bhhs new england properties 2015 q3 rhode island market report

Third Quarter 2015Rhode Island Market Report

bhhsNEproperties.com Ri maRket RepoRt • 2

Q3-2015

Executive summary

Welcome to Berkshire Hathaway HomeServices New England Properties’ Third Quarter 2015 Rhode Island Market Report, our examination of the single family and condominium markets throughout the counties of Bristol, Kent, Newport, Providence and Washington.

Statewide, single family home sales and pricing showed robust gains in the third quarter with 2,919 closings – up 11.2% year over year and average prices up 7.5% to $300,600. Days on market are at a three year low with an average of 111 days. Condominium pricing was down slightly, however 12.8% more homes sold year over year. Pendings are consistent year over year for single family homes and down 10.3% for condominiums, indicators that the fourth quarter may continue trends seen in quarter three. Luxury sales rose sharply in the $1 - $3 million range, with a 50% increase in transactions when compared to the same period last year and the second quarter of 2015.

As the market continues to gain momentum in the fourth quarter, buyers and sellers will ride the wave of low interest rates and value priced homes. Most will do it without obstacles, provided they are well versed in the new TRID mortgage regulations. Berkshire Hathaway HomeServices New England Properties Realtors® are educated and well prepared for the new Dodd Frank rules and regulations that we believe will have minimal impact on the market. Sellers will need to get their attorneys involved earlier and buyers should be aware of the fact that they should contact a mortgage professional who is versed on the new process at the onset of their search. Connecticut Home Mortgage, Berkshire Hathaway HomeServices New England Properties’ preferred lender, is available to answer any questions at [email protected] or 203-925-8560.

At Berkshire Hathaway HomeServices New England Properties, our mission is to provide an unparalleled customer service experience throughout all aspects of the home transaction process. If you have any questions regarding this report, Berkshire Hathaway HomeServices New England Properties Realtors® are here to help you navigate the current market with expert knowledge and exceptional service.

Candace Adams

President and CEO

3rd Quarter 2015

Prepared by:

Candace Adams, President/CEO, [email protected] Redican, Director of Marketing, [email protected]

Cover Photo:Westerly • www.125AshawayRd.bhhsneproperties.com

Rhode Island Market Overview Q3-2015


0

500

1000

1500

2000

2500

3000

3500

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

Stat

ewid

e C

lose

d Sa

les

Single Family CondominiumCLOSED SALES

HOME PRICES

Average Sales Price Single Family

Average Sales Price Condominium

Median Sales Price Single Family

Median Sales Price Condominium

Q2 2015 $283,100 $252,200 $225,000 $214,500

Change 6.2% -4.0% 3.3% -6.8%

Q3 2015 $300,700 $242,200 $232,500 $200,000

Q3 2014 $279,600 $241,400 $215,000 $199,900

Change 7.5% 0.3% 8.1% 0.1%

Q3 2015 $300,700 $242,200 $232,500 $200,000

SALES vOLuME

0

100000000

200000000

300000000

400000000

500000000

600000000

700000000

800000000

900000000

1000000000

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

Statewide Sales Volume

Single Family

Condominium

+19.39%Q3 2015 vs Q3 2014

+12.87%

Q3 2015 vs Q3 2014


Q3-2015

Bristol County

Kent CountyAVERAGE SALES PRICE MEDIAN SALES PRICE SALES DAyS oN MARkEt DoLLAR VoLuME

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

CoVENtRy

1 Family $224,200 29.8% $205,000 17.8% 165 26.0% 115 7.6% $36,998,000 63.5%

Condo $234,700 15.1% $243,500 7.8% 16 14.3% 146 13.8% $3,755,000 31.5%

EASt GREENWICH

1 Family $438,000 4.4% $390,000 6.5% 73 -15.1% 98 -12.9% $31,977,000 -11.4%

Condo $232,200 -19.7% $218,000 -22.8% 12 -25.0% 97 -51.4% $2,786,000 -39.8%

GREENE

1 Family $273,100 25.6% $267,500 6.5% 8 33.3% 139 11.8% $2,184,000 67.5%

Condo - - - - - - - - - -

WARWICk

1 Family $196,400 -0.9% $185,000 7.6% 336 13.9% 100 0.8% $65,994,000 12.9%

Condo $128,000 -19.0% $111,100 -28.3% 20 -20.0% 98 -17.0% $2,560,000 -35.2%

WESt GREENWICH

1 Family $325,300 15.8% $352,500 36.1% 16 -23.8% 116 11.9% $5,205,000 -11.7%

Condo - - - - - - - - - -

WESt WARWICk

1 Family $167,400 5.6% $156,500 2.4% 80 21.2% 105 -19.5% $13,393,000 28.0%

Condo $148,700 -4.3% $142,000 6.8% 29 38.1% 91 -30.2% $4,312,000 32.2%

AVERAGE SALES PRICE MEDIAN SALES PRICE SALES DAyS oN MARkEt DoLLAR VoLuMEQTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

