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Fourth Quarter 2016 - Year In Review Rhode Island Market Report


Q4-2016

Executive summary 4th Quarter 2016

Welcome to Berkshire Hathaway HomeServices New England Properties’ Fourth 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. Single family homes in Rhode Island saw an increase of 6.25% in sales and a jump in sales volume by 13.01% year over year (YOY). In total, there were 2,688 single family homes sold in Fourth Quarter, while sales volume was $808,483,000. Average price was $300,800, a 6.4% increase YOY for single family homes. Average days on market was 115. Condominiums saw a 13.79% increase in sales, and a 15.15% increase in sales volume YOY. 462 condominiums were sold and sales volume was $115,081,000 in Fourth Quarter. Average price for condominiums was $249,100, a 1.2% increase YOY. Average days on market was 119. Sales $1 - $3 million were at 41 units in Fourth Quarter, down from 57 units in Third Quarter. There were 5 sales in the $3-5 million range, down from 8 in Third Quarter. Overall luxury sales were down slightly 3.17% YOY. 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

Prepared by: Candace Adams, President/CEO, cadams@bhhsne.com Kathryn Redican, Director of Marketing, kathrynredican@bhhsne.com

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Ri market report • 2


Rhode Island Market Overview

Q4-2016

2016 BY THE NUMBERS • Overall, there were 1,079 single family home sales, up 11.46%. Condominium sales were 1,858, up 12.61%.

• Average price was $302,900 for single family homes, up 5.39%. Condominium average price was $237,300, down 2.48%.

• Sales volume for single family homes was $3,262,251,000, up 17.46%. Sales volume for condominiums was 440,995,000, up 9.82%.

• Median price for single family homes was $328,700, up 7.77% and was $198,00 for condominiums, down 1.03%.

• Days on market in 2016 for single family homes was 117 and 126 for condominiums.

