First Quarter 2014Rhode Island Market Report

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Q1-2014

Executive summary

Prepared by: Candace Adams, President/CEO, Berkshire Hathaway HomeServices New England Properties

Welcome to Berkshire Hathaway HomeServices New England Properties First Quarter Rhode Island Market Report, our examination of the single family and condominium markets in Bristol, Kent, Newport, Providence and Washington Counties.

Although the first quarter of 2014 experienced a slow start as a result of severe weather conditions and a tightening credit market, there are signs of a healthy market in Rhode Island as statewide sales volume and average sale price increased year-over-year. There were 1,549 closed sales during the first quarter, flat with the number of sales in First Quarter 2013. Average single family home values were higher by percentage this quarter, rising 16.4% to $277,900. Condominiums saw a slight increase in the average sale price with Bristol and Kent Counties leading the way with 16.68% and 13.57% growth respectively. Sales volume for single family homes increased to $416,600,000, up 16.5% when compared to First Quarter 2013. Most of the dollar volume growth was seen in Newport County at a 90.68% increase.

While taking into account the harsh weather of the first quarter, Rhode Island’s real estate market remains one of its strongest economic sectors. Confidence in the market and historically low interest rates have reengaged buyers and sellers. Given all indicators the second quarter will be strong for sales in Rhode Island.

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

Candace Adams

President and CEO

1st Quarter 2014

Cover Photo, Westerly - www.1060011.bhhsneproperties.com

Rhode Island Market Overview Q1-2014

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0

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Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014

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sed

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Single Family CondominiumClOSEd SAlES

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200000000

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2012Q1

2012Q2

2012Q3

2012Q4

2013Q1

2013Q2

2013Q3

2013Q4

2014Q1

Single Family

Condominium

2013 Q1 v 2014 Q1

+16.5%2013 Q1 v 2014 Q1

-2.5%

+16.5%

HOME PRICES

Average Sales Price Single Family

Average Sales Price Condominium

Median Sales Price Single Family

Median Sales Price Condominium

2013-Q4 $264,200 $240,400 $200,000 $195,000

Change 5.2% -5.3% -4.0% -2.6%

2014-Q1 $277,900 $227,600 $192,000 $190,000

2013-Q1 $238,800 $227,800 $183,300 $179,800

Change 16.4% -0.1% 4.7% 5.7%

2014-Q1 $277,900 $227,600 $192,000 $190,000

SAlES vOluME

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Q1-2014

Bristol County

Kent County

Days on Market sales MeDian sales Price average sales Price Dollar voluMeQTR 12014

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Barrington

1 Family 132 -17.8% 25 -32.4% $370,000 3.5% $443,500 13.7% $11,089,000 -23.2%

Condo - - - - - - - - - -

Bristol

1 Family 141 -7.3% 19 11.8% $378,000 17.2% $397,300 -0.2% $7,550,000 11.6%

Condo 132 14.3% 14 133.3% $265,000 14.0% $364,700 8.9% $5,105,000 154.2%

PruDence islanD

1 Family 213 -62.6% 4 300.0% $309,500 14.6% $357,900 32.5% $1,432,000 430.2%

Condo - - - - - - - - - -

Warren

1 Family 143 -14.0% 13 -18.8% $254,000 16.8% $241,200 -7.5% $3,136,000 -24.8%

Condo 221 -3.0% 7 600.0% $240,000 26.3% $370,200 94.8% $2,591,000 1263.8%

Days on Market sales MeDian sales Price average sales Price Dollar voluMeQTR 12014

