City's single-family home sales top in RI

By John Howell
Posted 1/26/17

By JOHN HOWELL Following a statewide trend, Warwick single-family home sales, totaling 1,303, led the state for 2016 according to a report released Wednesday by the Rhode Island Association of Realtors. Single-family home sales in the city were more than

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City's single-family home sales top in RI

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Following a statewide trend, Warwick single-family home sales, totaling 1,303, led the state for 2016 according to a report released Wednesday by the Rhode Island Association of Realtors.

Single-family home sales in the city were more than double those of any other city or town except for Cranston with 884 sales. Warwick sales for 2016 were up 155 from 2015 for an increase of 13.5 percent. The median price of single-family homes in Warwick also saw an increase, climbing from $177,900 in 2015 to $199,900 for last year. Another market indicator – days on market - also reflected what some realtors are calling a “hot” market. The average days on the market for a Warwick home in 2016 was 62 days as compared to 65 in 2015. This compares to a statewide average of 77 days in 2016.

Philip Slocum who has been in the real estate business for 38 years isn’t troubled by what the association is characterizing as a “meteoric rise in activity.”

In an interview Wednesday he said the market isn’t on a roller coaster, but rather “climbing the mountain of recovery.” He finds comfort in the 6.6 percent rise in the median price of single-family homes statewide, observing that growth in the range of 4 to 6 percent is “sustainable” compared to the 15 to 20 percent “unsustainable” increases of the housing boom years.

“Sellers are recovering. Buyers have good opportunity,” he said.

Slocum said the Trump administration has already impacted the industry with the rollback in the FHA mortgage reduction, which he estimated could mean a $20 to $30 per month increase in monthly payments. Yet, he observed that President Trump built his “empire” on real estate and he would be surprised if Trump did anything to hurt the industry.

Maureen McGovern of Williams and Stewart called the condition a “seller’s market.”

“If I list a property that is priced right I’m going to get multiple offers,” she said. McGovern said most of her sales are below $300,000 and she is seeing a good number of first time homebuyers. She is also seeing buyers from out of state, especially in Johnston and north from Massachusetts who are looking to Rhode Island because of affordability and access. She didn’t think the Massachusetts buyer is as much a factor for Cranston, Warwick and south of Providence.

Mark McHugh, owner of Clearmark Real Estate, said the low inventory has been tough on those seeking to move up. He said in the last month he placed a family in a rental because they had sold their home and had yet to find a suitable larger property.

According to the report, 11,038 single-family homes were sold statewide for a 12.5 percent increase from the prior years leading the association to observe there were 1,013 more single-family home sales than the previous record reached in 2004, “leaving no doubt that 2016 was the year when Rhode Island’s housing market firmly re-established its footing.”

In addition to the rise in activity, the median price of single-family home sales rose 6.6 percent to $239,900 according to Realtor statistics. Though this represents a 15.2 percent lag behind the highest annual median price on record, realized at the peak of the housing boom, the vast majority of homeowners have regained the home equity lost during the housing downturn.

“As our economy has improved, so too has our housing market. There was activity at all ends of the market in 2016, from first-time homes to properties that sold in the millions. Sales started off strong in the beginning of the year and remained robust throughout. Even November’s controversial election didn’t quell activity,” Brenda L. Marchwicki, president of the Rhode Island Association of Realtors, said in a statement.

The condominium market saw the strongest gain in activity, with sales rising 15.6 percent from the previous year, thanks in part to legislation enacted last year, which tempered overly stringent financing rules for condos. The median price of condo sales remained relatively stable, falling $100 from the prior year to $199,900.

Sales of multifamily homes increased 7.9 percent year-over-year, while the median sales prices of those sales rose from $168,000 in 2015 to $182,900 in 2016, an 8.9 percent increase.

“Rhode Island’s housing market has a solid footing going into 2017. We are seeing diminished inventory but listing activity will pick up going into the spring selling season. Though interest rates have risen recently, we don’t expect to see a significant hike this year so as long as we see more property listings in the next few months, we should be in good shape for the year ahead,” said Marchwicki.