AVERAGE SALES PRICE

MEDIAN SALES PRICE ytd %chg 2016 15-16

ytd 2016

%chg 15-16

1 Family

$397,400

-5.77%

$325,000

Condo

$302,500

-7.22%

SALES

days on market ytd %chg 2016 15-16

Dollar Volume ytd %chg 2016 15-16

ytd 2016

%chg 15-16

0.23%

583

13.42%

126

-5.30%

$231,655,000

6.88%

$295,000

-4.84%

83

7.79%

130

-27.54%

$25,104,000

0.01%

BRISTOL COUNTY

KENT COUNTY 1 Family

$241,900

8,04%

$210,000

10.53%

2409

10.45%

108

-4.94%

$582,807,000

19.34%

Condo

$199,000

13.43%

$170,000

13.37%

321

24.42%

117

-1.54%

$63,874,000

41.12%

NEWPORT COUNTY 1 Family

$505,700

2.28%

$370,000

5.71%

1011

14.89%

140

-8.33%

$511,282,000

17.50%

Condo

$373,400

-7.97%

$342,000

8.74%

221

15.10%

147

-5.88%

$82,513,000

5.93%

PROVIDENCE COUNTY 1 Family

$239,700

5.93%

$210,000

7.96%

5022

12.32%

111

-1.14%

$1,203,889,000

18.98%

Condo

$197,500

-2.24%

$175,000

-2.23%

969

7.79%

117

-14.70%

$191,406,000

5.37%

WASHINGTON COUNTY 1 Family

$420,100

8.57%

$328,700

7.77%

1744

7.92%

133

-3.89%

$732,618,000

17.16%

Condo

$295,800

-7.54%

$226,000

-6.80%

264

17.86%

154

2.83%

$78,099,000

8.98%

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ri market report • 3


Rhode Island Market Overview

Q4-2016

Closed Sales Single Family

Condominium

3500 3000

Statewide Closed Sales

2500 2000 1500 1000 500 0 Q1 2015

Q2 2015

Q3 2015

Q4 2015

Q1 2016

Q2 2016

Q3 2016

Q4 2016

sales volume Statewide Sales Volume Q4 2016 vs Q4 2015

+13.01% Q4 2016 vs Q4 2015

+15.10% Single Family Condominium

1200000000 1000000000 800000000 600000000 400000000 200000000 0 Q1 2015

Q2 2015

Q3 2015

Q4 2015

Q1 2016

Q2 2016

Q3 2016

Q4 2016

home prices Average Sales Price Single Fam ily

Average Sales Price Condom inium

Q3 2016

$319,700

$226,400

Change

-5.9%

10.0%

Q4 2016

$300,800

$249,100

$239,900

$208,500

Q4 2015

$282,800

$246,200

$224,900

$199,500

Change

6.4%

1.2%

6.7%

4.5%

$249,100

$239,900

Q4 2016

bhhsNEproperties.com

$300,800

Median Sales Price Single Fam ily

$245,000 -2.1%

Median Sales Price Condom inium

$193,900 7.5%

$208,500

ri market report • 4


Q4-2016 PROVIDENCE

Bristol County

BRISTOL KENT

NEWPORT

WASHINGTON

AVERAGE SALES PRICE

MEDIAN SALES PRICE qtr 4 %chg 2016 15-16

qtr 4 2016

%chg 15-16

1 Family

$437,200

-6.2%

$385,000

Condo

$190,000

-

$190,000

1 Family

$348,700

-4.9%

Condo

$343,300

18.2%

SALES

days on market qtr 4 %chg 2016 15-16

Dollar Volume qtr 4 %chg 2016 15-16

qtr 4 2016

%chg 15-16

-10.5%

67

3.1%

144

4.2%

$29,291,000

-3.3%

-

1

-

89

-

$190,000

-

$325,000

12.5%

39

34.5%

120

-1.8%

$13,599,000

27.9%

$295,000

13.2%

21

75.0%

135

-58.4%

$7,210,000

106.9%

BARRINGTON

BRISTOL

PRUDENCE ISLAND 1 Family

$170,000

-29.2%

$170,000

-29.2%

1

-50.0%

439

44.4%

$170,000

-64.6%

Condo

-

-

-

-

-

-

-

-

-

-

WARREN 1 Family