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coventry

1 Family 130 -17.9% 63 5.0% $174,900 11.1% $173,600 12.2% $10,935,000 17.8%

Condo 165 -40.1% 9 200.0% $223,900 65.9% $197,100 51.6% $1,774,000 354.9%

east greenWicH

1 Family 138 -13.1% 36 -37.9% $340,000 -4.2% $389,500 -6.9% $14,022,000 -42.2%

Condo 132 -16.1% 9 -43.8% $305,000 15.5% $264,400 13.1% $2,380,000 -36.4%

greene

1 Family 130 -42.8% 3 -25.0% $225,000 -1.3% $238,700 2.0% $716,000 -23.5%

Condo - - - - - - - - - -

WarWick

1 Family 128 -9.0% 173 -8.0% $161,000 3.4% $176,800 1.3% $30,589,000 -6.8%

Condo 147 24.9% 19 72.7% $146,500 64.6% $144,100 44.0% $2,738,000 148.7%

West greenWicH

1 Family 134 -26.5% 4 -63.6% $250,000 38.9% $261,800 32.9% $1,047,000 -51.7%

Condo - - - - - - - - - -

West WarWick

1 Family 119 -12.5% 46 31.4% $158,800 2.4% $160,000 -4.9% $7,362,000 25.0%

Condo 167 46.5% 12 9.1% $127,400 31.3% $121,200 47.5% $1,455,000 60.9%

KENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

KENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

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Q1-2014

Newport CountyDays on Market sales MeDian sales Price average sales Price Dollar voluMeQTR 12014

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JaMestoWn

1 Family 186 11.5% 14 55.6% $442,500 -21.4% $918,000 -4.8% $12,852,000 48.1%

Condo 359 - 2 - $847,500 - $847,500 - $1,695,000 -

little coMPton

1 Family 331 1.0% 7 250.0% $355,000 -79.0% $827,100 -51.1% $5,790,000 71.1%

Condo - - - - - - - - - -

MiDDletoWn

1 Family 147 -30.6% 29 45.0% $299,000 11.2% $705,500 63.3% $20,460,000 136.8%

Condo 130 -43.1% 6 0.0% $339,000 2.6% $316,300 -60.6% $1,898,000 -60.6%

neWPort

1 Family 219 36.4% 39 116.7% $420,000 5.0% $842,800 86.3% $32,868,000 303.6%

Condo 160 -7.4% 12 -20.0% $287,400 19.7% $271,100 8.1% $3,253,000 -13.5%

PortsMoutH

1 Family 179 -13.0% 25 -19.4% $284,000 -18.8% $313,600 -8.9% $7,839,000 -26.5%

Condo 185 -13.7% 5 -28.6% $293,000 0.0% $276,200 -27.0% $1,381,000 -47.8%

tiverton

1 Family 197 -12.7% 36 16.1% $211,000 6.0% $218,500 7.4% $7,864,000 24.8%

Condo 437 - 2 - $347,000 - $347,000 - $694,000 -

KENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

Washington CountyDays on Market sales MeDian sales Price average sales Price Dollar voluMeQTR 12014

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asHaWay

1 Family 126 -35.6% 6 200.0% $180,300 165.3% $164,000 141.4% $984,000 624.1%

Condo - - - - - - - - - -

Block islanD

1 Family 336 -31.2% 6 500.0% $1,041,800 12.0% $1,254,800 34.9% $7,529,000 709.5%

Condo - - - - - - - - - -

BraDForD

1 Family 384 65.8% 2 -50.0% $152,500 -26.5% $152,500 -49.5% $305,000 -74.7%

Condo - - - - - - - - - -

carolina

1 Family 175 -29.4% 3 0.0% $242,000 2.5% $251,200 -9.9% $754,000 -9.9%

Condo - - - - - - - - - -

KENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

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Washington CountyDays on Market sales MeDian sales Price average sales Price Dollar voluMeQTR 12014

