your boat and water toys. Granite Kitchen, Hardwoods, Furnished, Quiet Neighborhood with Right-of-Way to Water (Salt Pond) with Community Dock, Direct Ocean Access, Less than 2 minute walk to water, Master Bed and Bath. Excellent Condition.
Days on the market: 2
To see more of this property, go here
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Providence
373 Academy Ave
4 beds, 1 baths
$260,000
A GoLocal favorite, you have to see this gem in Elmhurst - priced to move. Original 1920 Colonial. Double living room w/stunning woodwork & craftsman gas fireplace. Original lighting. 2 large bedrooms with elegant sitting rooms. Enormous 3rd floor loft bedroom– hardwood inlay floors & high ceilings. Covered porches. 2 car garage.
Days on the market: 3
To see more of this property, go here
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