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RI Home Sales Lead New England

It is no coincidence that Rhode Island experienced the largest year-over-year increase in home sales in New England for the third consecutive month in August. A combination of historically low interest rates, pent up demand, and appropriately priced properties have primed the Ocean State’s real estate market to kick into high gear.

According to the RE/MAX of New England August Monthly Housing Report, Rhode Island home sales were up 25.2% in August 2012 compared to August 2011. Year-over-year home sales were also up 32.4% in July and 24.2% in June.

To help form a better understanding of the real estate market in Rhode Island, we took a snap shot of the Patch communities of Johnston, Narragansett, Newport and South Kingstown.

In Johnston, more homes were sold in August than in any other month of 2012, where 29 transactions were closed, up from 28 in July. For the year, 181 homes have been sold in Johnston, for an average of almost 23 homes per month being sold.

Narragansett home sales were also strong in August, where 24 homes changed hands this August. With 168 home sales on the year, that is more than the monthly average of 21 homes sold per month.

In Newport, 28 transactions were recorded, rounding out a very strong summer in the City by the Sea. With 169 homes sold on the year, the top three months for home sales were June (37), July (26) and August (28).

The news is equally good in South Kingstown, where a robust summer was capped off by 29 homes sold in August. With this vacation destination in full swing in August, 46 homes were sold in July and 36 in June.

The good news in Rhode Island doesn’t just show up on paper; we are hearing it from our RE/MAX agents working in the area every day. For months, they tell me that many appropriately priced homes are once again receiving multiple offers. This comes as no surprise, as inventory across the entire state is dramatically lower.

Last August, there were about 9,000 properties for sale in Rhode Island. At the close of August, there were just over 6,700. Pending home sales are also up 40% year-over-year, which means more buyers, sellers and agents are working together to reach closing.

Challenges do remain, particularly with the rate of unemployed and under-employed in Rhode Island.

But, change is certainly in the air!

So as you pull out your fall decorations, begin to rake leaves, and (dare I say) start to get a jump on your holiday shopping, remember that along with the changing of the seasons, the real estate market is also changing: it is getting a little bit stronger with each passing day.

Dan Breault is the Executive Vice President and Regional Director at RE/MAX of New England. For more information, visit www.REMAX-NewEngland.com

Ted Geisel

1:58 pm on Thursday, October 11, 2012

The houses are selling for less (on average) than last year and they are on the market longer also, correct?

Link to the report: http://blog.remax-newengland.com/wp-content/uploads/2012/09/REMAX-August-Housing-Report.pdf

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Tom Durkin

6:05 pm on Thursday, October 11, 2012

My personal experience (I am a loan officer and lend in RI) is that houses are now moving quicker and for the right price if priced properly. I speak with Realtors daily and the consensus is very positive. The average may be lagging behind, but it's on the way up. I think that was the point of the article..... things are looking up....

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Ryanthegirl

9:32 pm on Friday, October 19, 2012

@Tom, I agree 1000%. Also, sellers here in Tiverton and surrounding bordering towns should make sure that their realtor is listing their home in RI MLS. If you have an out of state buyer looking in a border town like Tiverton why would any realtor look on MA MLS?

Joe The Plumber

1:28 am on Saturday, October 13, 2012

It is because everyone is leaving Rhode Island.

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Tiverton Dad

12:55 pm on Friday, October 19, 2012

That's right, good economic news does not fit in with the right wing, union basher political narrative so let's ignore it or try to discredit it.

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Mike

1:04 pm on Friday, October 19, 2012

Do you have data (other than friends) to back up that assumption? It doesn't necessarily surprise me, though. I think the second-home market may be picking up. At least I'm hoping so since I just bought one :)

Looks as though only MA has experienced a decrease in the number of days on the market. I don't think MA was hit as hard as the other NE states because the economy is a little stronger in comparison. And the longer days on market are probably more a reflection of homeowners becoming more realistic in their asking prices and lowering them after spending significant time on the market.

The market was overinflated as a result of realtors and lenders hyping it up, even when there was a good amount of evidence to suggest the run was not going to last, and indeed headed for a decline. Unfortunately, the less calculating and experienced consumer went along with the hype, while homeowners were in denial about what their homes were really worth.

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In41time

1:59 pm on Friday, October 19, 2012

Using the 2000 and 2010 US Census data for RI reveals that there has seemingly been a flight from RI for those people of the age most likely to buy a home. While the overall population for RI has remained essentially the same (2000 pop. = 1.048 million and the 2010 pop. = 1.053 million), the numbers of people in the prime first time home-buying age of 20 thru 44 has decreased from 382K in 2000 to 346K in 2010. If my math is correct that is about a 10% drop in population of people in this age group.