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cHarlestoWn

1 Family 149 -24.5% 22 4.8% $326,300 5.2% $460,500 -7.8% $10,130,000 -3.4%

Condo 150 5.9% 3 0.0% $110,000 10.0% $91,300 -15.2% $274,000 -15.2%

eXeter

1 Family 130 -31.2% 10 11.1% $218,800 -15.9% $203,100 -22.7% $2,031,000 -14.2%

Condo - - - - - - - - - -

HoPe valley

1 Family 118 -30.2% 7 -30.0% $255,000 28.1% $227,000 17.0% $1,589,000 -18.1%

Condo 324 529.1% 1 -50.0% $21,000 -87.1% $21,000 -87.1% $21,000 -93.6%

kingston

1 Family 121 -18.6% 2 0.0% $376,800 25.6% $376,800 25.6% $754,000 25.6%

Condo - - - - - - - - - -

narragansett

1 Family 159 2.5% 33 3.1% $348,500 -1.3% $440,600 -2.4% $14,540,000 0.7%

Condo 119 -66.0% 8 -11.1% $385,000 9.7% $414,700 5.2% $3,318,000 -6.5%

nortH kingstoWn

1 Family 168 5.8% 39 -7.1% $259,000 -4.4% $308,500 -4.1% $12,031,000 -10.9%

Condo 132 -49.5% 3 -50.0% $340,000 -8.1% $390,000 7.6% $1,170,000 -46.2%

saunDerstoWn

1 Family 147 -27.6% 14 16.7% $352,300 -16.1% $390,400 -7.4% $5,465,000 8.0%

Condo - - - - - - - - - -

WakeFielD

1 Family 180 -21.4% 46 31.4% $326,500 11.2% $383,900 -4.1% $17,661,000 26.1%

Condo 263 76.4% 6 -68.4% $398,600 19.0% $374,000 19.7% $2,244,000 -62.2%

West kingston

1 Family 209 23.5% 9 -10.0% $307,000 4.1% $277,600 0.0% $2,498,000 -10.0%

Condo - - - - - - - - - -

Westerly

1 Family 207 9.6% 46 39.4% $278,500 29.5% $590,000 100.3% $27,142,000 179.3%

Condo 148 -4.6% 13 85.7% $227,700 83.6% $275,100 102.1% $3,576,000 275.2%

WyoMing

1 Family 94 -27.8% 1 -80.0% $225,000 36.4% $225,000 38.7% $225,000 -72.3%

Condo - - - - - - - - - -

KENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

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Q1-2014

Providence CountyDays on Market sales MeDian sales Price average sales Price Dollar voluMeQTR 12014

