Happy New Year

I've finished the stats for one of the ugliest years on record in Newport County. 2008 was truly terrible on a lot of levels... Here's the highlights - or lowlights! Transactions - 730 total transactions - down 22% from 2007 Average Sales price - When you combine all properties average sales price was down 13% and median was down 9%. Here's an interesting chart on where we stand compared to 1/1/05: 2005 2008 % Change Number of Sales 1,216 730 -39.97% Average List Price $ 594,541 $ 568,106 -4.45% Average Sales Price $ 562,595 $ 520,133 -7.55% Median List Price $ 459,558 $ 379,000 -17.53% Median Sale Price $ 441,804 $ 350,000 -20.78% DOM 108 127 17.23% Prices will continue to slide in 2009. Best bet is a further erosion of value by approximately 7% to 10% for average sales price and 5% to 7% for median sales price. Listing prices are critically important. Please explain to your sellers that going UNDER what the property may list for will result in good interest. Our employment base continues to grow with the scheduled 800 net increase in jobs at the US Naval Base in Newport along with an increase in student population from current 6,000 to 16,000. Also the recent news of General Dynamics being awarded a $14B contract to build submarines will add 300 jobs to North Kingstown. While 2008 has been an awful year, there continues to be brighter days on the horizon and it's getting better every day. Market conditions can always be found on my website at www.arthurchapman.raveis.com. Click Local Housing Data.