BARRINGtoN

1 Family $536,200 -0.3% $427,000 4.5% 86 10.3% 113 -2.1% $46,109,000 10.0%

Condo - - - - - - - - - -

BRIStoL

1 Family $349,400 16.5% $316,300 5.4% 51 45.7% 117 -6.5% $17,818,000 69.8%

Condo $390,800 13.4% $350,000 12.0% 17 -5.6% 129 2.8% $6,644,000 7.1%

PRuDENCE ISLAND

1 Family - - - - - -100.0% - - - -100.0%

Condo - - - - - - - - - -

WARREN

1 Family $268,200 -10.2% $266,000 -0.6% 24 20.0% 107 -13.7% $6,438,000 7.8%

Condo $183,200 -40.2% $170,000 11.1% 6 50.0% 125 -54.8% $1,099,000 -10.4%

KENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

KENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT


Q3-2015


%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

JAMEStoWN

1 Family $825,600 10.5% $554,500 15.0% 24 71.4% 189 30.9% $19,815,000 89.5%

Condo - - - - - - - - - -

LIttLE CoMPtoN

1 Family $632,300 -6.7% $500,000 -11.9% 15 114.3% 169 -27.6% $9,485,000 99.9%

Condo - - - - - - - - - -

MIDDLEtoWN

1 Family $649,100 40.3% $398,000 6.1% 49 14.0% 145 -3.7% $31,804,000 59.9%

Condo $361,600 21.7% $323,300 7.9% 4 0.0% 103 -45.6% $1,447,000 21.7%

NEWPoRt

1 Family $835,800 -7.1% $401,000 -0.6% 56 33.3% 135 14.3% $46,807,000 23.9%

Condo $366,400 11.1% $339,000 20.0% 32 33.3% 160 56.4% $11,725,000 48.1%

PoRtSMoutH

1 Family $410,400 5.1% $334,000 -8.2% 61 27.1% 146 -5.5% $25,037,000 33.6%

Condo $416,700 58.2% $439,000 109.1% 9 80.0% 99 -61.4% $3,750,000 184.8%

tIVERtoN

1 Family $233,100 -13.9% $226,300 12.3% 62 17.0% 152 14.4% $14,455,000 0.7%

Condo $532,300 34.8% $635,000 60.7% 6 200.0% 204 82.7% $3,194,000 304.3%

Newport CountyKENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT


Q3-2015


%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

ALBIoN

1 Family - - - - - - - - - -

Condo $138,200 -19.3% $152,000 -1.9% 3 -40.0% 101 19.7% $415,000 -51.6%

CENtRAL FALLS

1 Family $101,400 -9.0% $120,000 41.2% 7 40.0% 167 61.8% $710,000 27.4%

Condo $67,000 -62.6% $67,000 -62.6% 1 0.0% 114 -13.6% $67,000 -62.6%

CHEPACHEt

1 Family $246,600 11.4% $239,300 -4.3% 20 -31.0% 124 33.7% $4,932,000 -23.2%

Condo - - - - - -100.0% - - - -100.0%

CLAyVILLE

1 Family $92,000 - $92,000 - 1 - 53 - $92,000 -

Condo - - - - - - - - - -

CRANStoN

1 Family $225,400 15.2% $210,100 11.8% 237 3.5% 99 -7.3% $53,430,000 19.2%

Condo $192,200 -0.6% $162,500 -4.4% 19 -26.9% 102 -20.0% $3,651,000 -27.3%

CuMBERLAND

1 Family $314,700 14.1% $287,400 13.8% 121 26.0% 108 0.6% $38,079,000 43.9%

Condo $228,700 -8.6% $226,000 -14.7% 29 26.1% 152 10.3% $6,631,000 15.3%

EASt PRoVIDENCE

1 Family $191,100 27.9% $186,000 29.4% 37 15.6% 95 -19.4% $7,070,000 47.8%

Condo - - - - - - - - - -

FoREStDALE

1 Family $280,000 - $280,000 - 1 - 71 - $280,000 -

Condo - - - - - - - - - -

FoStER

1 Family $253,100 -33.4% $240,000 -37.2% 13 62.5% 87 -5.8% $3,290,000 8.2%

Condo - - - - - - - - - -

GLENDALE

1 Family $291,200 85.5% $290,000 97.2% 4 33.3% 86 -55.1% $1,165,000 147.3%

Condo - - - - - - - - - -

GREENVILLE

1 Family $287,500 -5.7% $243,500 -10.6% 16 -27.3% 100 -14.3% $4,599,000 -31.4%

