Rhode Island Real Estate Q3 2013 Market Report

Third Quarter - 2013Market Report

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%.

Rhode Island Single-Family Homes – Q3 2012 v Q3 2013

OVERVIEW Q3 2012 Q3 2013 % CHANGE YTD 2012 YTD 2013 % CHANGE

HOMES SOLD 2,244 2,665 19% 5,880 6,654 13% AVERAGE SALE PRICE $283,365 $287,540 1% $261,051 $270,452 4% MEDIAN SALE PRICE $197,500 $218,000 10% $189,000 $206,500 9%

AVERAGE DOM 100 83 -17% 105 94 -10% % SALE TO LIST PRICE 94% 95% 1% 93% 95% 2%

SUPPLY/DEMAND SNAPSHOT Q3 2012 Q3 2013

SUPPLY DEMAND RATIO* SUPPLY DEMAND RATIO*

PRICE RANGE Active Listings Pending

Listings Active Listings

Pending Listings

$0 - $250,000 10,745 1,418 8 9,531 1,518 6 $250,000 - $500,000 6,728 627 11 6,718 766 9 $500,000 - $750,000 1,781 112 16 1,964 128 15 $750,000 - $1,000,000 829 36 23 885 57 16 $1,000,000 - $2,000,000 790 35 23 957 41 23 $2,000,000 - $5,000,000 466 24 19 540 17 32 $5,000,000 and up 102 4 26 84 4 21 Market Total 21,441 2,256 10 20,679 2,531 8

*Supply Demand Ratio Key 1-7: High Demand 8-14: Balanced 15-21: Low Demand 22+: Very Low Demand

Ten Year Market History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $333,424 $389,114 $414,966 $422,796 $434,410 $379,631 $309,118 $329,368 $326,435 $333,754

Days on Market 62 65 75 89 98 104 108 101 109 108

% Sale Price to

List Price 96 96.1 95.8 95.8 93.9 93.4 92.7 92.4 92.1 92.7

0

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120

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Av. Sale Price

DOM

This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (7/1/13) through (9/30/13).

Newport County Single-Family Homes – Q3 2012 v Q3 2013


HOMES SOLD 196 242 23% 496 588 19% AVERAGE SALE PRICE $635,025 $506,454 -20% $508,912 $473,505 -7% MEDIAN SALE PRICE $350,000 $333,250 -5% $315,000 $335,000 6%

AVERAGE DOM 166 121 -27% 179 145 -19% % SALE TO LIST PRICE 94% 92% -2% 93% 92% -1%





Pending Listings

$0 - $250,000 648 68 10 495 60 8 $250,000 - $500,000 865 71 12 892 102 9 $500,000 - $750,000 359 20 18 444 36 12 $750,000 - $1,000,000 224 6 37 273 17 16 $1,000,000 - $2,000,000 235 10 24 254 13 20 $2,000,000 - $5,000,000 214 9 24 277 10 28 $5,000,000 and up 53 3 18 50 1 50 Market Total 2,598 187 14 2,685 239 11



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $444,350 $525,471 $562,745 $591,833 $662,348 $565,318 $448,523 $489,019 $508,967 $540,348

Days on Market 86 89 96 106 119 123 130 129 150 151

% Sale Price to

List Price 93.6 94.3 94.3 93.7 93.6 91.7 89.3 91.3 90.9 92.3

0

100

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900

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$400,000

$450,000

$500,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold


Washington County Single-Family Homes – Q3 2012 v Q3 2013


HOMES SOLD 397 444 12% 1,017 1,081 6% AVERAGE SALE PRICE $398,041 $428,287 8% $385,168 $391,541 2% MEDIAN SALE PRICE $290,000 $286,000 -1% $290,000 $285,000 -2%

AVERAGE DOM 117 106 -9% 127 119 -6% % SALE TO LIST PRICE 94% 93% -1% 92% 93% 1%





Pending Listings

$0 - $250,000 1,211 133 9 1,111 144 8 $250,000 - $500,000 1,931 183 11 1,997 209 10 $500,000 - $750,000 562 37 15 612 38 16 $750,000 - $1,000,000 294 15 20 293 17 17 $1,000,000 - $2,000,000 345 15 23 436 14 31 $2,000,000 - $5,000,000 179 14 13 173 7 25 $5,000,000 and up 44 1 44 28 3 9 Market Total 4,566 398 11 4,650 432 11



