East Providence Home Sales, Prices UP in 2013

The year 2013 proved to be a friendly place to the real estate market for single family homes in East Providence. After seven straight years of falling prices and mediocre unit sales, there was a significant turnaround in both categories.   The number of homes sold increased from 328 in 2102 to 367 in 2013 for an increase about 12%, which also marked the highest number of sales in the City since 2006. 

Prices were also up 12%, jumping from $157,500 to $170,000, about the same as in 2011.  Days on market, the measure of how long a house that actually sells goes from listing date to sales agreement, also dropped to a respectable 54 days.

The current inventory for single family homes is at an 8 year low, with only 124 units currently on the market.  This is another firm indicator that the strengthening market is on firm footing.

I predict that the number of sales in 2014 to be at, or around the same as 2014 with 10% increase in home appreciation.  If inventory continues to be tight, unit sales may drop, and values may increase at a faster rate, which is great news if you are thinking of selling your home this year.

All this is welcome news for East Providence, which has been in a real estate free-fall for the previous seven years.  The commercial market here still has a long way to go to be competitive, but for now we will take what we can get.