Fourth Quarter - 2014 Market Report Executive Summary As we begin 2015, this report will show that Rhode Island continues to recover and build in the housing market. Across the state, the inventory has remained fairly balanced. Q4 has shown a high demand for homes priced under $750,000, with the highest demand for homes priced under $250,000. The statewide median sale price is unchanged at $215,000, yet in Q4, areas like Newport saw a 44% increase in their average sale price to $810,000 in comparison to year end last year. Quarter to Quarter, statewide home sales were up 6% and the median sale price was up 8%. Newport County saw a 23% increase in sales and 15% in prices. Washington County sales were up 11% while Providence and Bristol Counties both had increases in sales and prices. Most notably, Newport Single Family Q4 sales increased 15% and the average sale price was up an astonishing 94% over Q4 2013. Providence’s East Side sales were up 31% and Westerly saw a 20% increase in both sales and prices quarter to quarter. Block Island sold 35 % more homes in 2014 vs. 2013. The Statewide Luxury Market saw an 18% increase in the number of homes sold in Q4 2014 in comparison to Q4 2013. We are looking forward to a Fast-Paced and Improving 2015!
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Fourth Quarter - 2014Market Report
Executive SummaryAs we begin 2015, this report will show that Rhode Island continues to recover and build in the housing market.
Across the state, the inventory has remained fairly balanced. Q4 has shown a high demand for homes priced under $750,000, with the highest demand for homes priced under $250,000. The statewide median sale price is unchanged at $215,000, yet in Q4, areas like Newport saw a 44% increase in their average sale price to $810,000 in comparison to year end last year.
Quarter to Quarter, statewide home sales were up 6% and the median sale price was up 8%. Newport County saw a 23% increase in sales and 15% in prices. Washington County sales were up 11% while Providence and Bristol Counties both had increases in sales and prices.
Most notably, Newport Single Family Q4 sales increased 15% and the average sale price was up an astonishing 94% over Q4 2013. Providence’s East Side sales were up 31% and Westerly saw a 20% increase in both sales and prices quarter to quarter. Block Island sold 35 % more homes in 2014 vs. 2013. The Statewide Luxury Market saw an 18% increase in the number of homes sold in Q4 2014 in comparison to Q4 2013.
We are looking forward to a Fast-Paced and Improving 2015!
Rhode Island Single-Family Homes – Q4 2013 v Q4 2014
HOMES SOLD 2,174 2,313 6% 8,851 8,866 .2% AVERAGE SALE PRICE $268,953 $286,854 7% $269,949 $286,488 6% MEDIAN SALE PRICE $201,000 $217,000 8% $205,000 $215,000 5%
AVERAGE DOM 87 89 2% 92 87 5% % SALE TO LIST PRICE 95% 95% 0% 95% 95% 0%
This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (10/1/14) through (12/31/14).
Newport County Single-Family Homes – Q4 2013 v Q4 2014
HOMES SOLD 177 218 23% 768 823 7% AVERAGE SALE PRICE $477,516 $549,014 15% $473,297 $535,292 13% MEDIAN SALE PRICE $325,000 342,500 5% $329,500 $340,000 3%
AVERAGE DOM 135 148 10% 142 143 1% % SALE TO LIST PRICE 93% 94% 1% 92% 93% 1%
This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (10/1/14) through (12/31/14).
Washington County Single-Family Homes – Q4 2013 v Q4 2014
HOMES SOLD 377 419 11% 1,461 1,554 6% AVERAGE SALE PRICE $411,368 $396,526 4% $396,440 $400,017 1% MEDIAN SALE PRICE $310,000 $304,000 2% $290,000 $301,000 4%
AVERAGE DOM 113 113 0% 118 111 6% % SALE TO LIST PRICE 94% 94% 0% 94% 93% 1%
This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (10/1/14) through (12/31/14).
Providence County Single-Family Homes – Q4 2013 v Q4 2014
HOMES SOLD 1,042 1,086 4% 4,168 4,064 2% AVERAGE SALE PRICE $202,492 216,819 7% $203,704 $215,085 6% MEDIAN SALE PRICE $173,000 182,000 5% $120,000 $180,000 50%
AVERAGE DOM 73 71 3% 79 71 10% % SALE TO LIST PRICE 96% 96% 0% 96% 96% 0%
This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (10/1/14) through (12/31/14).