Statistics reported by the Rhode Island Association of Realtors represent all Realtor-assisted sales transacted through the State-Wide Multiple Listing Service.

Comments

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  • richardcorrente

    What does this mean? It means more people are leaving Warwick than any other city or town in Rhode Island.

    Mayor Avedisian has raised taxes every year for 16 years in a row. We have a School Department that is costing the Warwick taxpayers $23 million dollars more than Cranstons' and that is with 1,300 LESS students! (and our teachers STILL don't have a contract!) And while others towns/cities like Coventry and North Providence are building schools Warwick is closing them down because our student population went from 17,000 to 9,000. This is proof that raising taxes is the problem, not the solution.

    Folks, tax-and-spend policies don't work when the the people paying the tab (the taxpayers) run out of money, and in Warwick the taxpayers are OUT OF MONEY!

    It is time to "cut taxes - cut spending". Cranston did it and their population (and total taxes received) grew. In 2006 Florida governor Charlie Crist raised taxes by $500,000,000 and the state lost 832,000 jobs. In 2011 new Governor Rick Scott "cut taxes" by $500,000,000 and Florida gained 600,000 jobs!

    If Warwick adopts the plan of "cut taxes - cut spending" the result will be more taxpayers, a greater total tax revenue and more jobs, a win-win-win situation which we desperately need.

    Happy Spring everyone.

    Rick Corrente

    The Taxpayers Mayor

    Friday, January 27, 2017 Report this

  • Thecaptain

    I find it interesting that the "Taxpayers Mayor" failed to pay his taxes for 2 years resulting in loosing his home to tax sale and foreclosure. Yet, we are supposed to follow any advice on any subject matter that he speaks about?

    Sunday, January 29, 2017 Report this

  • Jonduenuts

    Dear Captain or should I say Mr.Nadeau,

    You are one of the reasons people are moving out. It is you incompetence and inability to do your job you were elected to do. What's sad is that you won't even entertain a concept or notion that is different from your own. That is called ignorance sir.On top of it you insult handicap people, who does that? You should resign your position and do everyone a favor. Also if people are moving out that means potential families could be moving in. However when any family sees the mess of a school system , that I may add you helped create, they turn the other way and run. At least the "Taxpayer's Mayor" cares enough to stand up to ineffective leadership and politicians. Whats absurd is that you stick your nose in the air when anyone gives you criticism but your ready to give a mountain full of it. Be reasonable sir and do your job and be mindful that your position involves criticism. I am so sick of seeing you on the dais and running you're mouth full of accolades for people who are incompetent. Get with it and stop being delusional. Also by the way its losing not loosing. Don't be a sore loser because people hold you accountable.

    Tuesday, January 31, 2017 Report this

  • Thecaptain

    Dear Mr. Nuts, or should I be formal and call you Jonduenuts,

    Let me address your comments one at a time.

    1. "The Taxpayers Mayor" is a union panderer that has no working knowledge of any budgetary item in this city. He clearly proved that at his non-debate. Has has put forth zero solutions, has not substantiated anything with one single city document, does not know the first thing about public record access, has zero construction or management experience, and is a financial disaster as indicated in his failure to pay Warwick taxes, the tax sale imposed on his home, and the subsequent loss of the property and loss of his district and superior court appeals. Too funny, maybe he should call himself the "Non-Taxpayers Mayor".

    2. Clearly you are either a teacher or one of the rude parents that scream and yell at school committee meetings. I would suggest that you look at the ratio of what Warwick taxpayers pay for school services vs the return as indicated in the student scores. It's abysmal, frankly speaking.

    3. Although I have no dog in the fight over Warwick schools in terms of education, because I noticed many years ago that the school system is, was, and will continue to be, in a failed state, so I elected to send my kids to private school. You can castigate Mr. Nadeau as much as you like, but the fact of the matter is that the system was broken and failed a long time ago. You should look at Karen Bachus and her pandering to the unions, and lack of taking any action to hold anyone accountable. Instead, you persecute a senior citizen, who clearly does not need your illiterate comments at his age.

