Warwick, RI — There were 16 home sales recorded in Warwick during the end of October according to the Statewide MLS, six with sale prices greater than $200,000, and half at $170,000 or less in a real estate market that appears to be enjoying a modest boost over last year.
Topping out the range is a home at 180 Cowesett Green Drive selling for $370,000 (down from a list price of $379,00) with four beds, two and a half bathrooms, new granite-topped kitchen, fireplace, hardwood floors and a three-season room.
Among the homes selling at $170,000 and less was a home at 115 Gould Ave. sold for $130,000 (down from an asking price of $144,000) with three bed rooms and one and a half baths, updated heat and electric and a detatched garage.
“Its hard to believe that Thanksgiving is here,” said Matt Patty at Keller Williams Real Estate. “For Realtors this means that the third quarter housing statistics have been released. Third quarter year over 2014 vs. 2015 our average single family home price was up 9 percent (215,000 vs. 234,000 in 2015) and units sold were up over 300 total units which was a 12 percent increase year over year for the third quarter.”
With interest rates hovering under 4% for many of the traditional mortgage programs, we expect the fourth quarter and quarter one of 2016 to continue the year over year quarterly improvement trajectory, Patty said.
“Home owners and Real Estate Professionals should be advised though that like all other financial markets, the real estate market typically goes through 7 year cycles and within the next few years, especially if we continue with large percentage improvement in prices, the market will go down again. The equity you have in your home and the affordability of your home are things that you should consider in good times as well as bad. Responsible home ownership means enjoying what you have but also saving and planning for a rainy day,” he added.
Information provided by The Matt Patty Team at Keller Williams. For more information on the local housing market, please check out their website at www.RIDreamHome.com.
Author: Rob Borkowski
Rob has worked as reporter and editor for several publications, including The Kent County Daily Times and Coventry Courier, before working for Gatehouse in MA then moving home with Patch Media. Now he's publisher and editor of WarwickPost.com. Contact him at [email protected] with tips, press releases, advertising inquiries, and concerns.
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