RI Home Sales Lead New England

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.

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

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Joe Sousa. October 20, 2012 at 01:43 AM
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.
BD October 20, 2012 at 02:06 AM
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!
Tivertontaxpayer1 October 20, 2012 at 10:09 AM
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.
Naome Lixes October 20, 2012 at 11:43 AM
"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
Naome Lixes October 20, 2012 at 11:44 AM
@ mark henricks - who is pictured in your avatar?
Naome Lixes October 20, 2012 at 11:49 AM
@ 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.
Tiverton Dad October 20, 2012 at 12:37 PM
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.
Naome Lixes October 20, 2012 at 12:57 PM
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.
Leave RI October 20, 2012 at 06:07 PM
@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)
Naome Lixes October 20, 2012 at 09:05 PM
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?
Ted Geisel October 21, 2012 at 12:15 AM
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 October 21, 2012 at 12:27 AM
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
Leave RI October 21, 2012 at 01:13 AM
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.
Naome Lixes October 21, 2012 at 01:37 AM
Sea Shai in Middletown, near the landscapers. Excellent Bi Bimbab and pickles. Just sayin'
Leave RI October 21, 2012 at 02:12 AM
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.
Leave RI October 21, 2012 at 02:13 AM
line three road
Leave RI October 21, 2012 at 02:21 AM
kom sah hum nee dah for the info
Leave RI October 21, 2012 at 03:29 AM
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.
Manifold Witness October 21, 2012 at 01:13 PM
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.
Naome Lixes October 21, 2012 at 01:40 PM
"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.
Jim L October 22, 2012 at 02:47 PM
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?
Tiverton Dad October 22, 2012 at 02:54 PM
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.
Jim L October 22, 2012 at 03:02 PM
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!!
Tiverton Dad October 22, 2012 at 03:09 PM
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.
Renee Cwiek October 22, 2012 at 03:51 PM
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.
TECH October 22, 2012 at 04:13 PM
@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 October 22, 2012 at 04:30 PM
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
Leave RI October 22, 2012 at 04:31 PM
Manifold Inhale - thanks. Now back to petticoat junction for you.
Jim L October 22, 2012 at 04:38 PM
Wiil I now wait 5 hours for this to be posted
Renee Cwiek October 22, 2012 at 07:34 PM
Thank you both!


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