    4. If you had the ability to think cognitively, which is doubtful judging by the enormous grammatical errors in your post, you would realize that the entire school system needs to be overhauled. That starts with new buildings and a complete restructuring. Dumping millions into the crap holes that we have does not fix the problem. In addition, non of these so called "committees" that are looking into consolidation have professionals on staff that can speak in construction finance terms.

    5. If you have followed city politics, which it is clear that neither you nor the Non-Taxpayers Mayor have, you would understand that the failing school system is a result of lack of finances for proper upgrades. The lack of finances is due to decades of overspending, far too lucrative union contracts, massive unfunded liabilities which are completely restricting any other form of spending to enhance our community, and, all for political patronage which has hijacked this community. The same rhetoric that has put us in this position is the rhetoric that the Non-Taxpayers Mayor is spewing now. Yet neither you nor he can offer a structured step by step solution. The Non-Taxpayer Mayor's solution to everything is just to give the workers more money, just as he proposed to the WFD. That is the problem, they already make too much money based on the the tax base that is produced by this community. Neither of you understand these fundamental issues.

    6. I am not Mr. Nadeau.

    Rob Cote

    Tuesday, January 31, 2017 Report this

  • Jonduenuts

    Dear Mr Cote,

    I didn't realize that in an informal comment page that you would be judging my grammar. It's funny how you didn't mention your inability to differentiate between loose or lose. Typical , point out the flaws of everybody else while ignoring your own.

    Anyway let me respond to your long diatribe sir:

    1. I agree with you on the "Tax Payers Mayor" . He wouldn't be my first choice in tackling all the problems that are facing Warwick. However, at least he is standing up and at least talking about issues. Warwick is being over taxed and people are leaving.However what has the current Mayor done ? He isn't doing any better. Perhaps if you have all the answers and have a good platform , maybe you should consider running. If you have a comprehensive plan that is based on common sense , you have my vote

    2.I am neither a teacher or parent but a concerned taxpayer that is sick of bureaucratic malfeasance and fiduciary negligence. I am also sick of duplicitous politicians saying one thing and doing another. I am however sympathetic to the teachers , since my wife is a teacher . They work in dilapidated buildings that are a health hazard, they get micro managed, being dictated to by individuals that never taught or haven't in years, they are told what to teach and have to deal with students that have for the most part lost the true meaning of what education means,why don't you enter a school and see for yourself. Teachers in general are ignored with their concerns. As for yelling out at public officials , how is it any different when they blatantly ignore their constituents and talk condescendingly to the crowd. I can remember many occasions where Mr.Nadeau or Mrs Furtado have been quite rude. If you attend these meeting perhaps you have seen the same.Plus getting negative feedback in whatever form is part of the job.

    3. I am castigating a public official and calling him out for wasting taxpayers money on hiring an attorney to do the job he was elected to do. If he is a feeble senior citizen and can't take the criticism then he should resign. You must be a friend of his , I have read some of your posts praising him.As for Ms. Bachus , she may favor teachers but she also favors students and taxpayers as well. Just a friendly reminder that the committee is called the school committee , and since teachers are part of the school, then the school committee should be respectful and work with them to fix problems within the school ,not sit their on their high horse and belittle them and hire lawyers to intimidate. That is why there are unions. Teacher's aren't criminals like the way you're trying to label them. If you know better, then you go teach , remember before you decide to criticize and abuse walk a mile in their shoes.

    4.Stop with the insults , it just shows the type of character you truly are. Its an informal comment column. I am not writing a book to get published , so if there are a few commas missing or grammar errors , oh well. At least I know the difference between lose and loose.As for the condition of the buildings you can thank the mayor for level funding the school as well as the school committee mismanaging funds and poor building maintenance oversight . Remember that is part of the job too. I do agree that the system was broken a long time ago, wasn't Mr. Nadeau part of that? I just assume you will ignore that and use ad hominem tactics instead of staying on topic.

    5.I agree the schools are a mess ,but is that anyone's fault but the mayor and the school committee.Lack of funding is mentioned time and time again , but the city has a surplus, the school committee complains of money but has has a surplus every year. If you have any cognitive function then you would realize those are the culprits of why the schools are the way they are. You should be at every meeting yelling if you're so disgruntled.As for the kids under achieving, most of that starts from home. Its not the teacher's fault that kids don't have the same sort of standards,work ethic , attention span and consequences that we had at their age. The acorn doesn't fall far from the tree sir. Also any job I ever had always had bad apples but that doesn't mean every apple is rotten.

