Market Report Fourth 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 10%, while the average days on market has decreased an impressive 13%. Additionally, the days on market has decreased statwide by 12% with Newport and Providence counties seeing a decrease of 18% and 14% respectively. Inventory across the state has seen a slight bump and pending sales (commitments to purchase a home at a specified price and terms, typically closing within 60 to 90 days) have seen a slight dip when compared to the same time period as last year. This increase in inventory has resulted in a slight decrease in the average sale price in Bristol, Newport and Washington counties. Conversely, Providence and Kent counties saw an average sale price increase of 6% and 9%. In the luxury market, properties priced at $750,000 or higher, the number of homes being sold has decreased, however the average days on market has decreased by 12%.
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