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Barrington real estate rebounds in May

Local market shirks the trend — May 2020 sales better than May 2019

By Josh Bickford
Posted 6/18/20

Single family home sales were down 25 percent in Warren in a comparison of last May to this May. They were down 37 percent in Bristol, 38 percent in East Providence and 44 percent in …

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Barrington real estate rebounds in May

Local market shirks the trend — May 2020 sales better than May 2019

Posted

The number of single-family home sales were down 25 percent in Warren in a comparison of last May to this May. They were down 37 percent in Bristol, 38 percent in East Providence and 44 percent in Portsmouth.

But in Barrington, last month's single-family home sales actually exceeded the figure from May 2019. In fact, a comparison to last year's May sales in Barrington showed a 21 percent increase in the number of properties sold.

That information may shock some people, but Ian Barnacle, a broker/office manager for the Residential Properties Ltd office in Barrington, said he is not surprised at all.

Mr. Barnacle said last month saw a marked increase in activity in the Barrington real estate market. Homes for sale in town are receiving multiple offers, with most offers at or near the list price.

"I think we're going to make up for the spring market over the summer months," Mr. Barnacle said.

Home sales across the region got off to a strong start in January and February, Mr. Barnacle said, but in mid-March the real estate market came to abrupt halt. As the governor ordered schools closed and reduced the economy to essential business only, people who had been thinking about selling or buying a home reconsidered.

"Everything stopped right around St. Patrick's Day," Mr. Barnacle said. "Some sellers took their houses off the market."

The remainder of March and all of April were very slow for Realtors. At Residential Properties Ltd, agents continued to hold virtual meetings and strategize but there was very little activity — open houses were prohibited and the number of listings dropped significantly.

Mr. Barnacle said the market appeared to start its rebound in May.

"All of a sudden it felt normal again," he said. "It was very busy."

According to data from the Rhode Island Association of Realtors, a year-over-year comparison of single-family home sales in Barrington showed a 21 percent increase: In 2019, there were 24 homes sold in Barrington; in 2020, there were 29 homes sold in Barrington.

Mr. Barnacle said that as people began to feel more comfortable and as more of the economy was re-opened, real estate activity in Barrington picked up. Some of the movement in the market, Mr. Barnacle said, appears to be current Barrington residents upgrading to larger homes in town. He said the market is still tilted toward sellers, with fewer overall listings.

"The East Side of Providence and Barrington are moving very quickly. We see a lot of activity," he said.

Mr. Barnacle said he anticipates that the market will continue to rebound, possibly through September, depending on how the state is faring with the coronavirus.

"It's been a very busy June," Mr. Barnacle said, adding that his office is seeing about the same number of total deals per day as it saw this time last year.

In addition, the median sales price for homes sold in Barrington has remained flat — the median sale price of Barrington homes in May 2019 was $500,000, while that figure is $497,500 for May 2020.

May rebound, for single-family home sales in Barrington

  • Barrington: 21% increase
  • Warren: 25% decrease
  • Bristol: 37% decrease
  • E. Providence: 38% decrease
  • Tiverton: 26% decrease
  • L. Compton: 0% change
  • Portsmouth: 44% decrease
  • Middletown: 75% decrease
  • Newport: 55% decrease
  • Jamestown: 77% decrease
  • RI total: 32% decrease

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