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price

$364,420 $414,162 $459,224 $473,068 $451,686 $436,509 $351,124 $383,789 $377,122 $415,679

Days on Market 68 68 80 97 107 111 112 112 113 117

% Sale Price to

List Price 95.9 95.9 95.2 98.1 89.6 92.6 92.4 92.0 91.9 92.0

0

200

400

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800

1000

1200

1400

1600

1800

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$100,000

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$200,000

$250,000

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$350,000

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$450,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold


Providence County Single-Family Homes – Q3 2012 v Q3 2013


HOMES SOLD 1,003 1,210 21% 2,677 3,113 16% AVERAGE SALE PRICE $201,839 $213,535 6% $190,858 $204,044 7% MEDIAN SALE PRICE $165,000 $182,225 10% $158,600 $172,000 8%






Pending Listings

$0 - $250,000 5,881 755 8 5,211 830 6 $250,000 - $500,000 2,062 198 10 1,845 244 8 $500,000 - $750,000 351 23 15 385 26 15 $750,000 - $1,000,000 109 8 14 100 7 14 $1,000,000 - $2,000,000 61 6 10 75 4 19 $2,000,000 - $5,000,000 11 0 N/A 25 0 N/A $5,000,000 and up 3 0 N/A 0 0 N/A Market Total 8,478 990 9 7,641 1,111 7



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $233,254 $276,027 $295,505 $296,675 $283,043 $237,389 $182,516 $210,629 $194,388 $192,094

Days on Market 47 50 59 74 81 89 90 80 91 92

% Sale Price to

List Price 97.5 97.2 97.1 96.5 95.6 94.6 94.3 94.7 94.5 94.4

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5000

6000

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$50,000

$100,000

$150,000

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$250,000

$300,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold


Bristol County Single-Family Homes – Q3 2012 v Q3 2013


HOMES SOLD 134 150 12% 337 355 5% AVERAGE SALE PRICE $359,835 $395,526 10% $354,492 $377,957 7% MEDIAN SALE PRICE $295,000 $320,000 8% $283,500 $315,000 11%

AVERAGE DOM 109 109 0% 112 106 -5% % SALE TO LIST PRICE 94% 95% 1% 92% 95% 3%





Pending Listings

$0 - $250,000 517 77 7 402 65 6 $250,000 - $500,000 965 91 11 984 97 10 $500,000 - $750,000 293 13 23 293 18 16 $750,000 - $1,000,000 112 3 37 118 7 17 $1,000,000 - $2,000,000 97 2 49 122 9 14 $2,000,000 - $5,000,000 49 1 49 49 0 N/A $5,000,000 and up 2 0 N/A 6 0 N/A Market Total 2,035 187 11 1,974 196 10



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $384,574 $445,163 $465,290 $452,418 $486,501 $418,182 $362,096 $350,232 $352,537 $325,240

Days on Market 63 70 88 96 106 110 121 105 108 104

% Sale Price to

List Price 95.4 95.5 95 94.7 94.6 93.7 92.7 89.3 88.8 89.8

0

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold


Kent County Single-Family Homes – Q3 2012 v Q3 2013


HOMES SOLD 514 618 20% 1,353 1,516 12% AVERAGE SALE PRICE $199,847 $219,583 10% $192,502 $216,613 13% MEDIAN SALE PRICE $160,000 $186,200 16% $155,000 $177,750 15%






Pending Listings

$0 - $250,000 2,488 385 6 2,289 415 6 $250,000 - $500,000 905 84 11 1,006 118 9 $500,000 - $750,000 216 19 11 227 11 21 $750,000 - $1,000,000 90 4 23 101 9 11 $1,000,000 - $2,000,000 52 2 26 67 1 67 $2,000,000 - $5,000,000 13 0 N/A 16 0 N/A $5,000,000 and up 0 0 N/A 0 0 N/A Market Total 3,764 494 8 3,706 554 7



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price

$240,522 $284,748 $292,064 $299,988 $288,473 $240,757 $201,329 $213,170 $199,162 $195,407

Days on Market 46 49 54 70 76 85 85 77 85 78

% Sale Price to

List Price 97.6 97.6 97.6 96.3 96.2 94.8 95.0 94.9 94.4 95.2

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$50,000

$100,000

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold


Newport Single-Family Homes – Q3 2012 v Q3 2013


HOMES SOLD 51 59 16% 134 134 0% AVERAGE SALE PRICE $1,249,463 $741,908 -41% $804,132 $613,643 -24% MEDIAN SALE PRICE $390,000 $405,000 4% $378,000 $400,000 6%