$252,800

-4.2%

$249,300

-15.5%

16

-23.8%

82

-34.2%

$4,045,000

-27.0%

Condo

$267,500

-35.4%

$152,500

-65.3%

5

-16.7%

93

-59.1%

$1,338,000

-46.2%

PROVIDENCE

Kent County

BRISTOL KENT

WASHINGTON

NEWPORT

AVERAGE SALES PRICE

MEDIAN SALES PRICE qtr 4 %chg 2016 15-16

qtr 4 2016

%chg 15-16

1 Family

$207,100

-10.4%

$202,400

Condo

$212,300

-0.1%

SALES

days on market qtr 4 %chg 2016 15-16

Dollar Volume qtr 4 %chg 2016 15-16

qtr 4 2016

%chg 15-16

-12.6%

126

-3.1%

109

-8.5%

$26,089,000

-13.1%

$236,400

8.0%

16

33.3%

90

-43.0%

$3,396,000

33.2%

COVENTRY

EAST GREENWICH 1 Family

$417,900

10.8%

$380,000

2.3%

63

16.7%

106

-12.9%

$26,325,000

29.2%

Condo

$266,100

-17.8%

$267,000

-7.1%

21

200.0%

133

48.3%

$5,588,000

146.5%

1 Family

$298,800

31.2%

$254,000

13.8%

7

-41.7%

159

18.8%

$2,092,000

-23.5%

Condo

-

-

-

-

-

-

-

-

-

-

GREENE

WARWICK 1 Family

$219,700

15.0%

$196,300

12.1%

306

17.2%

95

-9.9%

$67,214,000

34.9%

Condo

$162,300

-16.7%

$162,500

11.3%

22

-24.1%

106

8.1%

$3,571,000

-36.8%

WEST GREENWICH 1 Family

$343,200

9.6%

$370,000

46.2%

23

15.0%

129

-14.2%

$7,893,000

26.1%

Condo

$299,100

-

$295,000

-

9

-

70

-

$2,692,000

-

1 Family

$188,700

8.5%

$182,500

10.9%

69

-10.4%

130

19.9%

$13,021,000

-2.7%

Condo

$152,100

9.2%

$147,700

5.2%

22

10.0%

107

1.5%

$3,346,000

20.1%

WEST WARWICK

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Ri market report • 5


Q4-2016 PROVIDENCE

Newport County

BRISTOL KENT

WASHINGTON

NEWPORT

AVERAGE SALES PRICE qtr 4 2016

%chg 15-16

MEDIAN SALES PRICE qtr 4 %chg 2016 15-16

SALES

qtr 4 2016

%chg 15-16

days on market qtr 4 %chg 2016 15-16

Dollar Volume qtr 4 %chg 2016 15-16

JAMESTOWN 1 Family

$702,400

-6.5%

$435,000

-30.8%

24

4.3%

170

-2.2%

$16,859,000

-2.5%

Condo

$665,000

-16.2%

$665,000

-16.2%

1

-50.0%

36

-86.4%

$665,000

-58.1%

LITTLE COMPTON 1 Family

$571,600

7.7%

$440,000

7.6%

15

7.1%

284

29.4%

$8,574,000

15.4%

Condo

-

-

-

-

-

-

-

-

-

-

MIDDLETOWN 1 Family

$543,700

33.5%

$342,500

8.7%

30

-9.1%

108

-16.1%

$16,310,000

21.4%

Condo

$409,800

73.4%

$422,500

89.0%

4

-20.0%

181

24.7%

$1,639,000

38.7%

1 Family

$555,800

15.3%

$414,300

-3.9%

63

65.8%

99

-12.7%

$35,015,000

91.1%

Condo

$461,600

-7.6%

$370,000

28.0%

31

47.6%

171

32.4%

$14,310,000

36.5%

NEWPORT

PORTSMOUTH 1 Family

$403,800

-6.5%

$340,000

4.6%

60

22.4%

115

-13.5%

$24,228,000

14.5%

Condo

$447,300

32.0%

$484,000

75.4%

12

-29.4%

70

-54.0%

$5,368,000

-6.8%

1 Family

$291,300

20.8%

$250,000

16.3%

55

-9.8%

141

7.0%

$16,021,000

8.9%

Condo

$201,900

-64.9%

$148,000

-80.0%

5

0.0%

108

113.5%

$1,010,000

-64.9%

TIVERTON

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Ri market report • 6


Q4-2016

PROVIDENCE

