Over the past few years we have been releasing monthly and quarterly market statistics relative to the residential real estate market trends in the greater Fall River area. These snapshots, if you will, have been reported as summations of the overall local real estate maket activity, with no differentiating between the various segments of the residential market, namely, single family, muti-family and condominiums.
This month we've broken it all down for you on a quarterly basis comparing each of the first quarter's market statistics in our local service area since 2009. These sales statistics cover the communities of Berkley, Dartmouth, Dighton, Fall River, Freetown, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport as serviced by the H3MLS-Property Information Network, (MLS-Pin). They illustrate quarterly pricing and sales volume, in terms of number of housing units, in total as well as by individual category. They are tabulated as follows:
Quarter Ending Single Multi Condo Total % Change
3/31/2009 265 77 26 368
3/31/2010 299 80 34 413 12.23%
3/31/2011 273 65 27 365 -11.62%
3/31/2012 328 71 27 426 16.71%
3/31/2013 333 46 30 409 -3.99%
Median Sale Price
Quarter Ending Single Multi Condo Overall % Change
3/31/2009 $229,300 $164,900 $134,900 $176,367
3/31/2010 $236,250 $150,000 $ 94,450 $160,233 -9.15%
3/31/2011 $224,950 $149,000 $ 69,900 $147,950 -7.67%
3/31/2012 $199,900 $129,000 $139,900 $156,267 5.62%
3/31/2013 $234,900 $169,950 $100,000 $168,283 7.69%
Mean Sale Price
Quarter Ending Single Multi Condo Overall % Change
3/31/2009 $260,122 $199,260 $165,257 $208,213
3/31/2010 $264,979 $183,640 $159,202 $202,607 -2.69%
3/31/2011 $290,387 $170,746 $116,437 $192,523 -4.98%
3/31/2012 $257,129 $162,270 $131,577 $183,659 -4.60%
3/31/2013 $282,921 $189,841 $161,710 $211,491 15.15%
We had indicated almost entirely throughout last year's monthly market reports that the local real estate market had demonstrated a seesawing affect with sporadic rising and falling taking place on a month to month basis while the overall trend remained relatively stable by way of both sales volume and housing prices. Looking at the same statistics, only on a slightly larger scale, we see much of the same pattern. While its easy to note that there have been gains and losses year to year, the overall summary is still that we have experienced relative stability in the local real estate market over the past few years.
Comparing first quarter 2009 with each successive first quarter period through to the quarter ending March 31, 2013, we see that overall, sales volume grew by 3.33% while the median and mean sale prices remained relatively the same losing 0.88% and gaining 0.72%, respectively. On a positive note, however, when comparing first quarter 2012 to the same period in 2013 we see a jump in each the median and mean house prices of 7.69% and 15.15% despite a slight decline in volume.
All in all, putting this in perspective, the local residential real estate market during the first quarter of 2013 continued to perform with a fairly healthy volume of sales with sizeable increases in pricing noted.
John Kinnane, president of the Kinnane Group announces that Mark Velozo of Somerset, Massachusetts has joined the real estate firm as a real estate salesperson.
"Mark is clearly an excellent addition to our real estate company and we are excited about working with him and getting him up and running with our ongoing efforts of servicing our clients in the southcoast region of Massachusetts", says Kinnane. "Mark is well known in local circles as a hard working and honest individual who works dilligently on getting the job done, and done well".
Mark majored in Business and Marketing at Bridgewater State University and his business and management experience include being President of Slade Formal Wear, Inc. of Fall River, Massachusetts and as President of Marque Theatre Productions, Inc., a not-for-profit theatre company based in Somerset, Massachusetts. Mark, his wife Alice and daughter Lindsay reside in Somerset, MA.
The Kinnane Group is a full servie real estate company servicing the southcoast region of Massachusetts and the east bay area of Rhode Island. Founder, Chuck Kinnane, began brokering real estate in Swansea, Massachusetts in 1960. The company is now under the direction of John Kinnane and has specialized for many years in the appraisal of real estate. Over the past few years the Kinnane Group has made incremental progress at re-establishing its presence as an active real estate brokerage firm as well.
After enjoying nearly 53 years of success, it's exciting that we are able to continue to enhance our brokerage team in the Greater Fall River area with the likes of such a quality individual as Mark. Mark's buisness acumen, strong work ethics and organizational skills will certainly take him a long way in this endeavor.
John Kinnane of the Kinnane Group brokered the sale of a 1 acre commercial parcel of land at Bliss Four Corners in Tiverton Rhode Island. Bliss Four corners is an underserved area of the town of Tiverton where Routes 177 and 81 intersect. The site itself provides high visibility along Route 81 (Crandall Rd) just south of the intersection of Rte 177 (Bulgarmarsh Rd) between "Wally's Tap House" restaurant / tavern and the Tiverton Fire Station, near the brand new Bay Coast Bank branch, abutting the soon to be built 30,000 sf Tiverton Public Library and the Arts and Agricultural Community of Sandywoods Farm.
