BHHS New England Properties 2014 Q4 Rhode Island Market Report

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Fourth Quarter 2014 Rhode Island Market Report

description

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

Transcript of BHHS New England Properties 2014 Q4 Rhode Island Market Report

Page 1: BHHS New England Properties 2014 Q4 Rhode Island Market Report

Fourth Quarter 2014Rhode Island Market Report

Page 2: BHHS New England Properties 2014 Q4 Rhode Island Market Report

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Executive summary

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

The Rhode Island housing market showed gains year over year with closed sales exceeding 2,200 transactions and single family home average sales prices achieving $280,100, up 5.9% when compared to Fourth Quarter 2013. Closed sales for single family homes remained flat versus last year while contracts signed increased by 11.63%. The luxury segment of the market increased by 13.9% year over year with 41 sales over $1 million in the fourth quarter.

In 2015 we anticipate that interest rates will begin to increase as employment, as well as GDP, continue to grow at a moderate pace. First time homebuyers, as well as those returning to homeownership, will see a number of great opportunities in 2015, with lenders increasing the maximum loan value to 97% from 95% and FHA reducing the annual mortgage insurance premium by .50 bps, allowing more customers to qualify.

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 sales associates are here to help you navigate the current market with expert knowledge and exceptional service.

Candace Adams

President and CEO

4th Quarter 2014

Prepared by:

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

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Rhode Island Market Overview Q4-2014

