RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
RI Association of Realtors ® Releases Town by Town Third Quarter Sales Statistics for Single Family Homes and Condos – Single Family Prices Down Slightly, Condo Prices UpNovember 6, 2007, Warwick, RI - Third quarter sales results released by the Rhode Island Association of Realtors® (RIAR) reveal a slight decline in median single family home prices state wide sold July through September 2007, compared to the same period last year. A market price adjustment reflected a 2.3 percent drop in single-family median home prices from $286,500 in third quarter 2006 to $279,900 in the third quarter this year. T he number of days a home remains on the market in Rhode Island increased during the third quarter, from 74 during the third quarter of last year to 84 this year. The number of properties sold decreased 8.56 percent. The number of condominium sales also decreased from 541 last year to 459 this year. However, the median condominium price rose 4.59 percent to $230,000 from $219,000. The number of days a condominium remained on the market increased from 79 to 102. “The Rhode Island market continues to correct itself, but we're definitely not experiencing a downturn as severe as other parts of the country,” said Cecile Cohen, President of the Rhode Island Association of Realtors. “It's taking about a week and a half longer to sell a single family home and about 3 weeks longer to sell a condo, but overall, we're not losing the momentum on prices that other areas are.” Cohen also explained that the Northeast was one of the first areas in the country to begin the market correction and appears to be one of the first areas to be coming out of it. Local MarketsMedian home prices in Rhode Island varied greatly, experiencing declines in many areas but rising as much as 37 percent in towns like Jamestown. In analyzing the data, it should be understood that median prices do not necessarily reflect values of similar properties year-to-year, but rather reflect the marketing mix (price, size and type of homes) on the market at that time. Also important to note, given the current sub prime mortgage situation, rising foreclosure rates do not affect the state uniformly but vary community to community, with a stronger impact on urban areas. (However, according to research by the National Association of Realtors, only one percent of total Rhode Island homes will be affected by foreclosure.) The following provides a summary of local county sales. Interviews are available with the Presidents of the local boards of Realtors, noted below. Newport County: Tiverton, Little Compton, Portsmouth, Middletown, Newport and Jamestown Newport County experienced 188 single family home sales in the third quarter of 2007 up from 171 last year. Portsmouth saw the most sales activity with 55 sales. Portsmouth prices ranged from $43,000 to $4,000,000, with 25 percent selling in the high demand range of less than $300,000, which helps explain the decrease of 8.07 percent in single family median price. Prices increased in Jamestown by 37 percent and more than 46 percent in Little Compton . Kent County: Warwick, West Warwick, Coventry, East Greenwich and West Greenwich East and West Greenwich saw increased sales during the third quarter while Warwick , West Warwick and Coventry single family home sales declined. The number of Kent County condo sales was nearly identical year to year, with 77 this year and 78 last year. Condominium prices in East Greenwich rose 126.50 percent owing to a number of the 2007 sale of a number of high end condo developments built last year. South County: Exeter, Hopkinton, Richmond, Charlestown, Westerly, South Kingstown, New Shoreham, Narragansett and North Kingstown The pace of sales picked up in South County which saw the number of properties sold increase year to year in all towns except for Hopkinton, Westerly and North Kingstown . With the exception of North Kingstown , median sales prices in South County were down with six out of eight towns experiencing a single digit decrease in median price. Westerly led South County in condo sales and condo price appreciation with 20 sales and a price increase of 12.5 percent. Northern Rhode Island: Lincoln, Cumberland, Woonsocket, Pawtucket, Central Fall, North Smithfield, Smithfield , Burrillville, Glocester, Foster, and Scituate Northern RI single family median home prices rose in Lincoln, Foster and Scituate and the number of sales rose in Cumberland , Woonsocket , North Smithfield, Burrillville and Scituate . Condo sales increased markedly in Woonsocket owing to completion of construction and therefore closing of several pre-sold units. The median price for Woonsocket condominiums 21.22 percent due to this change in the marketing mix. Metro and East Bay: Barrington, Warren, Bristol, East Providence, Providence, East Side, North Providence, Johnston, Cranston Barrington and the East Side demonstrated a significant increase in the number of single family home sales from third quarter last year to the same time this year, with a 22.81 percent increase in Barrington and a 10.42 percent increase on Providence 's East Side . Other Metro and East Bay towns experienced a decline in number of single family sales as well as price decreases in all towns except Barrington . Condo prices increased in Johnston (19.93 percent,) Cranston (18.36 percent) and the East Side (2.13 percent.) |
2007 REALTOR® View 2007 3rd Quarter ----------- View 2007 3rd 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. |