Condo $59,000 -68.9% $59,000 -68.9% 1 -50.0% 140 16.2% $59,000 -84.5%

HARRISVILLE

1 Family $231,700 2.8% $220,000 -6.0% 11 -26.7% 141 40.7% $2,549,000 -24.6%

Condo $211,300 15.4% $228,700 1.2% 10 11.1% 324 123.0% $2,113,000 28.2%

HoPE

1 Family $265,600 -23.5% $268,000 -8.2% 8 -27.3% 99 -45.3% $2,125,000 -44.3%

Condo - - - - - - - - - -

JoHNStoN

1 Family $208,300 16.5% $201,300 19.1% 72 -17.2% 91 -30.6% $14,995,000 -3.6%

Condo $133,600 5.8% $126,300 0.4% 10 150.0% 95 -29.5% $1,336,000 164.6%

Providence CountyKENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT


Q3-2015


%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

LINCoLN

1 Family $321,900 5.9% $292,000 10.2% 53 17.8% 104 13.6% $17,059,000 24.7%

Condo $216,100 -9.3% $219,900 -21.6% 25 78.6% 155 13.2% $5,403,000 62.0%

MANVILLE

1 Family $234,300 -3.0% $235,500 -2.5% 5 150.0% 100 20.7% $1,172,000 142.5%

Condo $159,300 -31.2% $110,000 -59.2% 3 -40.0% 117 -57.5% $478,000 -58.7%

MAPLEVILLE

1 Family $166,000 -35.6% $175,500 -36.7% 14 133.3% 86 -26.6% $2,324,000 50.2%

Condo - - - - - - - - - -

NoRtH PRoVIDENCE

1 Family $200,000 14.3% $194,000 12.1% 84 18.3% 121 2.8% $16,799,000 35.2%

Condo $128,200 -0.7% $90,000 -29.4% 30 -11.8% 122 -3.1% $3,847,000 -12.4%

NoRtH SCItuAtE

1 Family $279,100 12.7% $284,500 18.5% 18 -21.7% 79 -24.9% $5,024,000 -11.8%

Condo - - - - - - - - - -

NoRtH SMItHFIELD

1 Family $268,400 3.7% $260,800 10.1% 44 63.0% 98 -11.3% $11,809,000 69.0%

Condo $301,500 17.2% $309,200 18.2% 12 0.0% 239 33.5% $3,618,000 17.2%

oAkLAND

1 Family $292,300 72.9% $292,300 72.9% 2 100.0% 88 7.3% $585,000 245.9%

Condo - - - - - - - - - -

PASCoAG

1 Family $204,400 -15.7% $216,300 -14.4% 14 -41.7% 93 -21.7% $2,861,000 -50.8%

Condo $56,000 -12.5% $56,000 -12.5% 1 0.0% 104 -4.6% $56,000 -12.5%

PAWtuCkEt

1 Family $173,900 -1.9% $158,000 0.0% 125 15.7% 103 -1.8% $21,732,000 13.6%

Condo $141,300 -3.9% $123,300 7.2% 16 77.8% 146 -30.7% $2,261,000 70.9%

PRoVIDENCE

1 Family $289,400 11.2% $170,600 12.8% 196 7.7% 111 -5.2% $56,714,000 19.7%

Condo $257,700 -6.9% $208,900 -10.2% 76 18.8% 98 -31.2% $19,583,000 10.6%

RIVERSIDE

1 Family $197,500 6.8% $193,500 10.6% 75 13.6% 92 -8.7% $14,816,000 21.4%

Condo $162,300 45.5% $149,900 34.4% 5 150.0% 82 18.3% $811,000 263.8%

RuMFoRD

1 Family $279,300 23.0% $248,300 24.3% 32 -30.4% 100 -7.9% $8,938,000 -14.4%

Condo $127,000 -26.8% $126,000 -8.4% 3 0.0% 118 79.3% $381,000 -26.8%

SMItHFIELD

1 Family $325,500 17.2% $300,000 8.0% 31 10.7% 96 -12.3% $10,092,000 29.8%

Condo $187,600 -15.4% $167,500 -11.8% 16 45.5% 133 40.8% $3,002,000 23.1%

WooNSoCkEt

1 Family $155,200 11.1% $152,000 9.7% 61 8.9% 108 -1.9% $9,467,000 21.0%

Condo $89,500 -7.0% $86,000 -13.4% 10 0.0% 74 -47.5% $895,000 -7.0%

Providence CountyKENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT


Q3-2015


%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

ASHAWAy

1 Family $197,700 17.6% $197,500 22.3% 16 60.0% 141 -75.0% $3,163,000 88.1%

Condo - - - - - - - - - -

BLoCk ISLAND

1 Family - - - - - -100.0% - - - -100.0%

Condo - - - - - - - - - -