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HOME PRICES

Average Sales Price Single Family

Average Sales Price Condominium

Median Sales Price Single Family

Median Sales Price Condominium

Q3 2014 $278,100 $241,200 $215,000 $199,900

Change 0.7% -3.4% 0.0% -5.0%

Q4 2014 $280,100 $233,000 $215,000 $189,900

Q4 2013 $264,300 $239,200 $200,000 $195,000

Change 6.0% -2.6% 7.5% -2.6%

Q4 2014 $280,100 $233,000 $215,000 $189,900

SAlES vOluME

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Bristol County

Kent CountyKENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

KENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

AVERAGE SALES PRICE MEDIAN SALES PRICE SALES DAyS oN MARkEt DoLLAR VoLuMEQTR 42014

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CoVENtRy

1 Family $180,100 -2.8% $184,000 11.5% 87 -13.9% 118 -16.6% $15,667,000 -16.3%

Condo $216,900 -8.1% $225,900 -3.2% 9 12.5% 111 -2.1% $1,952,000 3.4%

EASt GREENWICH

1 Family $361,500 -10.5% $325,300 -9.8% 64 33.3% 124 -20.1% $23,135,000 19.4%

Condo $227,700 -6.5% $200,000 -5.9% 9 12.5% 141 -7.0% $2,050,000 5.2%

GREENE

1 Family $261,700 24.1% $250,000 54.3% 7 -22.2% 106 -20.9% $1,832,000 -3.5%

Condo - - - - - - - - - -

WARWICk

1 Family $184,700 -0.3% $165,000 0.0% 249 -3.1% 111 9.2% $45,982,000 -3.4%

Condo $157,500 -17.5% $134,500 -20.3% 21 16.7% 93 11.0% $3,307,000 -3.8%

WESt GREENWICH

1 Family $268,600 31.1% $285,000 14.2% 15 7.1% 145 42.0% $4,029,000 40.5%

Condo - - - - - - - - - -

WESt WARWICk

1 Family $166,300 2.3% $171,000 7.7% 47 -9.6% 135 42.3% $7,816,000 -7.5%

Condo $135,700 -6.1% $132,000 3.3% 15 -31.8% 158 69.3% $2,035,000 -36.0%

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BARRINGtoN

1 Family $467,300 12.8% $396,000 6.3% 45 7.1% 137 18.8% $21,030,000 20.8%

Condo - - - - - - - - - -

BRIStoL

1 Family $362,900 5.6% $322,500 23.1% 40 8.1% 109 -25.4% $14,514,000 14.2%

Condo $318,700 -9.0% $295,000 5.8% 19 35.7% 131 -14.9% $6,056,000 23.4%

PRuDENCE ISLAND

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

Condo - - - - - - - - - -

WARREN

1 Family $256,700 -12.2% $228,000 -15.6% 16 14.3% 147 42.3% $4,107,000 0.3%

Condo $265,500 45.0% $265,500 114.5% 2 -50.0% 180 -5.1% $531,000 -27.5%

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JAMEStoWN

1 Family $766,500 1.4% $480,000 -6.2% 21 5.0% 193 -17.5% $16,096,000 6.5%

Condo $583,300 -12.7% $560,000 0.0% 3 0.0% 105 -61.7% $1,750,000 -12.7%

LIttLE CoMPtoN

1 Family $854,500 -5.2% $802,500 58.1% 10 0.0% 176 41.3% $8,545,000 -5.2%

Condo - - - - - - - - - -

MIDDLEtoWN

1 Family $551,800 43.7% $395,000 39.8% 31 -8.8% 139 -0.2% $17,107,000 31.0%

Condo $301,200 -18.0% $298,000 -12.1% 6 -60.0% 167 54.1% $1,807,000 -67.2%

NEWPoRt

1 Family $677,500 67.5% $349,500 3.7% 50 13.6% 180 50.6% $33,876,000 90.4%

Condo $386,100 7.1% $196,900 -15.1% 20 -31.0% 131 -43.0% $7,723,000 -26.2%

PoRtSMoutH

1 Family $376,000 -36.3% $300,000 -13.4% 47 80.8% 144 -21.8% $17,673,000 15.2%

Condo $401,800 -9.7% $386,000 21.0% 16 220.0% 213 20.8% $6,429,000 188.9%

tIVERtoN

1 Family $274,200 -7.1% $241,800 11.8% 58 26.1% 160 4.0% $15,905,000 17.2%

Condo $250,400 -53.3% $146,500 -73.8% 6 20.0% 154 4.3% $1,502,000 -44.0%

Newport CountyKENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

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AVERAGE SALES PRICE MEDIAN SALES PRICE SALES DAyS oN MARkEt DoLLAR VoLuMEQTR 42014

