Third Quarter - 2013 Market Report Executive Summary Rhode Island’s housing market continues on its upward climb. Across the state, specifically in Kent, Newport and Providence counties, the number of home sales has increased approximately 20%, while the average days on market has decreased an impressive 17%. Inventory and pending sales (commitments to purchase a home at a specified price and terms, typically closing within 60 to 90 days) across the state have seen a slight dip when compared to the same time period as last year. This dip has contributed to the increase in average sales price, with Providence, Washington and Bristol counties seeing increases well over 5%. Westerly saw a 65% increase in their average, a portion of that significant increase may be due to the sale of 10 Bluff in Watch Hill, which sold for $9,750,000 in the third quarter. Additionally, the median sales price has increased by as much as 10% statewide over the same time period as 2012, the East Side of Providence had the most dramatic increase, with a 21% change in their median price. In the luxury market, properties priced at $1,000,000 or higher, the number of homes being sold has decreased, however the average sales price has risen by 5% and the average days on market has decreased by 3%.
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Third Quarter - 2013Market Report
Executive Summary
Rhode Island’s housing market continues on its upward climb. Across the state, specifically in Kent, Newport and Providence counties, the number of home sales has increased approximately 20%, while the average days on market has decreased an impressive 17%.
Inventory and pending sales (commitments to purchase a home at a specified price and terms, typically closing within 60 to 90 days) across the state have seen a slight dip when compared to the same time period as last year. This dip has contributed to the increase in average sales price, with Providence, Washington and Bristol counties seeing increases well over 5%. Westerly saw a 65% increase in their average, a portion of that significant increase may be due to the sale of 10 Bluff in Watch Hill, which sold for $9,750,000 in the third quarter.
Additionally, the median sales price has increased by as much as 10% statewide over the same time period as 2012, the East Side of Providence had the most dramatic increase, with a 21% change in their median price.
In the luxury market, properties priced at $1,000,000 or higher, the number of homes being sold has decreased, however the average sales price has risen by 5% and the average days on market has decreased by 3%.
Rhode Island Single-Family Homes – Q3 2012 v Q3 2013
HOMES SOLD 2,244 2,665 19% 5,880 6,654 13% AVERAGE SALE PRICE $283,365 $287,540 1% $261,051 $270,452 4% MEDIAN SALE PRICE $197,500 $218,000 10% $189,000 $206,500 9%
AVERAGE DOM 100 83 -17% 105 94 -10% % SALE TO LIST PRICE 94% 95% 1% 93% 95% 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 (7/1/13) through (9/30/13).
Newport County Single-Family Homes – Q3 2012 v Q3 2013
HOMES SOLD 196 242 23% 496 588 19% AVERAGE SALE PRICE $635,025 $506,454 -20% $508,912 $473,505 -7% MEDIAN SALE PRICE $350,000 $333,250 -5% $315,000 $335,000 6%
AVERAGE DOM 166 121 -27% 179 145 -19% % SALE TO LIST PRICE 94% 92% -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 (7/1/13) through (9/30/13).
Washington County Single-Family Homes – Q3 2012 v Q3 2013
HOMES SOLD 397 444 12% 1,017 1,081 6% AVERAGE SALE PRICE $398,041 $428,287 8% $385,168 $391,541 2% MEDIAN SALE PRICE $290,000 $286,000 -1% $290,000 $285,000 -2%
AVERAGE DOM 117 106 -9% 127 119 -6% % SALE TO LIST PRICE 94% 93% -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 (7/1/13) through (9/30/13).
Providence County Single-Family Homes – Q3 2012 v Q3 2013
HOMES SOLD 1,003 1,210 21% 2,677 3,113 16% AVERAGE SALE PRICE $201,839 $213,535 6% $190,858 $204,044 7% MEDIAN SALE PRICE $165,000 $182,225 10% $158,600 $172,000 8%
AVERAGE DOM 90 70 -22% 93 81 -13% % 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 (7/1/13) through (9/30/13).