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Mike

2:40 pm on Friday, October 19, 2012

No argument there. Was looking more into data to support the flight of professionals. We know the population is declining within certain age groups, but is there data to validate that white collar workers are leaving the state disproportionately more than blue collar workers? Would have to dig deeper into the census data, I guess.

Also looking for data to support that most recent home sales are to teachers and state government employees as mark suggests. Not sure if there's any data to support that claim, but maybe there is.

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Leave RI

4:28 pm on Friday, October 19, 2012

I've posted this from time to time in various responses. I'm retired military. I have three kids who have have moved out of RI with their families to various states (one to Massachusetts believe it or not) because it was more cost efficient. They're all happy. As I await my wife's job offer response from a tax friendlier state, I am also currently working out of state yet still own a house in RI as my legal residence (I lease in the other state). So when we leave, that will will be a total of 4 families that I'm aware of..not just 4 people. I can't speak for the statistics of everywhere else.

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Leave RI

4:32 pm on Friday, October 19, 2012

PS.. my wife andall of the kids, their spouses etc have attended a state college and paid for with earned money (theirs, ours without a handout) I graduated Roger Wms under the GI bill.

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Tiverton Dad

4:59 pm on Friday, October 19, 2012

The article was comparing home sales statistics from August 2012 compared to August 2011. This may be an indicator that the trend of leaving RI is slowing or reversing. Leave RI, I also worked my way through a state university, but I'm curious about what you consider a handout.

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Mike

7:31 pm on Friday, October 19, 2012

I guess I went to a private university on a handout -- actually a few -- scholarship from the school, a Pell Grant and a work-study job. Also worked 20-25 hours a week (almost full-time during the Summer) at a drug store or a bank throughout my four years in school. And despite partying my butt off while doing all that, I was able to maintain a respectable GPA and graduate at 21. I still appreciate that handout, and hope I've made up for it by becoming a productive member of society who pays tens of thousands of dollars each year in taxes with few benefits and the constant fear that my civil rights will be taken away.

I actually still WANT to pay for these handouts to ensure younger versions of me -- kids with little opportunity and even less money -- get to turn those handouts into something that benefits the individual AND society.

I don't think the intent of this article was political. However, I'm sensing some political undertones in the comments and I was challenging the assumptions by asking for supporting data. As a result, I couldn't help myself and went there too.

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Naome Lixes

7:44 am on Saturday, October 20, 2012

@ mark henricks - who is pictured in your avatar?

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Naome Lixes

7:49 am on Saturday, October 20, 2012

@ mark henricks - that looks a great deal like Klaus Barbie, the butcher of Lyon.

Why are you associating yourself, and these pages with a known torturer?
http://www.writing.upenn.edu/~afilreis/Holocaust/barbie.html

http://www.notablebiographies.com/Ba-Be/Barbie-Klaus.html

You're dancing on the graves of innocents, there.

In41time

12:52 pm on Friday, October 19, 2012

I'm just hoping they start buying the foreclosed properties in my immediate neighberhood (there are 4 of them) as these properties are an eyesore as they are not being maintained by the banks that own them. One has an inground pool that is not properly secured. The gate to the yard is broken and if a child falls in and drowns in what now amounts to a murky frog pond they won't find them until the pool is drained.

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john harker

1:15 pm on Friday, October 19, 2012

While a homework assignment likely not forthcoming from parties vested in property transaction values, there is merit in understanding how these 2012 sales compare to the values assigned them by town assessors. RI stacks up towards the most dependent of states on property tax to fund its ambitions for government services. Property owners would benefit from a perspective not readily provided. John Harker

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Mike

1:35 pm on Friday, October 19, 2012

The towns I've been watching have adjusted assessments to reflect market conditions, but the cost of other services do not necessarily align with the value of property, making it somewhat difficult to cut taxes proportionately. The Patch is no longer listing property sales, so it's difficult to even gather the information by town to compare sales vs. assessed value.

Why is The Patch no longer reporting on that information? They seem to be getting out of the news business and getting more into providing a platform to facilitate private citizen blogging. I get enough of that. I want local news and information!

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Joe Sousa.

9:43 pm on Friday, October 19, 2012

I do a lot of home repair for realtors on and around Aquidneck Island . I get to meet many of the buyers . The majority are from out of state and have chose RI for their retirement home . There from NY. Conn. some from further north . They chose RI because at one point in their life they spent some time here and fell in love with it. RI. has a lot to offer. We just need to fix our corrupt political system . Then we will really shine.

