Market Report Third Quarter - 2013 Executive Summary Rhode Island’s housing market continues on its upward climb. Across the state, specifically in Kent, Newport and Providence counties, the number of home sales has increased approximately 20%, while the average days on market has decreased an impressive 17%. Inventory and pending sales (commitments to purchase a home at a specified price and terms, typically closing within 60 to 90 days) across the state have seen a slight dip when compared to the same time period as last year. This dip has contributed to the increase in average sales price, with Providence, Washington and Bristol counties seeing increases well over 5%. Westerly saw a 65% increase in their average, a portion of that significant increase may be due to the sale of 10 Bluff in Watch Hill, which sold for $9,750,000 in the third quarter. Additionally, the median sales price has increased by as much as 10% statewide over the same time period as 2012, the East Side of Providence had the most dramatic increase, with a 21% change in their median price. In the luxury market, properties priced at $1,000,000 or higher, the number of homes being sold has decreased, however the average sales price has risen by 5% and the average days on market has decreased by 3%.
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