First Quarter 2013 Market Results

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:

Sales  Volume  
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.   

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