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Leave RI

11:29 pm on Saturday, October 20, 2012

not a usual scroll up guy on the threads, however, ..if they're from NY and CT they're just as tax challenged as far as cost of living property and income taxes..don't think they skipped a beat for that specific reason..check if you must..it's been a few since I have but think the tax situation is pretty equal...OK close enough on subject for me.

BD

10:06 pm on Friday, October 19, 2012

Couldn't agree more, Joe. It will start locally when we rid ourselves of our tin horn dictator and the TCC carpetbaggers that follow him. His latest middle finger to the taxpayers by buying the poop boat and sewer study that we rejected at the FTR is all many needed to see to figure out what was going on. He had many of them fooled with his supposed elixir of lowering taxes...poppycock!

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Tivertontaxpayer1

6:09 am on Saturday, October 20, 2012

Very well put "BD". Too bad Joe Sousa has been brainwashed by his handlers over at the Tiverton Carpetbaggers Club, who believe town employees should be paid less than minimum wage, unions should be abolished, and the only improvements to the town should be on Lawton Ave.

Let's hope that after the election when Joe and his fellow TCC cronies are thrown out of office, this town can begin to heal.

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Naome Lixes

7:43 am on Saturday, October 20, 2012

"I graduated Roger Wms under the GI bill."
LeaveRI

So your family's path to educational achievement was paved by what the Ludwig Von Mises institute calls an entitlement program...

"...a budget-busting middle-class entitlement scheme that had destructive effects on higher education, and set the stage for virtually all our current educational problems." https://mises.org/freemarket_detail.aspx?control=104

This illustrates the gap between what Conservative voices claim, and do.

Take away the G.I. Bill, a stepping-stone to an educated middle class, and where
would you be today? Advocating the termination of similar programs for today's
young people is either greedy (somebody paid for yours - was it you?)
or revanchist (you think those that follow took something of yours).

If you're claiming that only military service qualifies individuals for public assistance, your trotting down a familiar road to the Totalitarian State.

Even Ron Paul said as much, back in 1999:
https://www.youtube.com/watch?v=fZNH5Lr5TqA

Again I say, you can't claim to be for Freedom and Free Markets if you're using the tools of coercion and confiscation to get yours.

So many that decry the "socialist" direction of this country are willing beneficiaries.

0_0

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Tiverton Dad

8:37 am on Saturday, October 20, 2012

My point by asking what LeaveRI considers a handout is that State U. is a "handout," because it's subsidized by taxpayers. Just like state roads, federal highways, local roads, shipping ports, the railway system, local parks, cemeteries, and schools. We all built these together. I gratefully accepted a Pell Grant when I was in college, to take some of the burden off my parents. Years later, I had a chance to meet Pell's wife and I asked her to thank her husband for me. She smiled and said she's had that request thousands of times but still loves to hear it. Pell grants are a road through college for many middle class families that otherwise couldn't afford it. These grants are in danger if Romney wins.

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Naome Lixes

8:57 am on Saturday, October 20, 2012

I consider public subsidy of education the human investment equivalent of a mutual fund: you can't pick every winner, so you invest in lots of likely prospects.

The judgement that some programs are "unworthy" because they're given is
splitting hairs. Dismantling social services as an unpalatable medicine required to
save the body politic disguises the implicit euthanasia of the patient.

Taxes are the price of civilization, and a bargain.

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Leave RI

2:07 pm on Saturday, October 20, 2012

@Tiverton Dad
Not grants or scholarships..things like the "student loan forgiveness"...people who take workers money for school then can't pay it back so it's" forgiven" on the backs of the workers..there was a form of this known as the student loan forgiveness act of 2012..That's what that meant. Not traditional loan and repayment (FAFSA stuff)

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Naome Lixes

5:05 pm on Saturday, October 20, 2012

Perhaps you would consider convergent approaches to prevent this sort of debt balloon from inflating, again.

Proposal one: Make it harder to get into college. Too many entrance exams consist of taking the applicants pulse, and applying pen to paper.

Proposal two: Consider "student loan forgiveness" a retroactive grant.

I'm right down the middle on this; too many of my classmates (longer ago than I care to remember) were in school for lack of any other plan. University was more like a holding pattern than a take off zone, at the time.

My kids will know how to plunge a toilet, change an electrical outlet and shut off the water when there's a leaky pipe before they leave secondary school.

Hopefully they'll show an interest in emergent technologies, unlike most of the current crop of kids congealing in Rhode Island schools.

FYI - Any form of subsidy is "on the backs of the workers".

If we want property values to rise, having a productive work force may help.
If they're already broke - that will require community (same root as communist)
effort. Not all will succeed. If no attempt is made to help, all of us will fail.

That can't be good for property values, can it?

