Tag: Real Estate Trends
The Rhode Island Association of Realtors has just released its January 2017 sales statistics, reporting a strong start to the year for the Rhode Island housing market.
Single family sales increased by 21% compared to January 2016. However, at the same time, inventory continued to drop with 13.2% fewer single family homes hitting the market.
This increase in buyer activity paired with such a low inventory of homes has propelled demand, making this an excellent time to put your home on the market if you have been considering a move.
Other statistics worthy of note were condominium sales, which shot up 31.3% from this same time period last year. Multi-family home sales stayed consistent with the overall trend, rising 20% from January 2016. However, multi-family pending and were both down which hints at lower sales moving forward.
For more information on the real estate market, local communities, and current listings, please visit ResidentialProperties.com.
Providence Business News recently published an interesting article regarding the growing use of video as a key marketing tool within the real estate industry. As one of the first locally owned agencies to embrace video, Residential Properties Ltd. was featured prominently throughout the article.
The story referenced the growing number of property videos listed on the RPL website, as well as the agency’s six-employee IT department, which currently includes two full-time videographers.
In addition, RPL’s President and CEO, Sally Lapides was quoted several times in the article, including an insightful remark in which she pointed out, “The days when people would meet with a client, look at the house, sign listing forms and put it on the market the next day – those days are over.”
Below is just one example of the over 300 property videos currently available on the Residential Properties website.
To read the full PBN article, please click here.
Statewide, the year to date number of transactions for all properties is up 16.78% from the same time period last year, while the median sale price is down 7.14% to $162,500. However, not all areas saw decreases. In fact, 18 of Rhode Island’s 39 cities and towns, saw sale prices improve. This is based on data from RIAR’s Statewide MLS system for all properties types from January 1 to May 31 for both 2011 and 2012.
Here are some tidbits we found. The median sale price was up from the year prior in 11 towns—Burrillville, Coventry, Foster, Glocester, Hopkinton, Jamestown, Little Compton, Narragansett, New Shoreham, North Smithfield, and Westerly. Although New Shoreham (32.46%), Foster (29.13%), and Jamestown (27.28%) saw double digit appreciation, these numbers may not be as significant as they seem, since those areas only had a limited number of transactions (less than 20).
The average sale price increased in 15 municipalities, and dramatically so in areas like Newport (19.45%), Westerly (17.59%), Providence (17.12%), and North Kingstown (14.86%). Still, the median sale price in these areas stayed mainly stagnant, suggesting that properties in the higher end of the market are starting to sell.
The decreasing statewide median (-7.14%) and average sale price (-3.36%) brings into focus how a statewide number mitigates the positive in some some areas. The decrease largely reflects denser residential areas like Cranston, Central Falls, East Providence, Pawtucket, Warwick, and West Warwick, which have seen the impact of the foreclosure and short sale inventory being worked through the market system. Those towns should start to see a turnaround as that inventory is now reported to be at much lower levels, and we will follow the data through the end of the year. At that point the numbers will be more meaningful for all cities and towns and will probably smooth over some of the anomalies.
We have charted the complete list of Rhode Island communities with their corresponding average and median price developments for your convenience. We have grouped the data by community, so choose a set from the drop down menu to view prices for that region.