Second Quarter - 2013 Market Report Executive Summary The housing market continues to grow in Rhode Island and across the United States. Across the state, specifically in Providence, Bristol, Newport and Kent counties, inventory is declining while pending sales (commitments to purchase a home at a specified price and terms, typically closing within 60 to 90 days) are up compared to the same period last year. This increased demand for housing has shortened the time it takes for a property to sell. At a statewide level, and in the majority of individual counties, Rhode Island is experiencing a decline in the average days on market (DOM) for a new listing. The most dramatic declines for DOM occurred in Bristol in Providence counties, compared to Q2 2012. Additionally, the median sales price has increased statewide, with an increase of 10% over Q2 2012. Newport and Kent counties experienced the most dramatic rise in median price with 23% and 13% increases respectively over the same time period last year. In the luxury market, properties priced at $1,000,000 or higher, the median sales price has increased statewide, with an increase of 12% over Q2 2012. However, this improvement has been buffered by a 17% increase in available properties statewide, accompanied by a 19% decline in pending sales for the same time period.
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Second Quarter - 2013Market Report
Executive SummaryThe housing market continues to grow in Rhode Island and across the United States. Across the state, specifically in Providence, Bristol, Newport and Kent counties, inventory is declining while pending sales (commitments to purchase a home at a specified price and terms, typically closing within 60 to 90 days) are up compared to the same period last year.
This increased demand for housing has shortened the time it takes for a property to sell. At a statewide level, and in the majority of individual counties, Rhode Island is experiencing a decline in the average days on market (DOM) for a new listing. The most dramatic declines for DOM occurred in Bristol in Providence counties, compared to Q2 2012.
Additionally, the median sales price has increased statewide, with an increase of 10% over Q2 2012. Newport and Kent counties experienced the most dramatic rise in median price with 23% and 13% increases respectively over the same time period last year.
In the luxury market, properties priced at $1,000,000 or higher, the median sales price has increased statewide, with an increase of 12% over Q2 2012. However, this improvement has been buffered by a 17% increase in available properties statewide, accompanied by a 19% decline in pending sales for the same time period.
Rhode Island Single-Family Homes – Q2 2012 v Q2 2013
HOMES SOLD 2,457 2,129 15% 796 727 9% AVERAGE SALE PRICE $270,417 $252,412 7% $318,958 $305,338 4% MEDIAN SALE PRICE $209,500 $191,000 10% $253,900 $232,900 9%
AVERAGE DOM 97 106 -8% 114 124 -8% % SALE TO LIST PRICE 94.9% 92.9% 2% 94.2% 92.6% 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 (4/1/13) through (6/30/13).
Newport County Single-Family Homes – Q2 2012 v Q2 2013
HOMES SOLD 232 183 27% 345 300 15% AVERAGE SALE PRICE $466,109 $414,020 13% $450,751 $426,519 6% MEDIAN SALE PRICE $367,500 $300,000 23% $335,000 $294,000 14%
AVERAGE DOM 154 165 -7% 162 187 -13% % SALE TO LIST PRICE 92.9% 92.3% 1% 91.4% 91.6% 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 (4/1/13) through (6/30/13).
Washington County Single-Family Homes – Q2 2012 v Q2 2013
HOMES SOLD 399 361 11% 637 620 3% AVERAGE SALE PRICE $371,300 $360,330 3% $365,929 $376,924 -3% MEDIAN SALE PRICE $290,000 $292,500 -1% $285,000 $290,00 -2%
AVERAGE DOM 123 128 -4% 129 133 -3% % SALE TO LIST PRICE 93.5% 90.2% 4% 93.9% 90.7% 4%
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 (4/1/13) through (6/30/13).
Providence County Single-Family Homes – Q2 2012 v Q2 2013
HOMES SOLD 1,149 966 19% 1,895 1,674 13% AVERAGE SALE PRICE $210,098 $195,597 7% $198,276 $184,279 8% MEDIAN SALE PRICE $175,000 $159,900 9% $165,500 $153,000 8%
AVERAGE DOM 85 95 -11% 87 94 -7% % SALE TO LIST PRICE 96.1% 94.5% 2% 95.5% 94.3% 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 (4/1/13) through (6/30/13).
