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Strong Price Gains in March in R.I.’s Housing Market

Warwick, RI — April 19, 2018 – Home sales data released today by the Rhode Island Association of Realtors portray significant year-over-year price gains in March, particularly among single-family and multifamily home sales.

The median sales price of single-family home sales was the highest monthly price reached in the first quarter since 2007. The median of $265,000 represented a 13 percent increase from 12 months earlier.

In the investor-driven multifamily home market, the median sales price of $225,000 represented a 29 percent gain over March of 2017. The multifamily market has seen year over year price gains every month for the past 39 months.

The condominium market also saw a gain in median sales price of three percent.

Inventory Continues Decline

The number of single-family homes available for sale dropped 16 percent last month from the prior year. As a result of the diminishing supply of listings, sales have started to moderate, falling .5 percent compared to March of 2017. Pending sales, which typically indicate closing volume in the months to come, fell 12 percent.

“After climbing each month since the end of 2014, closing activity began to fluctuate last year. It’s pretty clear that we need more inventory to get this market back into balance,” said Joe Luca, President of the Rhode Island Association of Realtors.  More…

About the Rhode Island Association of REALTORS®
The Rhode Island Association of REALTORS®, one of the largest trade organization in Rhode Island with more than 5000 members in approximately 800 offices, has been serving Rhode Islanders since 1948. Collectively, RI REALTORS® transacted more than $5.1 billion in real estate sales last year.
Advocating for Rhode Island’s property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.

The Association is one of more than 1,400 local boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America ‘s largest trade association, representing over 1.2 million members involved in all aspects of the residential and commercial real estate industries.

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.
Contact: Kerry Park
Ph: 401-432-6948

Shingle-style colonial sells for $1.1M in Barrington

BARRINGTON – A shingle-style colonial at 61 Appian Way has sold for $1.1 million, the third sale in the town topping the million-dollar mark this year.

The house is set on Narragansett Bay, and has a landscaped lot reaching down to the beach. The property includes a wood-burning fireplace in the living room and panoramic views, according to a description provided by Residential Properties Ltd., which represented both the seller and buyer.

The listing agent was Lisa Schryver, a Barrington resident. The buyer’s agent was Kerri Payne, an East Bay resident, as well.

The sale was announced April 5.

Michael Botelho Joins BayCoast Mortgage Company as Mortgage Loan Officer

WARWICK, RI, and WESTFORD and SWANSEA, MA — BayCoast Mortgage Company, LLC (www.BayCoastMortgage.com), formerly known as NFC Mortgage, with offices in Westford and Swansea, MA, and a service area including all the East Coast from New England to Florida, is pleased to announce thatMichael Botelho of Warwick, Rhode Island, has joined the company as a Mortgage Loan Officer.

 

Botelho joins BayCoast Mortgage Company with more than seven years of experience as a loan officer, specializing in VA home loans and first-time home buyer programs.  Prior to his career in the banking industry, he served four years in the United States Navy.

 

Following his enlistment, Botelho enrolled in Community College of Rhode Island (CCRI) where he earned an associate’s degree in the liberal arts and sciences.  He then transferred to Rhode Island College, graduating with a Bachelor of Arts degree in history.

 

Originally from Cranston, Rhode Island, Botelho now lives in Warwick with his girlfriend Carly and their dog Lincoln.

 

“It’s a pleasure to announce Michael as Mortgage Loan Officer,” said Daniel J. Briand, President and CEO of BayCoast Mortgage Company.  “His outstanding customer service record, coupled with a commitment to ensure clients receive superior service whether refinancing or buying their first home, is certain to make him a valuable member of our fine professional team.”

 

About BayCoast Mortgage Company, LLC (formerly known as NFC Mortgage)

BayCoast Mortgage Company, LLC is a wholly owned subsidiary of BayCoast Bank, a savings bank chartered in 1851. Servicing MA, RI, CT, NH, PA, NJ, MD, VA SC, NC and FL, BayCoast Mortgage is a full-service lender offering instant pre-approvals, timely closings, in-house underwriting, and the best rates available on the market. Whether someone is looking to purchase a new home or refinance an existing home loan, BayCoast Mortgage offers a wide variety of products including FHA, VA, Conforming Loans and Jumbo Loans. In addition, BayCoast Mortgage’s unique portfolio loan products are suited to borrowers who may have a situation that does not meet conventional underwriting guidelines. BayCoast Mortgage has offices in Westford, MA, at 234 Littleton Road, and in Swansea, MA, at 330 Swansea Mall Drive.  For additional information, please visit www.BayCoastMortgage.com or call 877-684-9440.

Melissa D’Ellena, Esq., of D’Ellena Law Office, LTD. to speak on iHeartradio’s “The Round Table”

Melissa D’Ellena, Esq., of D’Ellena Law Office, LTD., has been invited by “The Round Table” to guest star and educate the public, along with a heavy base of real estate professionals and property owners. The show’s goal is to provide timely, balanced information, and insight, from the region’s top professionals in real estate, law, and finance.

“Within a little over 2 years, The Round Table has been able to obtain the largest following through radio signal, social media, and blogging, for a show of its kind. Weekly, we provide accurate information that teaches the public how to take advantage of their real estate and financial markets.” Says Show Host Emilio DiSpirito, a nationally recognized award winning show host and Realtor.

“We look to align ourselves with partners like Ms.D’Ellena and D’Ellena Law Office because we only want the most successful brands and people to advise our listenership. When you tune in to our show, you know what you are hearing is genuine and the best information out there. We believe now more than ever that we need a single reliable source to get ascertain all our information from. There are too many options out there, most being inaccurate and false. The Round Table provides a solution to this modern-day dilemma.” Says DiSpirito.

From their website:

“D’Ellena Law Office is a full service real estate conveyancing firm. We handle all aspects of real estate transactions. We represent buyers, sellers, and lenders. We also handle estate planning, probate administration, and corporate law to better accommodate our clients. D’Ellena Law Office has been representing clients for more than 30 years. Our firm started with one attorney and as our client base grew, so did our staff. We now have four attorneys and five support staff ready to accommodate all your legal needs.”

With a team that, when combined has over 80 plus years of experience practicing law, their clients can be sure that they will receive an exceptionally smooth and professional experience when hiring D’Ellena Law Office to represent them.

Tune in Sunday’s at 10 am on Newsradio 920 or streaming Nationally on iHeartradio app WHJJ. Visit www.TheRoundTableRadio.com for informative videos, blogs and podcasts of prior shows.

For additional information on D’Ellena Law Office, LTD., please visit: http://dellenalaw.com/

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