Bristol County Single-Family Homes – Q4 2013 v Q4 2014
HOMES SOLD 96 104 8% 452 430 5% AVERAGE SALE PRICE $370,406 $390,001 5% $375,970 $415,102 10% MEDIAN SALE PRICE $291,500 $320,000 10% $314,750 $336,250 7%
AVERAGE DOM 98 101 3% 104 99 5% % SALE TO LIST PRICE 94% 94% 0% 95% 95% 0%
This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (10/1/14) through (12/31/14).
Kent County Single-Family Homes – Q4 2013 v Q4 2014
HOMES SOLD 483 482 .2% 2002 1968 2% AVERAGE SALE PRICE $204,786 $208,226 2% $213,614 $214,188 .3% MEDIAN SALE PRICE $175,000 $179,950 3% $177,000 $180,000 2%
AVERAGE DOM 77 78 1% 80 75 6% % SALE TO LIST PRICE 96% 96% 0% 96% 96% 0%
This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (10/1/14) through (12/31/14).
HOMES SOLD 46 53 15% 181 189 4% AVERAGE SALE PRICE $424,998 $823,132 94% $563,934 $810,168 44% MEDIAN SALE PRICE $337,000 $350,000 4% $390,000 $415,000 6%
AVERAGE DOM 105 162 54% 127 144 13% % SALE TO LIST PRICE 95% 93% 2% 93% 92% 1%
This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (10/1/14) through (12/31/14).
Narragansett Single-Family Homes – Q4 2013 v Q4 2014
HOMES SOLD 58 57 2% 218 223 2% AVERAGE SALE PRICE $604,822 $507,482 16% $511,992 $481,581 6% MEDIAN SALE PRICE $387,500 $395,000 2% $365,000 $374,000 2%
AVERAGE DOM 112 108 4% 120 110 8% % SALE TO LIST PRICE 92% 96% 4% 92% 94% 2%
This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (10/1/14) through (12/31/14).
East Side of Providence Single-Family Homes – Q4 2013 v Q4 2014
HOMES SOLD 35 46 31% 173 179 3% AVERAGE SALE PRICE $448,073 $491,025 10% $523,123 $536,076 2% MEDIAN SALE PRICE $419,000 $461,875 10% $440,000 $460,000 5%
AVERAGE DOM 82 86 5% 85 76 11% % SALE TO LIST PRICE 95% 95% 0% 95% 96% 1%
This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (10/1/14) through (12/31/14).
This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (10/1/14) through (12/31/14).
HOMES SOLD 60 72 20% 226 262 16% AVERAGE SALE PRICE $376,420 $454,094 21% $517,342 $502,637 3% MEDIAN SALE PRICE $277,500 $295,920 7% $269,500 $281,000 4%
AVERAGE DOM 122 107 12% 132 119 10% % SALE TO LIST PRICE 97% 92% 5% 92% 90% 2%
This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (10/1/14) through (12/31/14).
Block Island Single-Family Homes – Q4 2013 v Q4 2014
HOMES SOLD 10 10 0% 23 31 35% AVERAGE SALE PRICE $1,604,100 $1,321,100 18% $1,433,522 $1,281,081 11% MEDIAN SALE PRICE $1,355,000 $1,150,000 15% $1,100,000 $1,175,000 7%
AVERAGE DOM 290 383 32% 291 359 23% % SALE TO LIST PRICE 89% 90% 1% 88% 88% 0%
This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (10/1/14) through (12/31/14).
Rhode Island Luxury Single-Family Homes (750K+) – Q4 2013 v Q4 2014
HOMES SOLD 84 99 18% 324 369 14% AVERAGE SALE PRICE $1,317,692 $1,312,688 .4% $1,347,307 $1,393,929 3% MEDIAN SALE PRICE $936,250 $1,000,000 7% $942,500 $973,500 3%
AVERAGE DOM 168 204 21% 175 175 0% % SALE TO LIST PRICE 92% 92% 0% 90% 91% 1%
This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (10/1/14) through (12/31/14).