BRADFoRD

1 Family $215,400 67.4% $235,000 88.0% 7 0.0% 88 -30.8% $1,508,000 67.4%

Condo - - - - - - - - - -

CARoLINA

1 Family $276,200 - $280,000 - 11 - 101 - $3,038,000 -

Condo - - - - - - - - - -

CHARLEStoWN

1 Family $469,700 -5.4% $350,000 11.1% 49 19.5% 113 11.1% $23,014,000 13.1%

Condo $140,400 20.0% $118,600 48.2% 6 50.0% 131 31.0% $842,000 79.9%

EXEtER

1 Family $262,000 -21.6% $300,000 -10.9% 18 80.0% 115 12.0% $4,716,000 41.2%

Condo $375,000 - $375,000 - 1 - 85 - $375,000 -

HoPE VALLEy

1 Family $215,100 -23.2% $230,000 -5.7% 18 50.0% 94 -42.5% $3,873,000 15.2%

Condo $132,800 -16.2% $132,800 -17.0% 2 -33.3% 83 -51.5% $266,000 -44.1%

HoPkINtoN

1 Family $209,000 10.3% $209,000 10.3% 1 -50.0% 231 98.3% $209,000 -44.8%

Condo - - - - - - - - - -

kENyoN

1 Family $250,000 13.7% $250,000 13.7% 1 0.0% 112 -36.0% $250,000 13.7%

Condo - - - - - - - - - -

kINGStoN

1 Family $301,000 10.2% $276,000 6.2% 9 28.6% 100 -11.8% $2,709,000 41.7%

Condo - - - - - - - - - -

NARRAGANSEtt

1 Family $478,100 8.4% $405,000 6.6% 79 27.4% 114 -4.0% $37,767,000 38.2%

Condo $382,400 -12.8% $396,500 -9.6% 16 0.0% 79 -56.6% $6,118,000 -12.8%

NoRtH kINGStoWN

1 Family $318,600 2.8% $302,500 8.1% 80 2.6% 95 -22.8% $25,489,000 5.5%

Condo $172,100 -39.2% $149,300 -24.7% 8 0.0% 122 23.7% $1,377,000 -39.2%

Washington CountyKENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT


Q3-2015

Washington CountyKENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

Information here-in is based in whole or part on reports supplied by Collateral Analytics and area Multiple Listing Services (MLS), for residential property transactions as of September 30th, 2015, and is being provided “as is.” Data maintained by an MLS may not reflect all real estate activity in the market. It is deemed reliable but not guaranteed.


%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

QTR 32015

%CHg14-15

RoCkVILLE

1 Family - - - - - -100.0% - - - -100.0%

Condo - - - - - - - - - -

SAuNDERStoWN

1 Family $395,600 -26.8% $375,000 -17.1% 23 -14.8% 108 -22.2% $9,098,000 -37.6%

Condo - - - - - - - - - -

SHANNoCk

1 Family $210,700 -50.4% $226,000 -46.8% 3 200.0% 67 -43.5% $632,000 48.7%

Condo - - - - - - - - - -

SoutH kINGStoWN

1 Family - - - - - -100.0% - - - -100.0%

Condo - - - - - - - - - -

WAkEFIELD

1 Family $343,500 15.8% $315,000 13.5% 79 -16.0% 127 -11.0% $27,133,000 -2.7%

Condo $329,100 1.1% $337,500 -4.1% 10 -33.3% 110 -34.2% $3,291,000 -32.6%

WESt kINGStoN

1 Family $282,000 19.9% $267,000 16.1% 23 21.1% 111 -10.8% $6,486,000 45.2%

Condo - - - - - -100.0% - - - -100.0%

WEStERLy

1 Family $506,100 10.5% $285,000 10.6% 75 10.3% 144 3.1% $37,957,000 21.9%

Condo $435,200 11.9% $237,500 -13.2% 22 57.1% 136 -29.5% $9,575,000 75.9%

WooD RIVER JuNCtIoN

1 Family $186,500 3.7% $202,000 4.9% 4 33.3% 50 -47.6% $746,000 38.3%

Condo - - - - - - - - - -

WyoMING

1 Family $221,500 -9.7% $240,000 6.7% 15 66.7% 153 40.3% $3,323,000 50.5%

Condo - - - - - - - - - -

bhhs new england properties 2015 q3 rhode island market report

Documents