The local real estate market activity for the first three months of this year posted gains on most fronts. For the months of January, February and March the sales volume, in terms of residential units going under agreement, came in at 137, 122 and 178 units, respectively for each month, or an overall average for the 1st quarter of the year of 159 units/month.
On the pricing side, during the month of January, the median sale price of homes rose by 4.44% to $229,444., but then dropped slightly by -1.98% during February down to $224,900. before rising by 2.22% in March up to $229,900. Conversely, the mean sale price dropped in January by -3.82% to $256,075., gaining back 5.76% in February and then dropping back by -7.53% in March to $250,440.
A review of pricing results for the past 12 months suggest that the local market appears to be realizing its first initial phase of price increases since the general real estate market began to stabilize in mid-year 2009. It will be interesting to see how the spring market supports the 1st quarter results. We may be well poised for annual appreciation rates in the range of 7% - 11%., year to year if current trending continues.
These sales and pricing statistics cover the communities of Berkley, Dartmouth, Dighton, Fall River, Freetown, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport. They reveal monthly activity for residential properties that went under agreement from 01/01/2014 through to 03/31/2014 in our local market area as serviced by the H3MLS-Property Information Network.
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