RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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REALTORS Release 2ND Quarter StatisticsWarwick, RI…July 27, 2010 - Second quarter sales statistics showed existing single family home sales up 11 percent from second quarter 2009 according to data released today by the Rhode Island Association of Realtors (RIAR). The single family median price also increased nine percent, to $210,000 from $192,500 the year prior. The number of distressed sales among Rhode Island single family homes – short sales and foreclosures – fell 20 percent from the same time period a year earlier. From April through June of this year, 27 percent of all sales sold through foreclosure or short sale. That number was 37 percent during the second quarter of 2009. The median price of single family homes selling through conventional means was $239,000. In June there was just under a seven-month supply of homes for sale, compared to a nine-month supply in June 2009. A six-month supply has traditionally been considered a balanced market between buyer and seller demand and indicates a healthy market. "Our housing market was ahead of the national curve heading into recovery. We've seen steady growth in the number of home sales and prices for several months now," commented Karl Martone, President of the Rhode Island Association of Realtors. "Consumers are recognizing good values and great terms on mortgages." This year, sales statistics show upward movement in both number of sales and prices for both the first and second quarters. Condo sales also increased, up 27 percent and median price remained stable, edging up .1 percent to $179,625. Distressed sales fell 14 percent year over year, accounting for 18 percent of all second quarter condo sales this year, down from last year's rate of 26 percent. Sellers selling through conventional means saw a median price of $199,000. The number of condos for sale remains high but is decreasing with a 9-month supply of units for sale as of June. "The condo market was the last category to enter the housing recovery in Rhode Island. Last year we were seeing falling prices and decreasing sales. Now we've turned a corner with substantially increased sales but it will take a while longer to deplete the excess inventory," commented Martone. Multi-family sales decreased 26 percent as prices rose 56 percent to $120,000 from $77,000 last year. There was a 47 percent decline in foreclosures and short sales. Sixty percent of all multi-family sales were distressed sales down from 84 percent in second quarter, 2009. The non-distressed median price was $163,250. A year ago, multi family sales had increased roughly 50 percent from the year prior and prices had decreased approximately the same amount. This year's inverse trends that have led to a balanced market with just under a six-month supply of inventory in June. "Interest rates hit new lows in recent weeks and Washington recently enacted new appraisal regulations which will be taking effect shortly. They'll override the Home Value Code of Conduct rules which are rife with problems. Banks are becoming more willing to provide jumbo loans and Rhode Island's economy is slowly recovering," commented Martone. "All the pieces are in place to continue on solid ground moving forward." |
Karl Martone2010 REALTOR® 2nd Quarter 2010 ------------------ 2nd Quarter 2010 ------------------ |
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. |
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