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Burrillville

1 Family 122 -28.7% 1 -50.0% $145,100 -41.0% $145,100 -41.0% $145,000 -70.5%

Condo - - - - - - - - - -

central Falls

1 Family 125 7.5% 6 50.0% $121,700 31.9% $122,900 44.3% $737,000 116.4%

Condo 127 - 1 - $182,000 $182,000 - $182,000 -

cHePacHet

1 Family 140 16.5% 16 14.3% $182,000 1.1% $175,400 0.4% $2,807,000 14.7%

Condo 74 - 1 - $289,900 $289,900 - $290,000 -

cranston

1 Family 125 -18.6% 131 -16.0% $170,000 3.3% $189,800 0.0% $24,860,000 -16.0%

Condo 182 -12.9% 12 0.0% $168,500 4.5% $201,600 4.7% $2,419,000 4.7%

cuMBerlanD

1 Family 116 -25.7% 60 17.6% $248,800 13.1% $271,000 13.4% $16,259,000 33.4%

Condo 124 -37.4% 13 18.2% $255,000 27.6% $223,100 13.3% $2,901,000 33.8%

east ProviDence

1 Family 106 -0.1% 21 40.0% $150,000 -16.6% $150,900 -16.8% $3,170,000 16.4%

Condo 184 170.6% 1 0.0% $160,000 70.7% $160,000 70.7% $160,000 70.7%

Foster

1 Family 71 -51.0% 9 50.0% $220,000 43.3% $224,000 35.0% $2,016,000 102.5%

Condo - - - - - - - - - -

glenDale

1 Family 224 505.4% 1 0.0% $115,000 60.8% $115,000 60.8% $115,000 60.8%

Condo - - - - - - - - - -

greenville

1 Family 114 -39.3% 18 50.0% $153,500 -24.8% $211,700 2.3% $3,810,000 53.5%

Condo 228 160.6% 1 -50.0% $165,000 44.7% $165,000 44.7% $165,000 -27.6%

Harrisville

1 Family 128 -47.6% 9 12.5% $234,500 18.7% $210,600 15.8% $1,895,000 30.3%

Condo - - - - - - - - - -

HoPe

1 Family 276 52.1% 7 0.0% $230,000 16.8% $228,500 1.4% $1,600,000 1.4%

Condo - - - - - - - - - -

JoHnston

1 Family 138 25.3% 55 7.8% $144,000 -4.0% $142,400 -13.4% $7,834,000 -6.6%

Condo 79 -50.5% 2 -71.4% $93,800 -4.8% $93,800 -27.3% $188,000 -79.2%

lincoln

1 Family 134 -28.9% 22 -12.0% $260,000 13.0% $341,400 12.9% $7,512,000 -0.7%

Condo 67 -73.0% 1 -80.0% $185,000 62.3% $185,000 30.7% $185,000 -73.9%

KENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

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Providence CountyDays on Market sales MeDian sales Price average sales Price Dollar voluMeQTR 12014

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Manville

1 Family 140 5.7% 1 -80.0% $180,000 121.9% $180,000 128.7% $180,000 -54.3%

Condo 199 1.1% 4 33.3% $185,400 137.7% $203,800 143.6% $815,000 224.8%

MaPleville

1 Family 153 115.5% 3 200.0% $61,000 -78.1% $117,500 -57.7% $353,000 26.8%

Condo - - - - - - - - - -

nortH ProviDence

1 Family 137 -13.3% 39 -31.6% $165,400 6.7% $172,200 10.0% $6,716,000 -24.7%

Condo 155 30.4% 21 23.5% $60,100 9.3% $103,900 36.1% $2,182,000 68.2%

nortH scituate

1 Family 141 36.9% 12 71.4% $233,000 33.1% $258,800 16.1% $3,105,000 99.1%

Condo - - - - - - - - - -

nortH sMitHFielD

1 Family 117 -15.7% 20 5.3% $213,000 -3.2% $219,600 0.8% $4,393,000 6.1%

Condo 128 -41.0% 6 200.0% $259,500 -1.9% $264,900 0.2% $1,590,000 200.5%

oaklanD

1 Family 50 -65.4% 1 -66.7% $164,900 -30.4% $164,900 -24.0% $165,000 -74.7%

Condo - - - - - - - - - -

Pascoag

1 Family 202 29.5% 14 27.3% $158,500 2.3% $147,700 -16.9% $2,068,000 5.8%

Condo 84 31.3% 1 0.0% $82,500 175.0% $82,500 175.0% $83,000 175.0%

PaWtucket

1 Family 129 -10.1% 79 -11.2% $126,700 15.2% $145,300 21.0% $11,478,000 7.4%

Condo 125 -48.8% 9 28.6% $102,000 -2.9% $85,100 -7.5% $766,000 18.9%

ProviDence

1 Family 151 9.4% 111 -8.3% $119,000 0.4% $214,600 15.7% $23,822,000 6.2%

Condo 233 51.1% 44 -25.4% $208,000 -16.8% $257,800 -5.2% $11,344,000 -29.3%

riversiDe

1 Family 151 -2.6% 25 -7.4% $142,000 -5.6% $150,500 -5.8% $3,763,000 -12.8%

Condo 273 203.1% 4 300.0% $112,000 -8.6% $113,500 -7.3% $454,000 270.6%

ruMForD

1 Family 138 -39.2% 21 50.0% $204,000 -10.3% $212,400 -1.6% $4,460,000 47.5%

Condo 53 -37.6% 1 0.0% $165,000 41.0% $165,000 41.0% $165,000 41.0%

sMitHFielD

1 Family 88 -18.6% 15 7.1% $220,500 16.7% $274,500 29.3% $4,118,000 38.6%

Condo 204 31.0% 5 -54.5% $190,000 27.9% $217,700 23.7% $1,089,000 -43.8%

Woonsocket

1 Family 130 -28.8% 35 16.7% $119,900 17.0% $120,100 8.9% $4,205,000 27.0%

Condo 198 48.4% 11 37.5% $74,300 -2.9% $68,400 -13.4% $752,000 19.1%

KENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT