Market Report Second Quarter - 2013 Executive Summary
The housing market continues to grow in Rhode Island and across the United States. Across the state, specifically in Providence, Bristol, Newport and Kent counties, inventory is declining while pending sales (commitments to purchase a home at a specified price and terms, typically closing within 60 to 90 days) are up compared to the same period last year. This increased demand for housing has shortened the time it takes for a property to sell. At a statewide level, and in the majority of individual counties, Rhode Island is experiencing a decline in the average days on market (DOM) for a new listing. The most dramatic declines for DOM occurred in Bristol in Providence counties, compared to Q2 2012. Additionally, the median sales price has increased statewide, with an increase of 10% over Q2 2012. Newport and Kent counties experienced the most dramatic rise in median price with 23% and 13% increases respectively over the same time period last year. In the luxury market, properties priced at $1,000,000 or higher, the median sales price has increased statewide, with an increase of 12% over Q2 2012. However, this improvement has been buffered by a 17% increase in available properties statewide, accompanied by a 19% decline in pending sales for the same time period.