Pending Listings

$0 - $250,000 49 4 12 40 8 5 $250,000 - $500,000 163 22 7 163 30 5 $500,000 - $750,000 72 2 36 92 8 12 $750,000 - $1,000,000 39 1 39 68 8 9 $1,000,000 - $2,000,000 63 2 32 56 3 19 $2,000,000 - $5,000,000 39 5 8 62 2 31 $5,000,000 and up 15 0 N/A 22 1 22 Market Total 440 36 12 503 60 8



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $487,683 $702,122 $716,878 $703,720 $724090 $648,709 $566,218 $658,372 $570,117 $835,059

Days on Market 96 105 101 123 113 143 143 133 160 162

% Sale Price to

List Price 92.4 93.0 92.6 93.8 92.9 90.2 84.7 88.9 91.0 94.5

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold


Narragansett Single-Family Homes – Q3 2012 v Q3 2013


HOMES SOLD 54 71 31% 164 160 -2% AVERAGE SALE PRICE $535,246 $429,480 -20% $498,027 $478,341 -4% MEDIAN SALE PRICE $402,500 $330,000 -18% $363,750 $346,000 -5%






Pending Listings

$0 - $250,000 73 8 9 57 7 8 $250,000 - $500,000 232 31 7 282 46 6 $500,000 - $750,000 128 9 14 118 10 12 $750,000 - $1,000,000 58 9 6 60 4 15 $1,000,000 - $2,000,000 61 5 12 51 3 17 $2,000,000 - $5,000,000 60 2 30 47 1 47 $5,000,000 and up 3 0 N/A 4 0 N/A Market Total 615 64 10 619 71 9



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $450,507 $504,075 $578,643 $574,506 $491,788 $533,271 $391,910 $533,508 $477,349 $529,761

Days on Market 82 71 79 114 123 125 124 135 139 141

% Sale Price to

List Price 93.5 95.4 95.4 92.2 93.1 91.3 92.3 92.2 91.0 88.2

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$450,000

$500,000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold


East Side of Providence Single-Family Homes – Q3 2012 v Q3 2013


HOMES SOLD 58 52 -10% 137 139 1% AVERAGE SALE PRICE $537,325 $528,259 -2% $522,573 $541,480 4% MEDIAN SALE PRICE $425,300 $516,525 21% $451,800 $463,750 3%






Pending Listings

$0 - $250,000 58 7 8 26 9 3 $250,000 - $500,000 109 16 7 95 17 6 $500,000 - $750,000 68 10 7 78 7 11 $750,000 - $1,000,000 40 5 8 26 5 5 $1,000,000 - $2,000,000 40 6 7 37 3 12 $2,000,000 - $5,000,000 6 0 N/A 13 0 N/A $5,000,000 and up 3 0 N/A 0 0 N/A Market Total 324 44 7 275 41 7



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $453,980 $540,210 $578,834 $600,197 $575,976 $592,702 $506,981 $507,147 $480,436 $521,866

Days on Market 63 57 64 70 67 83 82 79 85 102

% Sale Price to

List Price 95.9 94.4 95.6 95.3 94.5 95.5 93.5 94.5 94.1 93.4

0

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$0.00

$100,000.00

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold


Jamestown Single-Family Homes – Q3 2012 v Q3 2013


HOMES SOLD 15 22 47% 42 60 43% AVERAGE SALE PRICE $601,467 $599,241 -.4% $552,260 $690,200 25% MEDIAN SALE PRICE $550,000 $420,000 -24% $435,000 $467,800 8%






Pending Listings

$0 - $250,000 6 1 6 2 0 N/A $250,000 - $500,000 83 6 14 68 11 6 $500,000 - $750,000 50 6 8 44 6 7 $750,000 - $1,000,000 52 4 13 29 2 15 $1,000,000 - $2,000,000 19 3 6 25 1 25 $2,000,000 - $5,000,000 58 0 N/A 78 3 26 $5,000,000 and up 12 1 12 14 0 N/A Market Total 280 21 13 260 23 11



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $547,260 $600,400 $844,450 $820,028 $1,051,125 $1,114,325 $863,452 $751,075 $733,908 $669,222

