Rhode Island: Second Quarter 2016 Market Report

Second Quarter 2016Rhode Island Market Report

bhhsNEproperties.com Ri maRket RepoRt • 2

Q2-2016

Executive summary

Welcome to Berkshire Hathaway HomeServices New England Properties’ Second Quarter 2016 Rhode Island Market Report, our examination of the single family and condominium markets throughout the counties of Bristol, Kent, Newport, Providence and Washington.

In Rhode Island, single family home sales were up 13.06% and sales volume jumped 18.62% year over year. The average price also increased by 4.92% while days on market dropped to 117 days. Newport and Bristol showed the greatest increase in sales for single family homes, up 23.87% and 23.24% respectively. Condominium sales were up 13.72% and sales volume was up 20.93% year over year. The average price increased by 6.34% for condominiums and days on market dropped dramatically to 124 days, the shortest average time on market in over two years. Sales in the $1 - $3 million range made up the majority of luxury sales in Second Quarter 2016, with 39 units sold.

Across the state, first time homebuyers were out in droves this quarter picking up desirable inventory in the lower end of the market. Buyer expectations are also at a high in the industry with HGTV-like staged homes the baseline expectation for every home they see. Instead of the mantra, “location, location, location”, in the suburbs “condition, condition, condition” is more important to first time homebuyers.

As inventory decreased at the end of this quarter there has been “tense competition and lack of affordable homes for sale” according to Lawrence Yun, Chief Economist for NAR.Well priced homes in good condition should continue to see multiple offers through the year.

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/CEO

2nd Quarter 2016

Prepared by:

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

Cover Photo:North Kingstown • 212FleetwoodDr.bhhsNEproperties.com

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Rhode Island Market Overview Q2-2016


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500

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Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Sta

tew

ide

Clo

sed

Sal

es

Single Family Condominium

CLOSEd SALES

HOME PRICES

Average Sales Price Single Family

Average Sales Price Condominium

Median Sales Price Single Family

Median Sales Price Condominium

Q1 2016 $286,900 $226,100 $225,000 $190,000

Change 3.5% 19.0% 6.7% 4.7%

Q2 2016 $297,000 $269,100 $240,000 $199,000

Q2 2015 $283,100 $253,000 $225,000 $215,000

Change 4.9% 6.4% 6.7% -7.4%

Q2 2016 $297,000 $269,100 $240,000 $199,000

SALES VOLuME

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Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

