Our months of inventory is getting much more in line with what we need to see for any appreciation in 2010. With virtually no new construction, we will continue to see erosion in supply.(Please note that the Active category includes all Pending sales; short sales, market sales; pendings, etc).
One thing that really jumps out at me is the concentration on the low end. 89% of all sales in the State of Rhode Island in the past 12 months have been under $400,000!
Guess the first time homebuyer tax credit really is working!! Also, investors are jumping into the market in a big way. Why not? Lots of multi-family properties are paying over 10% return on cash - I've seen some deals that are paying nearly 40% return on cash! Who wouldn't make that investment!!
Rhode Island Single Family
Active Sold Average Sales Per Month Months of Inventory Percent of Supply Percent of Sold Years of Inventory
Total 5,808 7,615 635 9 100% 100% 0.8
$0K - $200K 1,862 3,921 327 6 32% 51% 0.5
$201K to $300K 1,480 2,051 171 9 25% 27% 0.7
$301K - $400K 837 835 70 12 14% 11% 1.0
$401K - $500K 514 371 31 17 9% 5% 1.4
$501K - $600K 306 170 14 22 5% 2% 1.8
$601K - $700K 182 98 8 22 3% 1% 1.9
$701K - $800K 135 49 4 33 2% 1% 2.8
$801K - $900K 88 25 2 42 2% 0% 3.5
$901K - $1,000K 78 11 1 85 1% 0% 7.1
$1,001K - $2,000K 199 58 5 41 3% 1% 3.4
$2,001K - $3,000K 65 12 1 65 1% 0% 5.4
$3,000K + 62 10 1 74 1% 0% 6.2
Monday, December 7, 2009
Thursday, June 11, 2009
Portsmouth
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Sunday, May 24, 2009
Newport
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Tuesday, February 19, 2008
Newport RI Real Estate
Now with the Newport Rental Guide, http://www.newportrentalguide.com/, William Raveis Chapman Enstone is the largest rental agency in the area.
Monday, April 9, 2007
Rhode Island Real Estate
Rhode Island Real Estate
The first quarter of 2007 is in the books. The real estate “meltdown” as some would call it DID NOT materialize in the area, in fact demand is up in certain areas and types of products and overall supply is down. So, let’s go to the numbers:
Newport County overall supply is down 9% since August 30, 2006. Demand for single family properties are up; 32% in Newport, 60% in Middletown(Last year was awful - any ideas why?). Portsmouth single family is up 7%, Tiverton, Little Compton and Jamestown demand is all down around 20% but there are very few transactions.
Prices - Newport median sales price UP 17%, Middletown down 17%, Portsmouth down 1%, Tiverton down 9%. Please note that the AVERAGE sales price is up 69% in Newport and 67% in Middletown, up 8% in Portsmouth, up 12% in Tiverton, up 31% in Jamestown and down a whopping 53% in Little Compton!
Condominiums are having a tough time right now with demand and prices down across the board. I do think there will be more activity and price stabilization as the warmer weather will stimulate demand and remove some supply from the table. Currently there are 311 condo’s on the market in the county with 50% of that supply in Newport. Newport’s condo market is very seasonal and as the weather warms and the summer visitors come back, so will the demand for condo’s.
The overall state picture for single family properties shows much the same picture although demand is slightly down from 2006, 1,616 sales versus 1,624 or down .49%. the average sales price came in at $350, 147 up from $347,990 - up .62% and the median sales price was down 2.86% $272,000 this year and $280,000 in 2006.
Ok, so now I’ve filled your head with lots of numbers and percentages and your wondering what does this all mean. What it means is that we are in a normal market and that the sky is not falling. What it DOESN’T mean is that your home or condo devalued. Each property is unique and distinct and a full market comparison report is required to see what your properties value is in todays market. Please let me know your thoughts and call/email with questions.
The first quarter of 2007 is in the books. The real estate “meltdown” as some would call it DID NOT materialize in the area, in fact demand is up in certain areas and types of products and overall supply is down. So, let’s go to the numbers:
Newport County overall supply is down 9% since August 30, 2006. Demand for single family properties are up; 32% in Newport, 60% in Middletown(Last year was awful - any ideas why?). Portsmouth single family is up 7%, Tiverton, Little Compton and Jamestown demand is all down around 20% but there are very few transactions.
Prices - Newport median sales price UP 17%, Middletown down 17%, Portsmouth down 1%, Tiverton down 9%. Please note that the AVERAGE sales price is up 69% in Newport and 67% in Middletown, up 8% in Portsmouth, up 12% in Tiverton, up 31% in Jamestown and down a whopping 53% in Little Compton!
Condominiums are having a tough time right now with demand and prices down across the board. I do think there will be more activity and price stabilization as the warmer weather will stimulate demand and remove some supply from the table. Currently there are 311 condo’s on the market in the county with 50% of that supply in Newport. Newport’s condo market is very seasonal and as the weather warms and the summer visitors come back, so will the demand for condo’s.
The overall state picture for single family properties shows much the same picture although demand is slightly down from 2006, 1,616 sales versus 1,624 or down .49%. the average sales price came in at $350, 147 up from $347,990 - up .62% and the median sales price was down 2.86% $272,000 this year and $280,000 in 2006.
Ok, so now I’ve filled your head with lots of numbers and percentages and your wondering what does this all mean. What it means is that we are in a normal market and that the sky is not falling. What it DOESN’T mean is that your home or condo devalued. Each property is unique and distinct and a full market comparison report is required to see what your properties value is in todays market. Please let me know your thoughts and call/email with questions.
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