Healthy 2nd Quarter Market Report

Second Quarter results are in for the local real estate market and the results are healthy, indeed.  The following statistics take a look at each of the consecutive 2nd quarter periods from 2009 through to 2013.  2009 has been recognized as the beginning of the bottom of our local real estate market cycle.  2013 trends are very positive and hopefully represent the beginning of some sustained growth in sales volume as well as pricing.   

The following sales  statistics cover the communities of Berkley, Dartmouth, Dighton, Fall River, 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 as either single family residence, multiple family residence or residential condominium.  The information is tabulated as follows:

Sales Volume:
Quarter Ending      Single     Multi     Condo         Total       % Change
30-Jun-09                 445             91         58             594         
30-Jun-10                 405             113       42             560         -5.72%
30-Jun-11                 403             79         53             535         -4.46%
30-Jun-12                 500             74         37             611         14.21%
30-Jun-13                 528             101       61             690         12.93%

Median Price: 
Quarter Ending             Single                 Multi                 Condo                 Overall                 % Change
30-Jun-09                        $ 224,900           $ 185,000         $ 149,900             $ 209,900         
30-Jun-10                        $ 229,000           $ 169,900         $ 134,900             $ 209,000              -0.43%
30-Jun-11                        $ 219,900           $ 159,900         $ 135,000             $ 205,000              -1.91%
30-Jun-12                        $ 225,000           $ 144,450         $   61,400             $ 199,900              -2.49%
30-Jun-13                        $ 234,900           $ 155,000         $ 154,450             $ 214,900               7.50%

Mean Price:
Quarter Ending             Single                 Multi                 Condo                 Overall                 % Change
30-Jun-09                        $ 294,985          $ 211,026          $ 184,063             $ 271,292             
30-Jun-10                        $ 285,018          $ 188,548          $ 170,265             $ 256,945              -5.29%
30-Jun-11                        $ 280,140          $ 191,404          $ 188,381             $ 257,947               0.39%
30-Jun-12                        $ 285,147          $ 158,316          $ 138,274             $ 260,892               1.14%
30-Jun-13                        $ 296,569          $ 187,973          $ 189,244             $ 271,185               3.95%

In a month to month analysis of this calendar year we have seen positive trending in sales volume in all categories of housing.  For the first six months of 2013 we have recorded a monthly average increase in total sales volume of 10.08%.  However, worth noting is that the sales volume has retreated just slightly from the high reached in April 2013.  As we reported, April 2013 culminated a 4 month growth trend that resulted in an 88% increase in total housing unit sales volume since the 1st of January.

Similar trending in pricing has occured year to date as we have recorded an average increase in median and mean pricing of 4.22% and 2.73%, respectively. 

A quick analysis specific to 2nd quarter figures shown above for 2009 through to 2013 shows postive trending on all fronts from 2012 to 2013.  We see that there has been double digit increases in total sales volume and healthy increases in pricing with the median price rising 7.50% over 2012 and the mean price tallying a 3.95% gain over 2012.   

While this is all good news for our local real estate market it will be interesting to see if this pace of growth is sustained for an extended period.  It will also be important to remain watchful of mortgage interest rates and whether the recent uptick in mortgage rates will push fence sitters into the market or stall out this growth trend.  

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