Providence County

BRISTOL KENT

WASHINGTON

NEWPORT

AVERAGE SALES PRICE

MEDIAN SALES PRICE qtr 4 %chg 2016 15-16

qtr 4 2016

%chg 15-16

1 Family

-

-

-

Condo

$206,300

5.8%

1 Family

$155,600

Condo

$150,000

1 Family Condo

SALES

days on market qtr 4 %chg 2016 15-16

Dollar Volume qtr 4 %chg 2016 15-16

qtr 4 2016

%chg 15-16

-

-

-

-

-

-

-

$207,800

6.5%

4

300.0%

109

-50.3%

$825,000

323.1%

58.3%

$150,000

30.4%

7

133.3%

121

-24.1%

$1,089,000

269.3%

87.5%

$150,000

87.5%

1

0.0%

58

-58.3%

$150,000

87.5%

$243,200

28.5%

$247,800

20.9%

22

-12.0%

114

14.2%

$5,350,000

13.1%

$285,000

-

$285,000

-

1

-

-

-

$285,000

-

1 Family

$187,000

12.7%

$187,000

12.7%

2

0.0%

62

-56.8%

$374,000

12.7%

Condo

-

-

-

-

-

-

-

-

-

-

ALBION

CENTRAL FALLS

CHEPACHET

CLAYVILLE

CRANSTON 1 Family

$237,400

7.8%

$212,000

6.9%

216

2.9%

102

1.6%

$51,275,000

10.8%

Condo

$187,600

-3.4%

$150,000

-21.7%

22

0.0%

101

-24.8%

$4,126,000

-3.4%

CUMBERLAND 1 Family

$299,900

2.9%

$285,000

3.8%

92

-27.0%

102

-13.2%

$27,594,000

-24.9%

Condo

$265,500

14.2%

$270,900

8.4%

12

-58.6%

124

-6.3%

$3,185,000

-52.8%

EAST PROVIDENCE 1 Family

$202,100

20.6%

$207,000

20.7%

29

-39.6%

130

20.5%

$5,860,000

-27.2%

Condo

-

-

-

-

-

-

-

-

-

-

1 Family

$301,000

19.6%

$285,800

14.3%

22

57.1%

210

105.0%

$6,622,000

88.0%

Condo

-

-

-

-

-

-

-

-

-

-

1 Family

$332,300

46.1%

$329,500

44.9%

4

100.0%

97

11.2%

$1,329,000

192.2%

Condo

-

-

-

-

-

-

-

-

-

-

1 Family

$312,500

12.2%

$256,000

-1.2%

17

-34.6%

85

-13.0%

$5,313,000

-26.6%

Condo

$177,500

65.1%

$177,500

65.1%

2

0.0%

98

-52.2%

$355,000

65.1%

FOSTER

GLENDALE

GREENVILLE

HARRISVILLE 1 Family

$250,000

-6.0%

$240,000

-3.4%

19

35.7%

116

56.0%

$4,751,000

27.6%

Condo

$178,400

58.6%

$178,300

58.4%

4

0.0%

110

40.1%

$714,000

58.6%

1 Family

$373,100

11.0%

$400,000

14.3%

12

-7.7%

148

18.7%

$4,478,000

2.4%

Condo

-

-

-

-

-

-

-

-

-

-

HOPE

JOHNSTON 1 Family

$222,300

11.9%

$215,000

13.2%

87

6.1%

99

-19.1%

$19,341,000

18.7%

Condo

$137,700

24.3%

$119,000

-5.9%

12

71.4%

99

0.2%

$1,652,000

113.1%

1 Family

$319,200

-5.0%

$306,500

9.5%

40

14.3%

120

18.2%

$12,769,000

8.5%

Condo

$222,900

0.2%

$218,000

11.8%

10

11.1%

174

20.1%

$2,229,000

11.3%

LINCOLN

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Ri market report • 7


Q4-2016 PROVIDENCE

Providence County

BRISTOL KENT

WASHINGTON

NEWPORT

AVERAGE SALES PRICE

MEDIAN SALES PRICE qtr 4 %chg 2016 15-16

qtr 4 2016

%chg 15-16

1 Family

$275,600

68.8%

$271,300

Condo

$147,800

15.0%

1 Family

$134,500

Condo

-

1 Family Condo

SALES

days on market qtr 4 %chg 2016 15-16

Dollar Volume qtr 4 %chg 2016 15-16

qtr 4 2016

%chg 15-16

59.6%

4

33.3%

67

-84.2%