Days on Market 74 110 109 126 140 125 159 148 196 197

% Sale Price to

List Price 93.4 94.0 94.0 92.9 92.8 94.2 91.9 92.0 91.3 91.8

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold


Westerly Single-Family Homes – Q3 2012 v Q3 2013


HOMES SOLD 71 73 3% 171 166 -3% AVERAGE SALE PRICE $473,041 $781,886 65% $480,703 $568,279 18% MEDIAN SALE PRICE $265,900 $285,000 7% $275,000 $264,500 -4%

AVERAGE DOM 117 138 18% 132 135 2% % SALE TO LIST PRICE 94% 91% -3% 91% 91% 0%





Pending Listings

$0 - $250,000 202 22 9 173 24 7 $250,000 - $500,000 413 34 12 351 24 15 $500,000 - $750,000 105 3 35 126 6 21 $750,000 - $1,000,000 71 0 N/A 58 3 19 $1,000,000 - $2,000,000 92 5 18 88 4 22 $2,000,000 - $5,000,000 54 5 11 52 2 26 $5,000,000 and up 32 1 32 23 3 8 Market Total 969 70 14 871 66 13



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $361,890 $422,991 $480,102 $580,597 $543,149 $511,132 $422,925 $391,002 $468,075 $584,259

Days on Market 61 69 93 109 124 128 134 124 120 147

% Sale Price to

List Price 94.7 93.7 93.1 92.3 91.4 91.9 89.1 88.7 88.8 91.4

0

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$0

$50,000

$100,000

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold


Block Island Single-Family Homes – Q3 2012 v Q3 2013


HOMES SOLD 4 8 100% 11 13 18% AVERAGE SALE PRICE $1,735,000 $1,542,500 -11% $1,654,818 $1,302,308 -21% MEDIAN SALE PRICE $1,700,000 $1,100,000 -35% $1,448,000 $1,100,000 -24%

AVERAGE DOM 272 154 -43% 271 291 7% % SALE TO LIST PRICE 89% 88% -1% 85% 88% 4%





Pending Listings

$0 - $250,000 0 0 N/A 0 0 N/A $250,000 - $500,000 0 0 N/A 0 0 N/A $500,000 - $750,000 6 0 N/A 19 2 10 $750,000 - $1,000,000 26 1 26 37 0 N/A $1,000,000 - $2,000,000 72 2 36 154 6 26 $2,000,000 - $5,000,000 19 2 10 37 3 12 $5,000,000 and up 3 0 N/A 0 0 N/A Market Total 126 5 25 247 11 22



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $453,980 $540,210 $578,834 $600,197 $575,976 $592,702 $506,981 $507,147 $480,436 $521,866

Days on Market 63 57 64 70 67 83 82 79 85 102

% Sale Price to

List Price 95.9 94.4 95.6 95.3 94.5 95.5 93.5 94.5 94.1 93.4

0

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100

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$0.00

$100,000.00

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold


Rhode Island Luxury Single-Family Homes (750K+) – Q3 2012 v Q3 2013


HOMES SOLD 48 44 -9% 114 106 -8% AVERAGE SALE PRICE $2,316,378 $2,426,011 5% $1,974,899 $2,030,425 3% MEDIAN SALE PRICE $1,525,000 $1,275,000 -20% $1,350,000 $1,375,000 2%

AVERAGE DOM 198 192 -3% 217 209 -4% % SALE TO LIST PRICE 92% 88% -5% 88% 88% 0%





Pending Listings

$750,000 - $1,000,000 829 36 23 885 57 16 $1,000,000 - $2,000,000 790 35 23 957 41 23 $2,000,000 - $5,000,000 466 24 19 540 17 32 $5,000,000 and up 102 4 26 84 4 21 Market Total 2,187 99 22 2,466 119 21



2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Av. Sale

Price $1,670,091 $1,790,002 $1,751,252 $1,842,918 $2,014,631 $1,963,550 $1,868,310 $1,865,684 $2,095,917 $2,164,867

Days on Market 148 162 142 156 151 145 175 170 184 191

% Sale Price to

List Price 88.8 90.1 90.4 90.1 91.5 90.1 84.8 80.0 79.9 83.7

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012$0

$500,000

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$1,500,000

$2,000,000

$2,500,000

Average Sale Price

DOM


Rhode Island Real Estate Q3 2013 Market Report

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