This parcel represents the last remaining peice of what was, for decades, the Guimond Farm property run by Gilbert and Jeannette Guimond and their family. The Kinnane Group brokered the former property when the Guimonds decided to retire. Citizens-Union Savings Bank, (now Bay Coast Bank), purchased the entire property and redeveloped it with a full service branch bank and insurance office. The Kinnane Group went on to broker the unused portions of the property to the Tiverton Library Foundation who are nearly set to begin the construction of a new public library, and a 2nd parcel to a Dartmouth business man who owns and operates what is now known as Wally's Tap House just south of the Bay Coast Bank branch.
Mr. Kinnane was the sole broker involved in this latest transaction. This sale represents the 5th transaction that the Kinnane Group has brokered within the immediate proximity of Bliss Four Corners that was initiated with the sale of the McGreavy property to the Deblois Company, now the home of a Hess Convenience Store and filling station at the northeast corner of the intersection. The Kinnane Group was recently hired as the exclusive real estate broker for the 22 home sites at Sandywoods Farm, immediately south of the town's Recreation Center along Rte 177.
The Kinnane Group has been in service to the southcoast region of Massachusetts and the nearby east bay area of Rhode Island since its inception in 1960. The company has a long standing reputation for providing a wide variety of personalized real estate services.
Westport Cape for Sale by The Kinnane Group
The local real estate market has remained active and prices apparently are holding relatively steady. A brief summary of sales volume as well as median and mean sale prices for each of the months of August, September and October follow:
Month/Year Units Median Sale Price Mean Sale Price
Aug. 2012 157 $196,450 $244,645
Sept. 2012 145 $189,900 $253,607
Oct. 2012 137 $199,900 $232,913
These sales statistics cover the towns of Dartmouth, Fall River, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport. They reveal monthly activity for residential properties that went under agreement from 08/01/2012 through to 10/31/2012 in our local market area as serviced by the H3MLS-Property Information Network.
This continues a fairly healthy volume of sales in our general market area of the southcoast region of Massacushetts and the nearby east bay area of Rhode Island, a trend that is sustaining. Although there is still room for improvement this is a continued good news for the local real estate market. Attached below is a link to a 'PDF' file that illustrates volume and price trending from January 1, 2011 through to October 31, 2012.
If you're ready to jump off the fence and into the local real estate market and take advantage of the opportunities that exist,
contact us today to determine your options as either a buyer or a seller. We're here to work through the complexities of the local real estate market, make sure you neither under sell or over pay for your property, and to help you out along the way!
We are ready to serve all of your local real estate appraisal and brokerage needs. Our coverage area includes the southcoast region of Massachusetts and the east bay region of Rhode Island. Please feel free to contact us today!
John Kinnane of the Kinnane Group brokered the sale of a 30,000 sq. ft. shopping plaza on 4 acres of land at 3057 Acushnet Avenue in New Bedford's north end. The property transaction closed on September 21, 2012 for $1,000,000.
The new owners are set to begin the transformation of the property into a professional office building and will begin to consolidate some of their leased facilities and operations into this convenient north end location at the intersection of Acushnet Avenue and Alfred M Bessette Memorial Highway.
The property owned by St Anne's Credit Union of Fall River was listed for sale by Margaret A Sweet, owner of Sweet Properties of Dartmouth, MA. The buyer, Child & Family Services Inc of New Bedford was represented by Mr Kinnane.
The Kinnane Group has been in service to the southcoast region of Massachusetts and the nearby east bay area of Rhode Island since its inception in 1960. The company has a long standing reputation for providing a wide variety of personalized real estate services
The Kinnane Group has been hired as the exclusive real estate broker to represent the 22 home sites at Sandywoods Farms in Tiverton, Rhode Island.
Sandywoods Farm is a unique and exciting new intentional mixed-use community situated on 174 acres in Tiverton, Rhode Island. It is dedicated to the arts, sustainable agriculture, energy conservation, affordable housing, independent home ownership and land stewardship.
The residential component of Sandywoods Farm comprises 50 existing one, two and three bedroom cottages and a farm family home that are all made available for lease. In addition to this there are 2 single family affordable homes and 22 individual home sites being marketed for individual ownership.
The commercial aspect of this community include buildings along Muse Way. They are a true center piece of this arts and agriculture community. They include the Sandywoods Center for the Arts and an array of several attractive galleries and artist studio spaces. The center hosts a great concert line up on Saturday evenings, live theatre productions, and a thriving art gallery. It is home to Saturday morning figure drawing, Tuesday evening yoga, book signings and so much more. Future plans include a vegetable farm stand, a cafe, and a bed and breakfast as well as additional artist studios.