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Ted Geisel

8:15 pm on Saturday, October 20, 2012

As much as it pains me to agree with Naome, at least partially, she does have a point with proposal one. Going to college has become almost an extension of high school. So many people go just because they are expected too. I would add one thing though, business needs to change also. There are far to many jobs out there that require a bachelors degree when one isn't needed. People are literally going to college and spending 4 years of their life in order to get a piece of paper. They would be far better served being employed those 4 years.

Leave RI

8:27 pm on Saturday, October 20, 2012

I was responding to a piece of a question. Didn't mean to side track this into education. Really doesn't have that much to do with real estate as much as why we as a group of families are leaving RI and the fact that all that are leaving have some higher education..I'll leave this thread now..adios..Auf Wiedersehen, onyung ha sey oh, au voir

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Leave RI

9:13 pm on Saturday, October 20, 2012

disclaimer: onyung ha sey oh is a "hooked on phonics" version of hello/good bye in Korean..I only know the head start and menu reading version of Korean.

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Naome Lixes

9:38 pm on Saturday, October 20, 2012

Sea Shai in Middletown, near the landscapers.

Excellent Bi Bimbab and pickles.
Just sayin'

Leave RI

10:12 pm on Saturday, October 20, 2012

My office was in Newport Navy Base for a year..hmm don't remember..Bibimbab was good rice and veg w/chix or beef..maybe on that road near Mr Pickle deli the sandwich place..not too sure but is a pretty good dish..unsure roaad names Aquidneck Rd comes to mind.

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Leave RI

10:21 pm on Saturday, October 20, 2012

kom sah hum nee dah for the info

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Manifold Witness

9:13 am on Sunday, October 21, 2012

The "Naome Lexis"/ "Leave RI" show is oh so boring. But the "Patch" lets them try to make up for it in quantity as they try to keep everyone's thoughts off the local elections.

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Leave RI

12:37 pm on Monday, October 22, 2012

Manifold Inhale - thanks. Now back to petticoat junction for you.

Naome Lixes

9:40 am on Sunday, October 21, 2012

"The "Naome Lexis"/ "Leave RI" show is oh so boring."

This coming from a resident expert on tedium.
Lead, follow or get out of the way - Granpa.

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Jim L

10:47 am on Monday, October 22, 2012

Why would Curb/.t1 want to tweak the Tiverton FTR oyher ttan to raise taxes by getting rid of the right of any private voter to submit a budget, Why roll back in time to big tax increases, Do you think that will help home sales?

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Tiverton Dad

10:54 am on Monday, October 22, 2012

Jims, I sure that at least one of you knows that eliminating the FTR is a fiction cooked up by the TCC to discredit T1 endorsed candidates and distract the voters from the real issues facing this town. Frankly, it's dirty politics and a sign of TCC desperation. I challenge you or anyone to find one statement by any T1 endorsed candidate suggesting that the FTR be eliminated.

I know that this is off-topic, by untruths cannot go unchallenged.

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Jim L

11:02 am on Monday, October 22, 2012

I didn't say eliminate Tiverton Dad , Now did I? What I said was they want to remove the right of other citizens to present a budget if the wish, This is the same group that cry's about tiverton teachers being lowest paid in the state Lead By Brain Medorios who hates the curent FTR system Is Head of CURB/T1 who has the school super as a member, The Tiverton NEA has offered to help them anyway it can, and they say it about Tiverton first?They have the biggest unknown group of posters who just attack anything said, but are GOOD for Us, I don't think so So Untruths. look to your staement sir!!

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Tiverton Dad

11:09 am on Monday, October 22, 2012

Jims, you know full well that a TCC member who is running for council claimed in writing that there was a group trying to eliminate the FTR. This is an untruth. As for you saying that someone wants to "remove the right of other citizens to present a budget if the wish," I again challenge you to find any statement from a T1 endorsed candidate making that claim.

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Renee Cwiek

11:51 am on Monday, October 22, 2012

I know this has nothing to do with the topic, but I was wondering if Jim or anyone else knew why on earth STOP would need to be doing fundraising? I figured Jim may have an answer.

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TECH

12:13 pm on Monday, October 22, 2012

@Renee, I don't know this for a fact, but I would imagine STOP is fundraising so they can fund an advertising and PR effort. When a political action group has more money, their message can be spread more effectively.

Jim L

12:37 pm on Monday, October 22, 2012

Actullay stop and donttoll are fund raising to raise money for postage. signs lawyers, etc, 4 towns and 3 commitees are involved now Renee and Tech that much i know which is not alot dottoll has more info on it, i can tell you that Jeanie Smith , Chee, Donna and myself have all put alot of our own money into this, but signs and things cost money

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Jim L

12:38 pm on Monday, October 22, 2012

Wiil I now wait 5 hours for this to be posted

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