Bristol County Single-Family Homes – Q3 2012 v Q3 2013
HOMES SOLD 134 150 12% 337 355 5% AVERAGE SALE PRICE $359,835 $395,526 10% $354,492 $377,957 7% MEDIAN SALE PRICE $295,000 $320,000 8% $283,500 $315,000 11%
AVERAGE DOM 109 109 0% 112 106 -5% % SALE TO LIST PRICE 94% 95% 1% 92% 95% 3%
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 (7/1/13) through (9/30/13).
Kent County Single-Family Homes – Q3 2012 v Q3 2013
HOMES SOLD 514 618 20% 1,353 1,516 12% AVERAGE SALE PRICE $199,847 $219,583 10% $192,502 $216,613 13% MEDIAN SALE PRICE $160,000 $186,200 16% $155,000 $177,750 15%
AVERAGE DOM 78 72 -8% 86 82 -5% % SALE TO LIST PRICE 96% 97% 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 (7/1/13) through (9/30/13).
HOMES SOLD 51 59 16% 134 134 0% AVERAGE SALE PRICE $1,249,463 $741,908 -41% $804,132 $613,643 -24% MEDIAN SALE PRICE $390,000 $405,000 4% $378,000 $400,000 6%
AVERAGE DOM 173 133 -23% 166 136 -18% % SALE TO LIST PRICE 96% 92% -4% 94% 92% -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 (7/1/13) through (9/30/13).
Narragansett Single-Family Homes – Q3 2012 v Q3 2013
HOMES SOLD 54 71 31% 164 160 -2% AVERAGE SALE PRICE $535,246 $429,480 -20% $498,027 $478,341 -4% MEDIAN SALE PRICE $402,500 $330,000 -18% $363,750 $346,000 -5%
AVERAGE DOM 128 83 -35% 137 123 -10% % SALE TO LIST PRICE 90% 94% 4% 88% 92% 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 (7/1/13) through (9/30/13).
East Side of Providence Single-Family Homes – Q3 2012 v Q3 2013
HOMES SOLD 58 52 -10% 137 139 1% AVERAGE SALE PRICE $537,325 $528,259 -2% $522,573 $541,480 4% MEDIAN SALE PRICE $425,300 $516,525 21% $451,800 $463,750 3%
AVERAGE DOM 92 60 -35% 106 86 -19% % 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 (7/1/13) through (9/30/13).
HOMES SOLD 15 22 47% 42 60 43% AVERAGE SALE PRICE $601,467 $599,241 -.4% $552,260 $690,200 25% MEDIAN SALE PRICE $550,000 $420,000 -24% $435,000 $467,800 8%
AVERAGE DOM 170 107 -37% 202 139 -31% % SALE TO LIST PRICE 96% 92% -4% 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 (7/1/13) through (9/30/13).
HOMES SOLD 71 73 3% 171 166 -3% AVERAGE SALE PRICE $473,041 $781,886 65% $480,703 $568,279 18% MEDIAN SALE PRICE $265,900 $285,000 7% $275,000 $264,500 -4%
AVERAGE DOM 117 138 18% 132 135 2% % SALE TO LIST PRICE 94% 91% -3% 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 (7/1/13) through (9/30/13).
Block Island Single-Family Homes – Q3 2012 v Q3 2013
HOMES SOLD 4 8 100% 11 13 18% AVERAGE SALE PRICE $1,735,000 $1,542,500 -11% $1,654,818 $1,302,308 -21% MEDIAN SALE PRICE $1,700,000 $1,100,000 -35% $1,448,000 $1,100,000 -24%
AVERAGE DOM 272 154 -43% 271 291 7% % SALE TO LIST PRICE 89% 88% -1% 85% 88% 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 (7/1/13) through (9/30/13).
Rhode Island Luxury Single-Family Homes (750K+) – Q3 2012 v Q3 2013
HOMES SOLD 48 44 -9% 114 106 -8% AVERAGE SALE PRICE $2,316,378 $2,426,011 5% $1,974,899 $2,030,425 3% MEDIAN SALE PRICE $1,525,000 $1,275,000 -20% $1,350,000 $1,375,000 2%
AVERAGE DOM 198 192 -3% 217 209 -4% % SALE TO LIST PRICE 92% 88% -5% 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 (7/1/13) through (9/30/13).