The agricultural and conservation elements of Sandywoods Farm include 22 acres of dedicated farm land and 111 acres of dedicated open space. To date they have planted a large apple orchard and maintain a half-acre, chemical-free community garden.
Sandywoods is conveniently situated near Bliss Four Corners, abutting the 96 acre Basket Swamp Nature Preserve, and the Bulgarmarsh Recreation area that features an all new skate park, a 1/4 mile walking path, basketball courts, playground and softball field. The new Tiverton Public library is slated to be constructed immediately east of our entrance.
Sandywoods Farm is a breath of fresh air. It is a true new destination in this New England seaside town. It is home to a variety of cultural and educational activities, it shares in an active agricultural and open space conservancy, is convenient to all modern amenities and has a found sense of community lost to most new subruban neighborhoods. It is a new community that all are welcomed as artisan, visitor, patron of the arts, gardener, a young summer day camper or to become one of our newest residents happy to call Sandywoods Farm home!
For more information visit us online at www.kinnane.com, follow the links to Sandywoods Farm or call us today at 508-678-6673.
The residents of Tiverton recently passed the Tiverton Town bond referendum for $7 million a new public Library! http://www.eastbayri.com/news/2011/nov/08/tiverton-library-financial-town-referendum-both-wi/ An enormous number of volunteers worked to inform the public about the value of investing in a new library, resulting in approval at the polls, despite the difficult economic climate and the concern about taxes.
The Library Foundation, Trustees, Staff, Building Committee and Friends recently acknowledged the Community Partnership developed by John Kinnane of the Kinnane Group & Michael McNally of McNally Associates for being one of the earliest supporters of the project to build a modern, energy efficient library and community hub.
The Kinnane Group continues to keep this committment to the new library with its "Community Partnership" program. It is very simple and it's a way for us to provide an added client benefit while helping to raise monies for the new library. Buy or sell your property in Tiverton through the Kinnane Group and we will provide a charitable contribution in your name to the Tiverton Library Foundation's new building fund that is matched dollar for dollar by Citizens-Union Savings Bank.
"Charity begins at home", says Kinnane, "and this project couldn't hit any closer to home for us". The Kinnane Group was the exclusive broker involved in a sale to Citizens-Union Savings Bank a few years ago when Gilbert & Jeanette Guimond sold their family-owned Guimond Farms property and also brokered the adjacent land transaction from Citizens-Union Savings Bank to the Friends of Tiverton Library. The bank has established a beautiful branch banking and insurance facility at Bliss Four Corners and Tiverton Library Foundation has now embarked on their plans to build a brand new 30,000 sq. ft. state of the art public library facility that will become a town treasure for many years to come.
The Kinnane Group, working with the Southcoast Hospital Group, (SCHG), offers SCHG employees a huge discount for real estate brokerage services. As approved, the Kinnane Group offers a 30% savings program on listings of properties owned by a Southcoast Hospital Group employee that is exclusively marketed by and sold by the Kinnane Group. What this means in real dollars and cents is, for the average home of $250,000 the employee can save $5,000 in sales commission, a 30% savings.
Also, Employees who use the Kinnane Group as a buyer's agent and purchase a home that qualifies, will receive a free one-year homeowners warranty worth up to $500.
Contact Karen Flaherty today for details on savings at 508-789-9652 or email her at email@example.com
Good news - bad news to report for the month of March. The good news is that the figures tallied for the month of March illustrate a continuation of the early spring activity that showed up in February. The bad news is that this activity shows a slight dip in prices.
The total sales volume was up approximately 18.3% from the 115 properties that went under agreement in February, totaling 136 new properties going under agreement during the month of March.
These monthly statistics cover residential properties for the towns of Dartmouth, Fall River, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport. They reveal a respectable level of increase in activity of residential properties that went under agreement from 03/01/2011 through to 03/31/2011.
New pending sales data for March indicate a median and average sale price of $196,500. and $229,637., respectively. Both of these prices show a slight decline. The median price is down approximately 4.1% from February 2011 while the average sale price is down a total of 3.4%. This continues the slight fluctuation in pricing that has been occuring for an extended period of time as we, seemingly, are still hovering at / near the bottom of this local real estate market cycle.
With interest rates still at relatively low levels, adequate funding available to qualified applicants and continuing growth in labor markets, this is quite an opportune time to buy!
Local market activity for the month of November, seemingly and somewhat predictably, settled down ino the 2010 Holiday Season with a lower number of pending sales posted for the period of 10/30/2010 through to 11/30/2010, as compared to the previous two months. November monthly statistics that cover the towns of Dartmouth, Fall River, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport reveal a respectable total number of 116 residential properties that went under agreement from 10/30/2010 through to 11/30/2010 with a median and average sale price of $229,900. and $261,415., respectively. Although values appear to continue to remain fairly stable, November's activity marks a decline from October's volume of residential pending sales realized at 136 properties and September's that came in at 139 properties for the same coverage area.