First Quarter - 2014 Market Report Executive Summary Spring is in the air here in Rhode Island and the housing market is coming into full bloom. Across the state, and in most counties, the average sale price of a single-family home in Rhode Island has increased by 25%, while the days on market (DOM) has decreased, as much as 23% in some towns. This increased demand for housing is reflected in the number of homes sold in Rhode Island. Newport County has seen a 26% increase in the number of sales, while Washington County has experienced a 9% increase when compared to Q1 2013. Most notably, Jamestown has sold 75% more homes in Q1 2014 vs. Q1 2013! In the luxury market, properties priced at $750,000 or higher, the number of homes being sold has increased by 77%. The average sale price and median sale price have both increased, 23% and 21% respectively.
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First Quarter - 2014Market Report
Executive Summary
Spring is in the air here in Rhode Island and the housing market is coming into full bloom. Across the state, and in most counties, the average sale price of a single-family home in Rhode Island has increased by 25%, while the days on market (DOM) has decreased, as much as 23% in some towns.
This increased demand for housing is reflected in the number of homes sold in Rhode Island. Newport County has seen a 26% increase in the number of sales, while Washington County has experienced a 9% increase when compared to Q1 2013. Most notably, Jamestown has sold 75% more homes in Q1 2014 vs. Q1 2013!
In the luxury market, properties priced at $750,000 or higher, the number of homes being sold has increased by 77%. The average sale price and median sale price have both increased, 23% and 21% respectively.
Rhode Island Single-Family Homes – Q1 2013 v Q1 2014
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 (1/1/14) through (3/31/14).
Newport County Single-Family Homes – Q1 2013 v Q1 2014
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 (1/1/14) through (3/31/14).
Washington County Single-Family Homes – Q1 2013 v Q1 2014
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 (1/1/14) through (3/31/14).
Providence County Single-Family Homes – Q1 2013 v Q1 2014
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 (1/1/14) through (3/31/14).
Bristol County Single-Family Homes – Q1 2013 v Q1 2014
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 (1/1/14) through (3/31/14).
Kent County Single-Family Homes – Q1 2013 v Q1 2014
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 (1/1/14) through (3/31/14).
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 (1/1/14) through (3/31/14).
Narragansett Single-Family Homes – Q1 2013 v Q1 2014
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 (1/1/14) through (3/31/14).
East Side of Providence Single-Family Homes – Q1 2013 v Q1 2014
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 (1/1/14) through (3/31/14).
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 (1/1/14) through (3/31/14).
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 (1/1/14) through (3/31/14).
Block Island Single-Family Homes – Q1 2013 v Q1 2014
HOMES SOLD 2 8 300% 2 8 300% AVERAGE SALE PRICE $ 1,162,500 $1,455,562 25% $1,162,500 $1,455,562 25% MEDIAN SALE PRICE $ 1,162,500 $1,587,500 37% $ 1,162,500 $ 1,587,500 37%
AVERAGE DOM 610 495 -19% 610 495 -19% % SALE TO LIST PRICE 86% 87% 1% 86% 87% 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 (1/1/14) through (3/31/14).
Rhode Island Luxury Single-Family Homes (750K+) – Q1 2013 v Q1 2014
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 (1/1/14) through (3/31/14).