Statewide Sales Volume

Single Family

Condominium

+18.61%Q2 2016 vs Q2 2015

+20.95%

Q2 2016 vs Q2 2015


Q2-2016

Bristol County

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

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CoVENtRy

1 Family $205,300 -1.5% $206,500 11.0% 126 29.9% 104 -7.5% $25,864,000 27.9%

Condo $227,500 15.4% $250,500 19.9% 17 21.4% 115 -17.8% $3,868,000 40.1%

EASt GREENWICH

1 Family $459,300 11.9% $409,500 5.4% 94 11.9% 133 22.4% $43,179,000 25.2%

Condo $313,800 41.7% $283,900 42.3% 17 88.9% 129 -23.7% $5,334,000 167.6%

GREENE

1 Family $278,800 10.7% $255,000 -1.9% 9 -25.0% 75 -47.8% $2,509,000 -16.9%

Condo - - - - - - - - - -

WARWICk

1 Family $213,200 11.5% $190,000 10.3% 323 11.4% 108 2.5% $68,872,000 24.2%

Condo $155,900 -14.3% $145,000 -6.5% 21 -32.3% 130 11.1% $3,273,000 -41.9%

WESt GREENWICH

1 Family $339,400 23.3% $337,000 3.7% 23 21.1% 97 -23.8% $7,806,000 49.3%

Condo - - - - - - - - - -

WESt WARWICk

1 Family $191,300 12.8% $195,000 20.9% 67 -1.5% 100 -4.3% $12,819,000 11.1%

Condo $165,400 32.2% $146,000 15.9% 27 22.7% 140 5.6% $4,467,000 62.2%

AVERAGE SALES PRICE MEDIAN SALES PRICE SALES DAyS oN MARkEt DoLLAR VoLuMEQTR 22016

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BARRINGtoN

1 Family $487,900 -5.1% $391,300 -5.0% 94 22.1% 131 -1.6% $45,861,000 15.9%

Condo - - - - - - - - - -

BRIStoL

1 Family $343,700 -8.6% $300,000 -4.9% 57 32.6% 117 1.4% $19,592,000 21.1%

Condo $362,500 -3.9% $356,000 13.7% 13 -23.5% 119 -17.0% $4,712,000 -26.5%

PRuDENCE ISLAND

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

Condo - - - - - - - - - -

WARREN

1 Family $258,200 5.9% $250,300 8.9% 24 14.3% 108 -17.1% $6,196,000 21.0%

Condo $205,800 -29.6% $116,100 -71.7% 8 14.3% 232 144.5% $1,646,000 -19.5%

KENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT

KENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT



Q2-2016


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JAMEStoWN

1 Family $624,300 -36.9% $560,000 -1.8% 33 57.1% 178 7.6% $20,602,000 -0.8%

Condo $1,075,000 74.1% $1,075,000 74.1% 1 0.0% 242 128.3% $1,075,000 74.1%

LIttLE CoMPtoN

1 Family $480,800 -40.1% $570,000 9.7% 13 -7.1% 278 32.7% $6,251,000 -44.4%

Condo - - - - - - - - - -

MIDDLEtoWN

1 Family $497,100 17.4% $372,500 -0.7% 54 31.7% 127 -28.4% $26,844,000 54.7%

Condo $390,300 -0.4% $395,000 27.4% 4 -50.0% 129 18.3% $1,561,000 -50.2%

NEWPoRt

1 Family $543,900 -6.8% $447,000 13.2% 59 -1.7% 136 -3.8% $32,092,000 -8.3%

Condo $343,700 -13.1% $257,600 -26.2% 34 -2.9% 127 -14.0% $11,687,000 -15.6%

PoRtSMoutH

1 Family $393,300 -3.5% $335,000 1.7% 81 50.0% 145 10.7% $31,858,000 44.8%

Condo $344,100 -4.2% $362,500 -2.2% 20 66.7% 177 10.2% $6,882,000 59.6%

tIVERtoN

1 Family $253,900 16.3% $245,000 9.4% 61 15.1% 138 -9.7% $15,490,000 33.9%

Condo $252,100 -30.9% $144,200 -39.9% 7 0.0% 196 -33.3% $1,765,000 -30.9%

Newport CountyKENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT



Q2-2016


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ALBIoN

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

Condo $168,200 - $166,500 - 4 - 139 - $673,000 -

BuRRILLVILLE

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

Condo $125,000 - $125,000 - 1 - 302 - $125,000 -

CENtRAL FALLS

1 Family $165,400 41.3% $159,500 36.3% 4 100.0% 63 -30.1% $662,000 182.6%

Condo $178,000 1.4% $178,000 -4.0% 2 -50.0% 140 7.3% $356,000 -49.3%