$1,103,000

125.0%

$107,000

-16.7%

6

200.0%

170

40.8%

$887,000

245.1%

-24.8%

$119,000

-44.9%

4

-42.9%

89

-2.9%

$538,000

-57.0%

-

-

-

-

-

-

-

-

-

$203,700

3.6%

$200,000

3.9%

81

-5.8%

99

-5.3%

$16,502,000

-2.4%

$138,000

8.0%

$130,000

0.0%

42

44.8%

87

-20.4%

$5,797,000

56.4%

MANVILLE

MAPLEVILLE

NORTH PROVIDENCE

NORTH SCITUATE 1 Family

$314,700

23.9%

$280,000

5.7%

25

-28.6%

109

-7.0%

$7,868,000

-11.5%

Condo

-

-

-

-

-

-

-

-

-

-

1 Family

$264,800

0.2%

$249,900

-5.0%

41

51.9%

123

-0.1%

$10,855,000

52.1%

Condo

$287,300

-0.5%

$284,600

3.3%

14

7.7%

171

-37.2%

$4,022,000

7.2%

1 Family

$270,900

-

$309,500

-

6

-

122

-

$1,625,000

-

Condo

-

-

-

-

-

-

-

-

-

-

1 Family

$243,600

13.5%

$242,500

15.2%

23

15.0%

106

5.9%

$5,602,000

30.6%

Condo

-

-

-

-

-

-

-

-

-

-

NORTH SMITHFIELD

OAKLAND

PASCOAG

PAWTUCKET 1 Family

$179,900

4.6%

$175,000

4.5%

137

31.7%

106

-2.9%

$24,649,000

37.8%

Condo

$103,300

-38.6%

$98,000

-27.7%

4

-63.6%

110

-26.1%

$413,000

-77.7%

PROVIDENCE 1 Family

$237,700

-3.3%

$160,800

4.4%

202

13.5%

108

-7.8%

$48,025,000

9.8%

Condo

$265,300

20.9%

$229,500

27.5%

66

11.9%

103

-25.5%

$17,512,000

35.2%

1 Family

$223,700

21.2%

$219,900

17.0%

57

-6.6%

100

-1.6%

$12,749,000

13.2%

Condo

$167,700

52.4%

$140,000

27.3%

3

200.0%

63

43.9%

$503,000

357.3%

1 Family

$247,200

-8.7%

$240,000

-8.2%

30

114.3%

110

-8.1%

$7,415,000

95.6%

Condo

$153,000

13.3%

$153,000

13.3%

1

0.0%

66

135.7%

$153,000

13.3%

1 Family

$207,500

196.4%

$207,500

196.4%

2

100.0%

120

-50.4%

$415,000

492.9%

Condo

-

-

-

-

-

-

-

-

-

-

RIVERSIDE

RUMFORD

SLATERSVILLE

SMITHFIELD 1 Family

$290,200

12.2%

$270,000

3.8%

29

7.4%

134

30.0%

$8,415,000

20.5%

Condo

$230,600

16.6%

$180,500

16.5%

12

9.1%

114

37.3%

$2,767,000

27.2%

1 Family

$165,200

24.7%

$164,000

22.8%

77

45.3%

112

-18.0%

$12,718,000

81.2%

Condo

$90,500

1.4%

$103,000

3.0%

13

44.4%

105

-28.9%

$1,177,000

46.5%

WOONSOCKET

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Ri market report • 8


Q4-2016 PROVIDENCE

Washington County

BRISTOL KENT

WASHINGTON

NEWPORT

AVERAGE SALES PRICE

MEDIAN SALES PRICE qtr 4 %chg 2016 15-16

qtr 4 2016

%chg 15-16

1 Family

$251,200

33.4%

$247,500

Condo

-

-

-

1 Family

$1,568,900

21.8%

Condo

$405,000

1 Family Condo

SALES

days on market qtr 4 %chg 2016 15-16

Dollar Volume qtr 4 %chg 2016 15-16

qtr 4 2016

%chg 15-16

27.6%

7

-46.2%

139

18.8%

$1,758,000

-28.2%

-

-

-

-

-

-

-

$1,366,000

9.3%

10

100.0%

493

-7.8%

$15,689,000

143.6%

-

$380,000

-

3

-

991

-

$1,215,000

-

$235,500

-17.7%

$229,900

5.5%

6

-14.3%

71

-25.2%

$1,413,000

-29.4%

-

-

-

-

-

-

-

-

-

-

1 Family

$274,500

80.0%

$232,000

52.1%

5