Bristol County Single-Family Homes – Q2 2012 v Q2 2013
HOMES SOLD 136 139 -2% 205 203 1% AVERAGE SALE PRICE $365,528 $359,745 2% $365,101 $350,965 4% MEDIAN SALE PRICE $297,000 $295,000 1% $310,000 $275,000 13%
AVERAGE DOM 92 110 -16% 104 115 -10% % SALE TO LIST PRICE 95.3% 91.8% 4% 94.8% 91.4% 4%
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 (4/1/13) through (6/30/13).
Kent County Single-Family Homes – Q2 2012 v Q2 2013
HOMES SOLD 539 479 13% 895 839 7% AVERAGE SALE PRICE $216,590 $192,765 12% $214,734 $188,001 14% MEDIAN SALE PRICE $172,500 $152,500 13% $174,000 $152,500 14%
AVERAGE DOM 80 87 -8% 88 91 -3% % SALE TO LIST PRICE 96% 95% 1% 95.6% 94.8% 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 (4/1/13) through (6/30/13).
HOMES SOLD 57 50 12% 76 83 8% AVERAGE SALE PRICE $537,972 $562,501 -4% $512,741 $530,495 3% MEDIAN SALE PRICE $398,000 $345,100 15% $399,000 $349,000 -14%
AVERAGE DOM 181 53 242% 118 126 6% % SALE TO LIST PRICE 93.3% 91.7% 1.7% 92.3% 92.1% -0.2%
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 (4/1/13) through (6/30/13).
Narragansett Single-Family Homes – Q2 2012 v Q2 2013
HOMES SOLD 52 67 -29% 88 110 -25% AVERAGE SALE PRICE $611,000 $515,000 16% $533,500 $468,167 12% MEDIAN SALE PRICE $334,000 $371,000 -11% $351,333 $380,000 -8%
AVERAGE DOM 159 144 9% 155 142 8% % SALE TO LIST PRICE 91.4% 84.2% 8% 91.5% 86.5% 5%
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 (4/1/13) through (6/30/13).
East Side of Providence Single-Family Homes – Q2 2012 v Q2 2013
HOMES SOLD 66 60 10% 88 79 11% AVERAGE SALE PRICE $556,667 $519,000 7% $516,667 $511,000 1% MEDIAN SALE PRICE $417,000 $447,000 -7% $458,667 $448,500 2%
AVERAGE DOM 99 105 -6% 101 117 -14% % SALE TO LIST PRICE 96.9% 93.2% 4% 95.5% 93.3% 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 (4/1/13) through (6/30/13).
HOMES SOLD 29 15 93% 38 27 41% AVERAGE SALE PRICE $674,089 $505,400 33% $742,860 $524,922 42% MEDIAN SALE PRICE $499,333 $477,333 5% $525,167 $464,667 13%
AVERAGE DOM 157 185 -15% 157 220 -29% % SALE TO LIST PRICE 92.5% 94% -2% 92.5% 91.5% 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 (4/1/13) through (6/30/13).
HOMES SOLD 56 60 -7% 93 100 -7% AVERAGE SALE PRICE $469,570 $382,098 23% $400,609 $486,144 -18% MEDIAN SALE PRICE $290,333 $284,000 2% $254,667 $299,333 -15%
AVERAGE DOM 130 144 -10% 133 143 -7% % SALE TO LIST PRICE 92.1% 90.9% 1% 90.4% 89.5% 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 (4/1/13) through (6/30/13).
Block Island Single-Family Homes – Q2 2012 v Q2 2013
HOMES SOLD 3 4 33% 5 7 -40% AVERAGE SALE PRICE $755,000 $1,522,000 -102% $918,000 $1,609,000 -75% MEDIAN SALE PRICE $509,333 $1,107,667 -117% $642,167 $1,052,500 -64%
AVERAGE DOM 441 331 33% 509 270 89% % SALE TO LIST PRICE 88.3% 81.3% 8% 87% 83.3% 4%
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 (4/1/13) through (6/30/13).
Rhode Island Luxury Single-Family Homes – Q2 2012 v Q2 2013
HOMES SOLD 44 39 13% 62 66 -6% AVERAGE SALE PRICE $1,672,989 $1,570,756 7% $1,749,686 $1,678,962 4% MEDIAN SALE PRICE $1,425,000 $1,270,000 12% $1,425,000 $1,300,000 10%
AVERAGE DOM 224 268 -16% 220 236 -7% % SALE TO LIST PRICE 90.2% 81.6% 11% 88.7% 83.4% 6%
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 (4/1/13) through (6/30/13).