CHEPACHEt

1 Family $258,700 8.8% $265,000 7.4% 25 -3.8% 89 -18.4% $6,469,000 4.6%

Condo $299,000 - $299,000 - 1 - 112 - $299,000 -

CRANStoN

1 Family $222,200 6.5% $200,000 5.3% 246 3.8% 104 -5.6% $54,671,000 10.6%

Condo $199,000 -12.0% $199,000 -11.9% 21 -36.4% 135 -39.3% $4,180,000 -44.0%

CuMBERLAND

1 Family $321,400 3.9% $284,000 5.2% 103 13.2% 93 -24.1% $33,106,000 17.6%

Condo $239,900 -2.6% $245,000 -8.5% 33 10.0% 87 -13.9% $7,918,000 7.1%

EASt PRoVIDENCE

1 Family $194,400 10.3% $185,000 2.8% 59 25.5% 114 -5.8% $11,467,000 38.5%

Condo - - - - - - - - - -

FoStER

1 Family $241,600 0.6% $237,000 -5.2% 15 50.0% 112 12.2% $3,624,000 50.9%

Condo - - - - - - - - - -

GLENDALE

1 Family $180,500 -8.4% $180,500 -8.4% 2 0.0% 58 -14.2% $361,000 -8.4%

Condo - - - - - - - - - -

GREENVILLE

1 Family $287,500 -3.0% $278,800 -4.4% 16 -11.1% 109 33.9% $4,599,000 -13.7%

Condo $172,000 13.2% $190,000 25.0% 7 600.0% 104 -29.3% $1,204,000 692.1%

HARRISVILLE

1 Family $209,600 -10.1% $206,800 -6.4% 14 -6.7% 116 20.9% $2,935,000 -16.1%

Condo $173,700 -15.2% $170,000 -26.1% 5 0.0% 124 -29.7% $868,000 -15.2%

HoPE

1 Family $243,500 -30.6% $189,000 -44.0% 6 -40.0% 158 17.8% $1,461,000 -58.4%

Condo - - - - - - - - - -

JoHNStoN

1 Family $217,500 4.2% $212,300 6.1% 90 20.0% 107 -10.5% $19,572,000 25.1%

Condo $115,300 -19.5% $126,000 0.8% 9 50.0% 80 3.3% $1,037,000 20.8%

LINCoLN

1 Family $337,800 18.6% $345,000 36.9% 43 -33.8% 110 19.4% $14,523,000 -21.6%

Condo $180,600 -5.0% $199,800 9.8% 10 11.1% 107 -25.5% $1,806,000 5.6%

Providence CountyKENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT



Q2-2016


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MANVILLE

1 Family $205,100 24.9% $201,000 -6.5% 4 33.3% 148 70.5% $821,000 66.6%

Condo $115,700 -4.5% $108,000 4.9% 7 75.0% 83 -60.4% $810,000 67.1%

MAPLEVILLE

1 Family $171,300 10.9% $175,000 200.3% 7 133.3% 130 11.1% $1,199,000 158.8%

Condo - - - - - - - - - -

NoRtH PRoVIDENCE

1 Family $206,200 13.4% $210,000 18.8% 93 16.2% 109 -0.8% $19,175,000 31.8%

Condo $103,200 -17.2% $85,000 -22.7% 35 84.2% 99 -40.7% $3,613,000 52.5%

NoRtH SCItuAtE

1 Family $261,300 -2.1% $249,000 -3.3% 23 43.8% 147 65.4% $6,011,000 40.8%

Condo - - - - - - - - - -

NoRtH SMItHFIELD

1 Family $305,300 15.6% $287,500 25.0% 33 32.0% 85 -29.4% $10,073,000 52.6%

Condo $291,100 20.1% $275,300 12.3% 10 -33.3% 134 -41.8% $2,911,000 -19.9%

oAkLAND

1 Family $260,000 -21.2% $253,000 -23.3% 4 100.0% 285 79.2% $1,040,000 57.6%

Condo - - - - - - - - - -

PASCoAG

1 Family $187,600 -16.8% $179,500 -16.5% 6 -53.8% 145 17.2% $1,126,000 -61.6%

Condo - - - - - - - - - -

PAWtuCkEt

1 Family $181,500 1.9% $170,000 6.3% 131 11.0% 115 5.6% $23,775,000 13.1%

Condo $159,200 3.4% $153,700 0.8% 14 133.3% 134 -4.0% $2,229,000 141.3%

PRoVIDENCE

1 Family $282,500 -1.6% $175,000 1.4% 209 25.1% 116 8.1% $59,034,000 23.2%

Condo $406,700 69.2% $212,500 -3.4% 103 6.2% 137 22.1% $41,886,000 79.6%

RIVERSIDE

1 Family $204,200 10.1% $206,300 22.1% 50 -7.4% 112 -0.7% $10,211,000 2.0%

Condo $134,100 -11.4% $134,500 -8.8% 4 -33.3% 81 -48.0% $536,000 -41.0%

RuMFoRD

1 Family $243,700 3.4% $229,500 8.4% 35 52.2% 86 -27.1% $8,528,000 57.4%

Condo $195,900 - $242,500 - 7 - 96 - $1,372,000 -

SCItuAtE

1 Family $120,200 -67.9% $120,200 -67.9% 1 0.0% 84 -31.1% $120,000 -67.9%

Condo - - - - - - - - - -

SMItHFIELD

