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Tiverton, Little Compton Real Estate Markets Struggle To Regain Traction

Year end data from the Rhode Island Association of Realtors shows Tiverton and Little Compton trailing state gains in the housing market.

 

While local real estate experts say the state's housing market is rebounding, Tiverton and Little Compton are trailing behind, according to reports from the Rhode Island Association of Realtors (RIAR).

According to year end data published by RIAR, sale volume increased significantly in both communities, however each town also saw a drop in median price for single family homes and an increase in sales of distressed properties - both indicators of an unbalanced market.

Statewide in 2012, the median price of all 2012 single family home sales fell slightly - 2.56 percent - from the prior year. Both Tiverton and Little Compton saw greater property value losses. In Tiverton, the median price of single family homes dropped 11.84 percent to $182,500 from its 2011 value of $207,000. In Little Compton, values dropped 7.78 percent to $468,000.

Area:  Median Price 2012:  Median Price 2011:  Median % Change: 
Rhode Island  $190,000 $195,000 -2.56%
Tiverton $182,500 $207,000 -11.84%
Little Compton $468,000 $507,500 -7.78%

 

In 2012, distressed sales dropped markedly. In January, the year began with distressed sales accounting for 35 percent of all single family sales statewide. By December, that number dropped to just under 27 percent.

Locally, however, distressed sales increased dramatically from 2011 to 2012. Tiverton saw nearly two times as many distressed sales, with 41 in 2012 over 21 in 2011 - a 95.24 percent increase. Little Compton's distressed sales jumped from 2 to 5 in 2012.

Area:  Distressed Properties 2012:  Distressed Properties 2011:  % Change Distressed Properties: 
Rhode Island 2,107 1,835 14.82%
Tiverton 41 21 95.24%
Little Compton 5 2 150%

For 2012 overall, single family median price fell three percent from 2011 to $190,000, though December alone showed an uptick in median price of three percent from December, 2011 across the state.  Sales activity jumped 20 percent in 2012 but began to move toward more normal levels by the end of the year, rising nine percent in December.  Pending sales – sales under contract but not yet closed - also increased six percent in December, pointing to continued sales activity in the first quarter of 2013.

“The number of homes sold increased consistently throughout 2012 but we didn’t see price gains until the fourth quarter.  Median price has been up from the prior year for three consecutive months now.  That’s a strong indication that we’re heading out of the woods,” said Victoria Doran, 2013 President of the Rhode Island Association of Realtors. 

The year closed on a positive note with both median price and sales activity on the upswing in December.  The price gains are a result of diminishing inventory which has led to a market balanced between buyers and sellers for the first time since the housing downturn began.  The supply of single family homes for sale dropped 18 percent in December, ending the year with a six-month supply of properties for sale, the typical measure of a balanced market. 

Related Topics: Little Compton Real Estate, Rhode Island Association of Realtors, and Tiverton Real Estate

Don

6:30 am on Wednesday, February 20, 2013

Affordable properties are few and far between, particularly in the Little Compton market. That fact alone should be evidence enough why the sluggish pace in home sales. Who can afford the properties that do come on the market? Certainly not the families or individuals in the low or median income brackets. Those that own property passed down through generations are indeed fortunate. Average working class folks don't even bother to look at the real estate listings for this community.

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Mimi

8:40 am on Wednesday, February 20, 2013

Little Compton has very poor geology and soils for housing, and its only reservoir was sold to Aquidneck Island early last century. Thus, the only source of drinking water in Little Compton is rain water recharge. The rock under the shallow soils is nearly impermeable, thus groundwater is very near the surface and has nowhere to flow making most of Little Compton wetland and unsuitable for building. Human wastes, household chemicals, pharmaceuticals, hormones and cleaning products in addition to the agricultural chemicals used in the town are designed to be water soluble and will remain untreated in the groundwater and taken up in well water, if housing is not a proper distance from the septic tank, groundwater and wetlands.
State research done at URI says a minimum of two acres of dry land is needed to protect the public health of homeowners from their own waste and that of neighbors. New research shows no treatment of many of these chemicals even by sophisticated secondary sewage treatment, because these chemicals and pharmaceutical have been found accumulating in the Bay. This is then the dilemma
of affordable housing in Little Compton. Small lots with wells and septic tanks will poison these families and their neighbors with their own wastes. Public water and
municipal sewage treatment is the only solution for this and they are nearly impossible to provide in such a water resource limited community.