    6. Okay you're not Mr. Nadeau, but from your previous posts it sure sounded like it.

    Thanks for the debate!

    A concerned Taxpayer and American just like you!

    John Duenuts

    Wednesday, February 1, 2017 Report this

  • Thecaptain

    Dear John,

    Once again I find it interesting that you reprimand me and tell me i am insulting because I commented on your grammar. If I read your original post and understand it clearly, isn't that what you did with your first comment on the word "loosing"? So you fired the first shot and you continue by assuming that I was someone that I am not, second shot.

    If you want to have viable discussion about waste in this city, if you have not seen any of my solutions that I have pointed out on numerous occasions, I can only assume that you do not follow city politics and finances very closely. Your comments, in particular those about the Non-Taxpayer Mayor, also lead me to believe that in fact, you have never looked at or interpreted a city of Warwick budget document. If you had done that, I would think that you would also be able to render some legitimate answers to some of the problems.

    The fact of the matter is that the teachers are overpaid for the results of their work, and also by the fact that the tax base does not support any further compensation. That goes for the firefighters as well. The typical union mentality is one that does not analyze finances, but only calls for additional compensation with no regard for where that compensation will come from, and at what cost. Hence, as exhibit 1, I refer to the Warwick Budget documents and the forecasted actuarial report.

    Let me quote Councilman Merolla at the last budget hearings when speaking to the city's actuarial firm.

    Question - "Mr. Newton, looking forward into the city's finances and ability to pay our pension obligations, will there come a time that the city will not be able to make these payments going forward?"

    Answer from Joe Newton - " Mr. Merolla, that point that you speak of was 5 years ago".

    But you would know these facts if you had attended the hearings.

    Wednesday, February 1, 2017 Report this

  • Jonduenuts

    Rob,

    My original message was directed to who I thought was Mr.Nadeau and that was why I original fired the first salvo at you. However on your response to my retort, you question my intelligence and integrity condescendingly. So if you want to keep on jabbing me with insults well ...what do you expect me to do.

    Listen I am just as concerned about taxpayer waste as you. I know you were the gentleman that was the voice of reason with resisting getting taxed on your vehicle in perpetuity. You have to realize that Warwick is really just a microcosm of what is happening on the state level. We both know in this state, it's monkey see monkey do, when it comes to ineffective politicians who talk a good game but then stick it to the tax payer while all the while blatantly ignoring the voice of the people.Like Mattiello or Raimondo with the truck tolls , free education and tax breaks for corporations and millionaires. The problem is the jobs are gone and the tax base is on shaky ground at best.This state leadership has run this state into the ground and every municipality is feeling the effects of decades of nepotism, backdoor deals,theft and deindustrialization through taxation and government over regulating.

    I understand you vitriol towards firefighters , I agree 100 percent. In most of the country we have mostly volunteer firefighters , its only in this state we have guys paid to sit and watch buildings burn. When is the last time we have heard of them saving a building. I will say we need them but not at the $80,000 salary plus what they make by abusing overtime($100,000 +.

    Teachers on the other hand have been getting screwed and labeled for years. They have a tough job and everyone is pointing the finger at them for all the problems in education. Remember they are rank and file employees who get micromanaged by the same type of ineffective leaders that are running Warwick and the state.You think they are getting overpaid ,but they get shafted just like every other taxpayer in this state. I look at my wife's pay stub and see that every paycheck they take more than a third out. Some of that goes to the state "pension system". I agree that at one time the pension system was ridiculous with the colas and etc, but with the Governor robbing the pension system with her own investment firm and the pension system never being funded properly to begin with is the reason why it is the mess that it is. This state used the pension system as a free for all general fund to pay for the results of their mismanagement of public funds in other areas for years.The Governor even passed legislation so that it could be abused some more. I have talked to a lot of current teachers and they all say they would opt out of the pension system if they could , but the Governor won't allow it because then she can't steal or give it to her investment buddies who are charging teachers and the state with an exorbitant amount of fees.Teachers are getting screwed royally just like you and me who work in the private sector.Plus with the way kids are now a days its like a battleground in some schools, look at Providence. You need a bullet proof vest and a bodyguard just to work and you can't even reprimand kids anymore with all this liberal p.c policies otherwise you get sued.

