Town Bright Spot in Housing Market

Barrington remains a place where buyers are shopping for homes. The result is that the town is a bright spot in a still depressed Rhode Island housing market.

Indeed, said Michelle Cartwright, an owner of Re/Max River’s Edge Realty on County Road, “Barrington experienced all-around gains in real estate when comparing 2010 to 2011 year-end numbers.”

That is certainly not the environment in most other cities and towns in Rhode Island.

“First of all,” said Cartwright, “there was a 2.5 percent increase in average single-family home pricing whereas the state overall had a 1.8 percent decline.”

The average price in Barrington rose from $361,000 in 2010 to $369,250 in 2011, she said.

The number of units sold per property type, Cartwright said, also showed increases.

Single-family homes showed the largest increase, going from 179 to 212, or a 18.4 percent increase, she said. Condominium sales stayed at 2 units, a 0% change, while multi-family property sales increased from 2 to 4 units in 2011 -- a 100% increase.

“A town less known for its condominiums and multifamily homes seemed also showed price increases in both areas,” she said.

The condominium market showed a 1.1 percent change to $167,320 in 2011. The multi-family market "had a whopping 18.2 percent increase to $218,750," she said.

Barrington’s schools continue to be a driving force for many newcomers moving into town, Cartwright said.

“But there also have been more high-price homes selling as financially-abled homebuyers identified the opportunity to buy nicer homes for less money,” she said, “with an all time low mortgage rate to complement the pricing.”

“People froze,” she said. “Now people holding out before are seeing more opportunity out there. So people are moving up.”

Buyers and sellers also are recognizing the reality of the marketplace today, she said.

“You can’t look back,” Cartwright said. “That is ancient history.”

The bottom line is that buyers and sellers in Barrington are adapting to the housing market, she said. They still might pay more in Barrington, but they are more confident in their decisions to buy here.

“It’s a good opportunity for buyers,” she said.