1 Family $287,100 19.0% $255,000 0.0% 31 40.9% 103 -12.4% $8,901,000 67.6%

Condo $212,800 -8.3% $205,000 -5.5% 9 -30.8% 68 -58.6% $1,915,000 -36.5%

WooNSoCkEt

1 Family $149,700 6.5% $151,000 12.1% 61 3.4% 120 -14.6% $9,130,000 10.1%

Condo $99,000 16.9% $103,000 12.0% 11 0.0% 115 -33.2% $1,089,000 16.9%

Providence CountyKENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT



Q2-2016


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ASHAWAy

1 Family $244,200 24.0% $243,800 31.0% 10 0.0% 107 -33.9% $2,442,000 24.0%

Condo - - - - - - - - - -

BLoCk ISLAND

1 Family $1,215,200 18.6% $1,215,200 18.6% 2 100.0% 192 -9.2% $2,430,000 137.1%

Condo - - - - - - - - - -

BRADFoRD

1 Family $279,800 10.7% $260,000 6.6% 5 66.7% 114 -2.9% $1,399,000 84.4%

Condo - - - - - - - - - -

CARoLINA

1 Family $299,300 31.6% $312,000 47.9% 4 -20.0% 71 28.2% $1,197,000 5.3%

Condo - - - - - - - - - -

CHARLEStoWN

1 Family $527,700 18.1% $355,900 6.2% 31 -16.2% 129 14.7% $16,360,000 -1.1%

Condo $138,900 26.5% $132,000 22.2% 8 60.0% 107 5.9% $1,111,000 102.5%

EXEtER

1 Family $297,200 1.9% $300,000 11.1% 23 21.1% 145 16.2% $6,836,000 23.4%

Condo - - - - - - - - - -

HoPE VALLEy

1 Family $286,600 27.6% $263,000 11.2% 12 -40.0% 76 -54.9% $3,439,000 -23.4%

Condo $135,000 -30.9% $135,000 -18.2% 2 -50.0% 71 -59.1% $270,000 -65.5%

HoPkINtoN

1 Family $243,500 2.8% $243,500 2.8% 1 -50.0% 314 582.6% $244,000 -48.6%

Condo - - - - - - - - - -

kINGStoN

1 Family $341,700 16.1% $315,000 10.5% 7 40.0% 81 -19.4% $2,392,000 62.5%

Condo - - - - - - - - - -

NARRAGANSEtt

1 Family $512,500 9.1% $424,800 10.4% 48 -14.3% 142 4.1% $24,598,000 -6.5%

Condo $467,600 46.4% $420,000 47.4% 15 15.4% 131 -1.5% $7,013,000 68.9%

NoRtH kINGStoWN

1 Family $337,900 9.9% $340,000 25.9% 101 42.3% 128 -0.8% $34,126,000 56.3%

Condo $245,400 2.8% $207,300 -12.5% 29 262.5% 72 -52.4% $7,117,000 272.6%

RICHMoND

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

Condo - - - - - - - - - -

RoCkVILLE

1 Family $430,200 103.9% $430,200 103.9% 2 100.0% 74 -11.9% $860,000 307.7%

Condo - - - - - - - - - -

Washington CountyKENT

WASHINGTON

PROVIDENCE

BRISTOL

NEWPORT



Q2-2016

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 July 6, 2016, 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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SAuNDERStoWN

1 Family $475,300 5.2% $485,000 7.3% 29 38.1% 127 -0.7% $13,783,000 45.2%

Condo - - - - - - - - - -

SHANNoCk

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

Condo - - - - - - - - - -

SoutH kINGStoWN

1 Family $270,000 - $270,000 - 1 - 67 - $270,000 -

Condo - - - - - - - - - -

WAkEFIELD

1 Family $363,900 8.0% $328,000 5.8% 90 11.1% 129 -18.9% $32,751,000 20.0%

Condo $338,200 0.4% $386,500 2.1% 6 -66.7% 124 -46.5% $2,029,000 -66.5%

WESt kINGStoN

1 Family $278,700 14.1% $332,000 33.9% 20 5.3% 145 23.1% $5,574,000 20.1%

Condo - - - - - - - - - -

WEStERLy

1 Family $439,500 33.6% $276,000 -1.7% 67 15.5% 134 -12.7% $29,445,000 54.3%

Condo $341,700 -48.4% $265,000 16.5% 25 127.3% 138 -38.5% $8,543,000 17.2%

WooD RIVER JuNCtIoN

1 Family $285,000 -13.1% $285,000 -22.9% 1 -66.7% 244 21.0% $285,000 -71.0%

Condo - - - - - - - - - -

WyoMING

1 Family $240,700 0.6% $244,900 2.4% 9 125.0% 101 -27.9% $2,166,000 126.3%

Condo - - - - - - - - - -


Rhode Island: Second Quarter 2016 Market Report

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