Beelzebub

7:08 am on Wednesday, February 20, 2013

We're hoping paying for folks to have a pump-out boat will attract the right kind of home buyers to our community.

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Joe Sousa

8:25 am on Wednesday, February 20, 2013

Yes Shill as a non profit charity. Not a PAC. Get your facts strait and stop the lies .

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Joe Sousa

9:31 am on Wednesday, February 20, 2013

Renee Cwiek, Some one has to set the record strait or the minister of misinformation will continue the work .
All it takes for evil to exist is for good people to do nothing.
That's what brought RI to this State of Disgrace. The truth will prevail .

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Renee Cwiek

9:36 am on Wednesday, February 20, 2013

But what are you setting straight? The fact that someone is using a Tiverton Cares screen name, and may or may not be part of that group?

I personally, liked the way they're trying to take credit for the work you did at the senior center and fire station Joe.

Joe Sousa

9:47 am on Wednesday, February 20, 2013

Several of the members worked at the Senior Center Roof Project fund raiser. They helped raise several thousand dollars. They also showed up to help with isulation projects . They did help with the projects. Tiverton Cares is a charity organization designed to help our community . The Patch shill will not be allowed to besmirch the good work we have accomplished.

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Renee Cwiek

10:09 am on Wednesday, February 20, 2013

I was under the assumption that was your project. Of course any group that is trying to help the community is doing a great thing.

Joe Sousa

10:18 am on Wednesday, February 20, 2013

I started the project with help from many. We all did our part using the skills we have . As they say no man is an island . No I in team. We are a group of friends who like helping the town . Shared interest individuals are welcome. Jim L. cleaning the new concession stand and the Artist as well are an example.

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Renee Cwiek

10:23 am on Wednesday, February 20, 2013

Jim offered to clean the concession stand on his own, and I doubt the artist was part of any group. These were things done by individuals. Not part of a group that's in some kind of "competition". Was that the word you used?
It was very kind of both of them to offer to do that btw. I know it was greatly appreciated and looks awesome.

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Joe Sousa

10:59 am on Wednesday, February 20, 2013

Life is competition. I compete with others for Jobs, Position on Boards & Commissions ,even in relationships in some ways. Who knows the Shills motive . Probably just a sick fascination.
I consider Jim L. to be a friend and member of our group. He did his share for STOP ten times over. Every business owner in Newport Country remembers the Cow Boy Hat. He is what we are looking for. People in action to help the town through these tough times. There are groups like us in town that give their time to help . Chace Cory house, Ft. Barton , and others do their small part to make a whole for the community. We are just trying to make our contribution as others do.

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Tom

12:23 pm on Wednesday, February 20, 2013

The Senior Center roof wasn't done by Tiverton Cares. Tiverton Cares was just started by the left over scraps of the TCC. The first we heard of Tiverton Cares was this fall. If you can't get these facts straight how can you possibly understand multimillion dollar budgets on the budget committee?

Just Another Taxpayer

10:19 am on Wednesday, February 20, 2013

Joe we know you attended the Tiverton Cares organizational meeting. Speaking of misinformation your buddies at the now defunct TCC(Nelson and Coulter) were the original Ministers of Misinformation. I understand Mr. Coulter established the "new" Tiverton Cares. Why do you hide this fact from the general public?

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Hayley S

8:56 pm on Friday, March 1, 2013

I come on this site now and then, and this time once again, I'm amazed at the anger that some have for the people who actually did something, only in the last several years, for Tiverton. Joe is one of the people who didn't stop longterm planning so the town got dug into a hole financially. Everything is going to need fixing at once... The town's MILLIONS of $ weren't used wisely even when they raised taxes 10-11% that one year, which is outrageous. Go look at Norwell, MA - they have great schools and a 2800 sq ft house pays only $3100..... There is something wrong here. We could go bankrupt, we really could....

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Mike Silvia

1:56 pm on Thursday, March 7, 2013

I just read the comments on this page. Opinions aside, your example of a 2800 square foot house in Norwell, MA with a tax assessment of only $3100 is an anomaly. Looking at all homes that either sold or were on the market in Norwell, MA over the last three years, the average tax bill for a 2200 - 2600 sq. ft. home for 2009 - 2012 was over $7,000. Furthermore, Norwell voted to override Prop. 2 1/2 in 2012, which will result in an average increase of over $650 to a homeowner's annual tax bill.

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