    As for where we are at now is directly related to the people in charge who have ruined this state and that is effecting cities like Warwick . These Career Politicians have to go. The one thing I agree with Mr.Corrente is that taxes need to be cut as well as spending and that we need to bring people and businesses back to Warwick and the state. So ,with that being said, I am not as well read as you are on the intricacies of Warwick's finances . I think that if you are passionate and want to make a change then you should run and make some changes because the same old maladroit politicians will continue to run Warwick and Rhode Island into the ground otherwise making comments in the beacon will just fall on deaf ears.

    Have a good one

    Thursday, February 2, 2017 Report this

  • Thecaptain

    Ok John, fair enough, lets call it a truce. However, lets also be clear about the teachers. They are not underpaid, our student scores are awful and our system needs an overhaul. I am exhausted listening to all of our municipal employees complaining that they are underpaid. Teachers work 180 days per year, have 13 of those off for "professional days", have a 90 day sick day provision, and until recently, were paying $11/week for the best medical. No where in private industry does that happen. The average Warwick teacher is making @ $80 - $85K. Not too shabby. Add in all of the holidays and its not a bad gig. They need to stop complaining and frankly, if we have any decent math teachers, I would love them to get vocal at a council meeting and disseminate the waste in the budget, then I would be impressed. It gets very frustrating year after year watching the massive waste in this city. If Scott Avedisian worked in the private sector, how long do you think it would be before he got the ax? That also goes for the school administration.

    Thursday, February 2, 2017 Report this

  • Jonduenuts

    Rob,

    I accept the truce . I don't think teachers at their base salary are underpaid and for the most part most of them think they are getting compensated fairly.I will say that when my wife first started she made squat and only really started to make a decent and fair salary about 7 years into her teaching career and up to that point she had a second job until that time. We were not married at the time when she was first employed as a teacher.However, I just want to touch base on some of the other points you presented. Since , my wife is a teacher I do have a direct line into their point of view. Your correct $11 was an unbelievable health care payment but those days are long gone and have been gone for years. They now pay quite a bit albeit not as much as the private sector or if your independently buying insurance but they 're paying more.They do work 180 days a year and have 90 sick days (i would be interested to know how many are actually used). My wife hardly ever calls out. Warwick teachers do not pay into TDI and the vast majority use their sick time appropriately . My wife has to pay for each sick day that she takes out. All Warwick teachers have to contribute to the sick day pool. The more days you use, the more she has to pay. The 13 "PD" days are a myth. They get 2 paid personal days . As for professional days they also only get two both are used for staff development one at the beginning of the year and another half day in march (they are not days off). All other training is done on their own time and on their own dime. My wife has spent thousands on conferences and other professional development opportunities over the past few years. She also has to take money out of her own pocket for basic classroom supplies (not including assisting families with financial difficulties around the holidays). Society has warped a teachers role into that of a third parent (many times the positive work that teachers do is overlooked). Nobody talks about the kids who tell teachers to go "f themselves" on a regular basis. The days of out of school suspension is over. Twenty years ago this would not have been tolerated. If being a teacher was so great, there would line at the door with applicants competing for theses positions. Ask yourself why this country is experiencing a shortage in this profession.

    In closing, teachers are not the problem. I know you might see it differently but they do have a tough job.The real problem are the career politicians and inept officials who continue to spend money like there is an endless supply. More people need to get involved with the city council, the school committee.and holding politicians accountable. We need to remind them that they work for us not the other way around. We need to get back to the basics in this country instead of being complacent. I agree that there is something that stinks and we only have to look at the city hall and state house . You are 100% correct that if those individuals were in the private sector they would be fired , unfortunately they would probably apply for state aid.

    Keep the good fight going rob

    Friday, February 3, 2017 Report this