150.0%

112

-11.0%

$1,372,000

349.9%

Condo

-

-

-

-

-

-

-

-

-

-

ASHAWAY

BLOCK ISLAND

BRADFORD

CAROLINA

CHARLESTOWN 1 Family

$743,900

4.8%

$368,000

3.7%

36

16.1%

118

-12.2%

$26,782,000

21.7%

Condo

$148,400

18.3%

$140,000

8.9%

8

33.3%

130

-17.1%

$1,188,000

57.7%

1 Family

$324,100

7.7%

$326,700

16.7%

24

166.7%

127

13.9%

$7,777,000

187.3%

Condo

-

-

-

-

-

-

-

-

-

-

1 Family

$249,900

-2.6%

$234,300

-14.5%

12

9.1%

122

-9.2%

$2,999,000

6.2%

Condo

$149,000

-9.7%

$149,000

-3.9%

2

-33.3%

89

-57.9%

$298,000

-39.8%

1 Family

-

-

-

-

-

-100.0%

-

-

-

-100.0%

Condo

-

-

-

-

-

-

-

-

-

-

1 Family

$261,500

-17.9%

$261,500

-15.6%

1

-91.7%

200

111.1%

$262,000

-93.2%

Condo

-

-

-

-

-

-

-

-

-

-

EXETER

HOPE VALLEY

HOPKINTON

KINGSTON

NARRAGANSETT 1 Family

$545,700

0.3%

$472,500

14.9%

58

0.0%

150

13.6%

$31,651,000

0.3%

Condo

$384,300

-16.7%

$357,000

-1.9%

12

0.0%

137

5.7%

$4,611,000

-16.7%

NORTH KINGSTOWN 1 Family

$350,300

-7.0%

$325,000

3.2%

69

-8.0%

125

10.3%

$24,171,000

-14.5%

Condo

$262,000

-11.6%

$265,300

-13.7%

10

-28.6%

118

-25.5%

$2,620,000

-36.8%

1 Family

$250,000

-43.0%

$250,000

-43.0%

1

-50.0%

6

-95.9%

$250,000

-71.5%

Condo

-

-

-

-

-

-

-

-

-

-

1 Family

$537,400

-3.5%

$390,000

0.0%

28

3.7%

157

32.8%

$15,046,000

0.1%

Condo

-

-

-

-

-

-100.0%

-

-

-

-100.0%

ROCKVILLE

SAUNDERSTOWN

bhhsNEproperties.com

Ri market report • 9


Q4-2016 PROVIDENCE

Washington County

BRISTOL KENT

WASHINGTON

NEWPORT

AVERAGE SALES PRICE

MEDIAN SALES PRICE qtr 4 %chg 2016 15-16

qtr 4 2016

%chg 15-16

1 Family

$238,000

-

$238,000

Condo

-

-

-

1 Family

$371,300

5.7%

Condo

$340,600

1 Family Condo

SALES

days on market qtr 4 %chg 2016 15-16

Dollar Volume qtr 4 %chg 2016 15-16

qtr 4 2016

%chg 15-16

-

1

-

38

-

$238,000

-

-

-

-

-

-

-

-

$325,600

17.1%

76

1.3%

134

-8.8%

$28,221,000

7.1%

-5.1%

$397,300

8.9%

15

15.4%

103

-13.4%

$5,108,000

9.5%

$254,500

-15.7%

$260,000

-15.2%

18

-37.9%

97

-32.6%

$4,582,000

-47.7%

-

-

-

-

-

-

-

-

-

-

SHANNOCK

WAKEFIELD

WEST KINGSTON

WESTERLY 1 Family

$431,000

8.2%

$307,000

0.5%

74

21.3%

117

-25.8%

$31,897,000

31.3%

Condo

$228,400

-7.3%

$193,000

-4.0%

13

30.0%

92

-17.3%

$2,969,000

20.6%

WOOD RIVER JUNCTION 1 Family

$247,500

-

$247,500

-

2

-

142

-

$495,000

-

Condo

-

-

-

-

-

-

-

-

-

-

1 Family

$279,000

-6.9%

$279,800

11.9%

9

28.6%

85

-31.8%

$2,511,000

19.7%

Condo

-

-

-

-

-

-

-

-

-

-

WYOMING

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 31, 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.

bhhsNEproperties.com

Ri market report • 10

Rhode Island Fourth Quarter 2016 Market Report  
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