![]() 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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