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ALBIoN

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

Condo $169,700 24.3% $175,000 28.2% 3 50.0% 144 -19.1% $509,000 86.4%

CENtRAL FALLS

1 Family $119,400 -2.2% $115,800 6.7% 6 -14.3% 112 -2.2% $717,000 -16.2%

Condo $50,000 - $50,000 - 1 - 37 - $50,000 -

CHEPACHEt

1 Family $210,700 -7.1% $219,000 13.8% 30 30.4% 103 -8.0% $6,321,000 21.2%

Condo $276,600 -4.6% $269,900 -6.9% 3 200.0% 202 393.5% $830,000 186.2%

CLAyVILLE

1 Family $141,500 -21.4% $141,500 -21.4% 1 0.0% 119 -64.9% $142,000 -21.4%

Condo - - - - - - - - - -

CRANStoN

1 Family $219,700 7.0% $201,000 18.2% 183 -2.1% 99 -11.6% $40,201,000 4.7%

Condo $187,100 14.2% $145,000 10.7% 21 31.3% 162 21.4% $3,929,000 49.9%

CuMBERLAND

1 Family $286,200 8.3% $274,500 9.7% 95 18.8% 121 5.9% $27,188,000 28.6%

Condo $187,200 -11.2% $197,500 -5.5% 15 -11.8% 110 -13.3% $2,808,000 -21.6%

EASt PRoVIDENCE

1 Family $158,500 9.9% $160,000 8.3% 39 8.3% 122 21.2% $6,182,000 19.1%

Condo $103,000 - $103,000 - 1 - 116 - $103,000 -

FoStER

1 Family $214,000 -5.4% $197,500 -14.1% 6 -53.8% 214 76.8% $1,284,000 -56.3%

Condo - - - - - - - - - -

GLENDALE

1 Family $260,500 2.0% $260,500 2.0% 2 0.0% 176 56.4% $521,000 2.0%

Condo - - - - - - - - - -

GREENVILLE

1 Family $234,700 -1.6% $240,000 8.1% 21 61.5% 93 -15.5% $4,929,000 58.9%

Condo $148,200 -0.7% $165,000 1.2% 5 66.7% 77 -21.4% $741,000 65.4%

HARRISVILLE

1 Family $336,300 60.9% $230,000 4.6% 13 -31.6% 119 13.5% $4,372,000 10.1%

Condo $145,700 -10.4% $112,000 0.0% 3 -40.0% 148 -29.1% $437,000 -46.2%

HoPE

1 Family $265,200 5.4% $284,000 19.6% 17 6.3% 128 9.2% $4,509,000 12.0%

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

JoHNStoN

1 Family $183,300 6.7% $170,000 1.2% 74 19.4% 116 4.0% $13,563,000 27.4%

Condo $96,200 -29.9% $95,000 -22.1% 6 -33.3% 92 -43.7% $577,000 -53.2%

LINCoLN

1 Family $262,500 -11.3% $243,500 -6.9% 42 -2.3% 118 -9.2% $11,024,000 -13.4%

Condo $227,800 79.4% $249,500 93.4% 30 200.0% 111 -25.6% $6,833,000 438.3%

Providence CountyKENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

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MANVILLE

1 Family $435,000 121.2% $435,000 135.1% 1 -66.7% 152 101.8% $435,000 -26.3%

Condo $227,600 - $260,700 - 3 - 207 - $683,000 -

MAPLEVILLE

1 Family $161,500 -16.4% $167,000 -13.5% 4 100.0% 138 70.4% $646,000 67.2%

Condo - - - - - - - - - -

NoRtH PRoVIDENCE

1 Family $184,000 8.7% $173,500 8.4% 65 -9.7% 107 -12.0% $11,958,000 -1.9%

Condo $81,300 -5.6% $62,000 -0.8% 17 -19.0% 97 -22.1% $1,382,000 -23.6%

NoRtH SCItuAtE

1 Family $247,300 5.8% $222,500 -14.4% 21 -8.7% 134 6.1% $5,193,000 -3.4%

Condo - - - - - - - - - -

NoRtH SMItHFIELD

1 Family $249,000 -16.6% $240,300 -1.9% 26 -16.1% 142 -10.9% $6,474,000 -30.1%

Condo $278,500 10.3% $272,000 13.4% 7 -12.5% 256 126.0% $1,950,000 -3.5%

PASCoAG

1 Family $211,200 25.5% $190,000 27.5% 13 -13.3% 104 -44.1% $2,745,000 8.8%

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

PAWtuCkEt

1 Family $158,200 7.6% $151,500 1.7% 106 14.0% 131 11.4% $16,770,000 22.6%

Condo $96,500 2.2% $62,300 -26.8% 8 -20.0% 196 18.1% $772,000 -18.2%

PRoVIDENCE

1 Family $240,900 22.8% $152,300 13.8% 148 1.4% 134 1.5% $35,658,000 24.5%

Condo $258,400 -2.3% $185,000 -18.2% 46 -11.5% 103 -18.0% $11,885,000 -13.6%

RIVERSIDE

1 Family $194,300 7.1% $165,000 -5.2% 41 17.1% 122 34.5% $7,966,000 25.5%

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

RuMFoRD

1 Family $212,900 8.4% $192,500 -0.3% 23 -8.0% 153 38.9% $4,896,000 -0.2%

