RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
RI Association of REALTORS® Releases Second Quarter Condo Statistics: Condo Sales IncreaseWarwick, RI - Second quarter sales statistics recently released by the Rhode Island Association of Realtors® show that total sales for condominiums have increased by 5.37 percent compared to the same time last year. Median condo prices decreased 5.93 percent from second quarter 2006 to second quarter, 2007 seemingly as a result of reduced inventory of higher end properties. During the second quarter of this year, 549 condominium properties sold, compared to 521 in the first quarter of 2006. Days on market increased from 76 days to 98 days. The East Side of Providence continued to lead the state in the number of condominiums sold, followed by Providence and North Providence. “Condominiums are a popular option for the urban buyer…they offer an easy life style for professionals and are a good choice for first time buyers” said Cecile Cohen, President of the Rhode Island Association of Realtors. “Condo purchases are taking longer because there's a good supply to pick from this point but the good news is, sales are not just consistent, they're increasing,” she said. Inventory of condominiums rose to 1926 in the last week of June, 2007 from 1784 during the same time in 2006. The overall median price increased from $207,500 in the first quarter of this year to $222,000 in the second quarter. Median sales price means that half the prices of the condominiums sold were sold at higher and half were lower. Changes in the median sales price generally reflect a change in the mix (type and size) of properties being sold at the time and may not reflect comparable properties sold year to year. Median sales prices for condos are particularly susceptible to variations in value year to year. A number of sales in one particular development of a specific price range can skew the median higher or lower for the town. The multi-family market saw a large decrease in sales from second quarter, 2006 to second quarter, 2007 (down 31.45 percent from 496 sold in 2006 to 340 this year.) Multi-family sales prices also decreased by 8.9 percent. Only eight communities experienced multi-family sales of 10 or more, with Providence leading the state with 131 sales in the second quarter. “Multi-family to condo conversions were popular a few years ago but the inventory of properties to convert has diminished,” explained Cohen. “The desire to convert multi families to condos also isn't as attractive as it was due to the increased inventory of the condo market,” she said. Local Markets Newport County : Tiverton, Little Compton, Portsmouth, Middletown, Newport and Jamestown Contact: Jennifer O'Hora Lawrence, President, Newport Country Board of REALTORS, 401-849-0660 x 236, OHORA@aol.com The number of sales of condominium properties decreased in Newport County from second quarter 2006 to second quarter 2007 from 59 to 54. Prices however, increased substantially in Tiverton (16.56 percent,) Portsmouth , (14.27percent,) and Middletown (23.87 percent) due to the increase of higher end condominiums in these towns, according to Jennifer O'Hora Lawrence, President of the Newport Board of Realtors. Only Newport prices decreased a slight.91 percent. Kent County : East Greenwich, Warwick, West Warwick, Coventry and West Greenwich Contact: Stephen Antoni, President, Kent-Washington Association of REALTORS, 401-884-6050, Stephen@alistri.com Warwick led the Kent County area with 42 condominium sales this quarter, followed by West Warwick with 26, East Greenwich with eight and Coventry with six. The number of sales fell in East Greenwich, Coventry and West Warwick from second quarter 2006 to the same time period this year while Warwick and East Greenwich experienced double digit price increases (12.16 percent and 27.82 percent respectively.) “As a maintenance-free, downsizing option, condos continue to be a great choice. Although marketing time is similar to single-family homes, the prices overall, have increased, and will continue to do so as the current market settles," said Stephen Antoni, President of the Kent-Washington Association of Realtors. South County : Exeter, Hopkinton, Richmond, Charlestown, Westerly, South Kingstown, New Shoreham, Narragansett and North Kingstown Contact: Stephen Antoni, President, Kent-Washington Board of REALTORS, 401-884-6050, Stephen@alistri.com The number of South County condominium and multi family sales stayed reasonably consistent from April through June 2006 to April through June 2007 (53 sales in 2006 versus 51 sales this year.) Prices on condos were off by an average of approximately five percent and multi-family properties were off by about 15 percent. Narragansett prices dropped 33.64 percent owing to a number of beach cabana condominiums selling at less than $100,000. Northern Rhode Island: Lincoln, Cumberland, Woonsocket, Pawtucket, Central Fall, North Smithfield, Smithfield, Burrillville, Glocester, Foster, and Scituate Contact: Robert Martin, President, Northern RI Board of REALTORS, 401-766-7545, c21xroads@aol.com Condo sales in Woonsocket more than doubled in the second quarter compared to the same time last year. Other towns with increased sales include Lincoln, Central Falls, Smithfield and Burrillville. On the price side, Smithfield saw a double digit price gain of 14.63 percent while Woonsocket prices dropped 16.75 percent. Metro and East Bay: Barrington, Warren, Bristol, East Providence, Providence, East Side, North Providence, Johnston, Cranston Contact: Bob Sparn, President, Greater Providence Board of REALTORS, 401-785-1700, bsparn@kw.com All metro and East Bay towns with the exception of East Providence and Johnston experienced an increase in condominium sales during the second quarter. Prices rose as high as 17.09 percent in Johnston and decreased as much as 44.23 percent in Warren. There were no condominium sales in Barrington. |
2007 REALTOR® View 2007 2nd Quarter -----------
View 2007 2nd Quarter ----------- |
About the Rhode Island Association of REALTORS®The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 5,000 members in nearly 1,000 offices, has been serving Rhode Islanders since 1948. 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. Last year, RI Realtors transacted $6.9 billion in residential real estate sales and $7.1 billion in total sales and rentals including commercial transactions. The Association is one of more than 1,500 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 1.5 million members involved in all aspects of the residential and commercial real estate industries and who subscribe to a strict Code of Ethics. 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. |
