First Quarter - 2015 Market Report Executive Summary Spring has officially sprung and the Rhode Island housing market is off to a great start! Across the state the number of homes sold this first quarter increased 10%. Newport and Kent counties also saw an increase in the number of homes sold, while Bristol county had a whopping 70% increase in the number of homes sold in Q1 2015 versus Q1 2014. This greater demand for housing decreased the average days on market in many areas, most notably in Newport (10%), Westerly (10%) and the East Side of Providence (16%). In the luxury market, properties priced $750K and above, the number of available properties on the market decreased 11% and the number of pending sales increased 7%.
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First Quarter - 2015Market Report
Executive SummarySpring has officially sprung and the Rhode Island housing market is off to a great start!
Across the state the number of homes sold this first quarter increased 10%. Newport and Kent counties also saw an increase in the number of homes sold, while Bristol county had a whopping 70% increase in the number of homes sold in Q1 2015 versus Q1 2014. This greater demand for housing decreased the average days on market in many areas, most notably in Newport (10%), Westerly (10%) and the East Side of Providence (16%).
In the luxury market, properties priced $750K and above, the number of available properties on the market decreased 11% and the number of pending sales increased 7%.
Rhode Island Single-Family Homes – Q1 2014 v Q1 2015
HOMES SOLD 1,499 1,643 10% 1,499 1,643 10% AVERAGE SALE PRICE $290,868 $275,151 5% $290,868 $275,151 5% MEDIAN SALE PRICE $196,000 $202,490 3% $196,000 $202,490 3%
AVERAGE DOM 101 103 2% 101 103 2% % SALE TO LIST PRICE 94% 95% 1% 94% 95% 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 (1/1/15) through (3/31/15).
Newport County Single-Family Homes – Q1 2014 v Q1 2015
HOMES SOLD 144 149 3% 144 149 3% AVERAGE SALE PRICE $610,124 $498,799 18% $610,124 $498,799 18% MEDIAN SALE PRICE $312,500 $347,000 11% $312,500 $347,000 11%
AVERAGE DOM 145 160 10% 145 160 10% % SALE TO LIST PRICE 91% 93% 2% 91% 93% 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 (1/1/15) through (3/31/15).
Washington County Single-Family Homes – Q1 2014 v Q1 2015
HOMES SOLD 260 271 4% 260 271 4% AVERAGE SALE PRICE $450,500 $407,367 10% $450,500 $407,367 10% MEDIAN SALE PRICE $310,000 $284,000 8% $310,000 $284,000 8%
AVERAGE DOM 141 151 7% 141 151 7% % SALE TO LIST PRICE 92% 98% 7% 92% 98% 7%
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 (1/1/15) through (3/31/15).
Providence County Single-Family Homes – Q1 2014 v Q1 2015
HOMES SOLD 721 743 3% 721 743 3% AVERAGE SALE PRICE $196,897 $201,868 3% $196,897 $201,868 3% MEDIAN SALE PRICE $162,000 $176,200 9% $162,000 $176,200 9%
AVERAGE DOM 81 77 5% 81 77 5% % SALE TO LIST PRICE 96% 95% 1% 96% 95% 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 (1/1/15) through (3/31/15).
Bristol County Single-Family Homes – Q1 2014 v Q1 2015
HOMES SOLD 56 95 70% 56 95 70% AVERAGE SALE PRICE $462,830 $390,036 16% $462,830 $390,036 16% MEDIAN SALE PRICE $334,500 $285,000 15% $334,500 $285,000 15%
AVERAGE DOM 105 127 21% 105 127 21% % SALE TO LIST PRICE 95% 94% 1% 95% 94% 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 (1/1/15) through (3/31/15).
Kent County Single-Family Homes – Q1 2014 v Q1 2015
HOMES SOLD 327 377 15% 327 377 15% AVERAGE SALE PRICE $200,920 $208,681 4% $200,920 $208,681 4% MEDIAN SALE PRICE $170,000 $170,000 0% $170,000 $170,000 0%
AVERAGE DOM 85 91 7% 85 91 7% % SALE TO LIST PRICE 95% 96% 1% 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 (1/1/15) through (3/31/15).
HOMES SOLD 38 41 8% 38 41 8% AVERAGE SALE PRICE $855,861 $725,345 15% $855,861 $725,345 15% MEDIAN SALE PRICE $450,000 $390,000 13% $450,000 $390,000 13%
AVERAGE DOM 189 170 10% 189 170 10% % SALE TO LIST PRICE 89% 91% 2% 89% 91% 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 (1/1/15) through (3/31/15).
Narragansett Single-Family Homes – Q1 2014 v Q1 2015
HOMES SOLD 38 24 36% 38 24 36% AVERAGE SALE PRICE $418,340 $477,354 14% $418,340 $477,354 14% MEDIAN SALE PRICE $345,500 $385,500 12% $345,500 $385,500 12%
AVERAGE DOM 110 136 24% 110 136 24% % SALE TO LIST PRICE 94% 96% 2% 94% 96% 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 (1/1/15) through (3/31/15).
East Side of Providence Single-Family Homes – Q1 2014 v Q1 2015
HOMES SOLD 30 22 27% 30 22 27% AVERAGE SALE PRICE $511,358 $471,205 8% $511,358 $471,205 8% MEDIAN SALE PRICE $495,625 $398,500 20% $495,625 $398,500 20%
AVERAGE DOM 97 81 16% 97 81 16% % SALE TO LIST PRICE 95% 97% 2% 95% 97% 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 (1/1/15) through (3/31/15).
HOMES SOLD 14 9 35% 14 9 35% AVERAGE SALE PRICE $917,964 $656,702 28% $917,964 $656,702 28% MEDIAN SALE PRICE $507,500 $597,000 17% $507,500 $597,000 17%
AVERAGE DOM 162 217 34% 162 217 34% % SALE TO LIST PRICE 92% 102% 11% 92% 102% 11% SUPPLY/DEMAND SNAPSHOT
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 (1/1/15) through (3/31/15).
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 (1/1/15) through (3/31/15).
Block Island Single-Family Homes – Q1 2014 v Q1 2015
HOMES SOLD 8 6 25% 8 6 25% AVERAGE SALE PRICE $1,455,562 $1,210,000 17% $1,455,562 $1,210,000 17% MEDIAN SALE PRICE $1,162,500 $1,225,000 5% $1,162,500 $1,225,000 5%
AVERAGE DOM 610 661 8% 610 661 8% % SALE TO LIST PRICE 86% 92% 7% 86% 92% 7%
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 (1/1/15) through (3/31/15).
Rhode Island Luxury Single-Family Homes (750K+) – Q1 2014 v Q1 2015
HOMES SOLD 76 61 19% 76 61 19% AVERAGE SALE PRICE $1,580,762 $1,382,082 12% $1,580,762 $1,382,082 12% MEDIAN SALE PRICE $1,147,500 $1,005,000 12% $1,147,500 $1,005,000 12%
AVERAGE DOM 212 241 14% 212 241 14% % SALE TO LIST PRICE 91% 91% 0% 91% 91% 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 (1/1/15) through (3/31/15).