Fourth Quarter 2014Rhode Island Market Report
bhhsNEproperties.com Ri maRket RepoRt • 2
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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]
Rhode Island Market Overview Q4-2014
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0
1000
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Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Sta
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ide
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sed
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es
Single Family Condominium
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Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014
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Single Family Condominium
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Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Sta
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es
Single Family CondominiumClOSED SAlES
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
Do
llars
in
Bill
ion
s
Statewide Sales Volume
Single Family
Condominium
-4.7%Q3 2014 vs Q3 2013
-4.3%
Q3 2014 vs Q3 2013
$0
$100
$200
$300
$400
$500
$600
$700
$800
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014
Do
llars
in
Mill
ion
s
Statewide Sales Volume
Single Family
Condominium
+10.42%Q4 2014 vs Q4 2013
-2.05%
Q4 2014 vs Q4 2013
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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bhhsNEproperties.com
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
%CHG13-14
QTR 42014
%CHG13-14
QTR 42014
%CHG13-14
QTR 42014
%CHG13-14
QTR 42014
%CHG13-14
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%
AVERAGE SALES PRICE MEDIAN SALES PRICE SALES DAyS oN MARkEt DoLLAR VoLuMEQTR 42014
%CHG13-14
QTR 42014
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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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AVERAGE SALES PRICE MEDIAN SALES PRICE SALES DAyS oN MARkEt DoLLAR VoLuMEQTR 42014
%CHG13-14
QTR 42014
%CHG13-14
QTR 42014
%CHG13-14
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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
%CHG13-14
QTR 42014
%CHG13-14
QTR 42014
%CHG13-14
QTR 42014
%CHG13-14
QTR 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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AVERAGE SALES PRICE MEDIAN SALES PRICE SALES DAyS oN MARkEt DoLLAR VoLuMEQTR 42014
%CHG13-14
QTR 42014
%CHG13-14
QTR 42014
%CHG13-14
QTR 42014
%CHG13-14
QTR 42014
%CHG13-14
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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AVERAGE SALES PRICE MEDIAN SALES PRICE SALES DAyS oN MARkEt DoLLAR VoLuMEQTR 42014
%CHG13-14
QTR 42014
%CHG13-14
QTR 42014
%CHG13-14
QTR 42014
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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
bhhsNEproperties.com Ri maRket RepoRt • 9
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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.
AVERAGE SALES PRICE MEDIAN SALES PRICE SALES DAyS oN MARkEt DoLLAR VoLuMEQTR 42014
%CHG13-14
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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 - - - - - - - - - -
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