Condo $165,000 16.7% $165,000 13.0% 1 -66.7% 48 -43.8% $165,000 -61.1%

SLAtERSVILLE

1 Family $244,000 -17.8% $244,000 -17.8% 1 -50.0% 194 75.6% $244,000 -58.9%

Condo - - - - - - - - - -

SMItHFIELD

1 Family $295,800 21.8% $250,000 2.0% 28 21.7% 94 -16.4% $8,282,000 48.3%

Condo $207,000 36.4% $152,100 1.7% 10 100.0% 131 56.1% $2,070,000 172.7%

WooNSoCkEt

1 Family $143,100 7.7% $144,500 13.7% 48 -7.7% 105 -29.1% $6,867,000 -0.6%

Condo $91,600 8.2% $91,300 11.3% 8 -20.0% 118 -51.9% $733,000 -13.4%

Providence CountyKENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

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ASHAWAy

1 Family $236,700 -0.3% $213,400 -11.1% 8 60.0% 112 -17.7% $1,894,000 59.5%

Condo - - - - - - - - - -

BLoCk ISLAND

1 Family $1,433,300 7.3% $1,250,000 33.7% 3 -40.0% 149 -55.3% $4,300,000 -35.6%

Condo $467,500 - $467,500 - 2 - 186 - $935,000 -

BRADFoRD

1 Family $236,700 5.6% $240,500 30.0% 4 33.3% 295 110.4% $947,000 40.8%

Condo - - - - - - - - - -

CARoLINA

1 Family $275,800 57.6% $285,000 62.9% 5 400.0% 118 32.4% $1,379,000 688.0%

Condo - - - - - - - - - -

CHARLEStoWN

1 Family $376,000 -3.9% $304,000 8.4% 35 34.6% 185 36.6% $13,161,000 29.3%

Condo $122,600 74.1% $108,000 166.7% 3 -57.1% 116 -44.6% $368,000 -25.4%

EXEtER

1 Family $253,700 -1.9% $248,000 -0.8% 19 26.7% 114 -11.5% $4,821,000 24.2%

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

HoPE VALLEy

1 Family $224,400 -4.7% $230,000 0.2% 7 -30.0% 179 47.2% $1,571,000 -33.3%

Condo $150,500 -38.3% $150,500 -23.6% 2 -50.0% 255 171.3% $301,000 -69.2%

HoPkINtoN

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

Condo - - - - - - - - - -

kINGStoN

1 Family $332,300 19.5% $299,000 -8.0% 7 0.0% 120 -28.2% $2,326,000 19.5%

Condo - - - - - - - - - -

NARRAGANSEtt

1 Family $511,000 -16.1% $415,000 5.9% 49 -12.5% 134 -4.3% $25,041,000 -26.6%

Condo $392,300 -17.9% $380,000 -23.6% 5 -58.3% 213 198.6% $1,962,000 -65.8%

NoRtH kINGStoWN

1 Family $308,100 -2.9% $270,000 -3.6% 62 -10.1% 100 -8.5% $19,104,000 -12.8%

Condo $227,900 -26.9% $165,000 -44.8% 13 44.4% 184 -10.8% $2,963,000 5.6%

RICHMoND

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

Condo - - - - - - - - - -

RoCkVILLE

1 Family $195,000 - $195,000 - 2 - 149 - $390,000 -

Condo - - - - - - - - - -

Washington CountyKENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

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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 December 31st, 2014, 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.

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RoCkVILLE

1 Family $195,000 - $195,000 - 2 - 149 - $390,000 -

Condo - - - - - - - - - -

SAuNDERStoWN

1 Family $368,300 -19.0% $288,000 -41.9% 11 -31.2% 110 -23.3% $4,051,000 -44.3%

Condo $310,800 - $310,800 - 2 - 108 - $622,000 -

SHANNoCk

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

Condo - - - - - - - - - -

WAkEFIELD

1 Family $374,400 -0.8% $327,000 9.0% 86 36.5% 140 -24.1% $32,201,000 35.5%

Condo $291,200 3.7% $236,200 -21.3% 14 7.7% 223 -10.5% $4,077,000 11.7%

WESt kINGStoN

1 Family $232,400 -9.8% $215,000 -10.4% 15 -11.8% 165 80.4% $3,486,000 -20.4%

Condo $85,000 - $85,000 - 1 - 27 - $85,000 -

WEStERLy

1 Family $459,400 20.0% $290,800 3.9% 69 21.1% 150 -8.5% $31,702,000 45.3%

Condo $235,700 9.0% $190,700 -2.2% 14 75.0% 121 -16.4% $3,299,000 90.7%

WooD RIVER JuNCtIoN

1 Family $203,000 98.0% $203,000 98.0% 1 -50.0% 161 1.9% $203,000 -1.0%

Condo - - - - - - - - - -

WyoMING

1 Family $249,400 4.3% $256,300 15.2% 4 33.3% 70 -23.1% $997,000 39.0%

Condo - - - - - - - - - -