For the fifth consecutive month, Rhode Island home sales have outperformed the rest of New England. According to the recently released RE/MAX of New England Monthly Housing Report for October - the latest month for which data is available – home sales in the Ocean State jumped 43 percent compared to October 2011.
Still, the news is even better because the number of homes sold is joined by other encouraging statistics. Available inventory dropped from 8,614 properties in October 2011 to 6,130 properties this October. That 28.8 percent decrease translated to a rise in median price, up 4.4 percent from $182,000 to $190,000!
October isn’t the only month of growth which has had buyers, sellers and realtors cheering. In September, Rhode Island home sales were up more than 17 percent. August home sales were up 25 percent and July home sales grew by 32 percent. June’s year-over-year home sales increased 24 percent. This is exciting growth and it’s great to see Rhode Island home sales running on all cylinders for this extended period of time.
Are you thinking about buying or selling a home or are you just curious about the market in your community right now? We took a snap shot of activity in the Patch communities of Coventry, East Providence, North Kingstown and Smithfield for the last three months to help you get a better idea of how property is moving.
Coventry has had an average of 318 homes on the market with a median list price of $201,583 for the last three months. The data shows 40 homes are being sold per month with a median price of $162,350.
In East Providence, an average of 270 homes has been listed on the market during the last three months with a list price of $189,900. What’s sold? About 35 homes per month with a median price of $143,733.
Over the last three months, there has been an average of 262 homes for sale in North Kingstown with an average median list price of $166,566. On average, 31 homes are changing hands each month with an average median price of $150,000.
In Smithfield, there has been an average of 129 properties listed for sale from August until October at a price of $253,966. Each month, an average of 16 transactions is being closed at a price of $225,983.
This is great activity, and preliminary signs already indicate that it may continue during the early parts of winter with pending home sales in Rhode Island up more than 38 percent, from 747 in October 2011 to 1,033 in October 2012. The election is also behind us, so we should begin to see consumer confidence rebound from the pre-election dip it took leading up to November 6th.
It has been a long road back to a normal real estate market since the bubble burst, especially in Rhode Island. But now, it looks like we are well on our way and I’m excited to review November’s data to see if Rhode Island will lead New England in home sales growth for a sixth straight month.
Dan Breault is the Executive Vice President and Regional Director, RE/MAX of New England. For more information, visit www.REMAX-NewEngland.com