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 Sales StatisticsWarwick, RI, July 26, 2011…Today the Rhode Island Association of Realtors released home sales data for the second quarter of 2011 which showed a median price of single family home sales of $205,000, down two percent from the second quarter of 2010. However, in comparing year to year, the Realtors cautioned that sales and median price increased significantly during the second quarter of 2010 owing to the federal home buyer tax credit in place at the time which was set to expire at the end of June, 2010. (The closing expiration date for the tax credit was later moved to September 30, 2010 but the bulk of sales took place before the earlier June 30th deadline.) When compared to the second quarter of 2009 when no tax incentive skewed the market, the 2011 single family median price increased seven percent from the 2009 second quarter median of $192,500. Sales of single family homes dropped 20 percent compared to the same time period in 2010 and 10 percent from the second quarter of 2009. The number of distressed single family sales – those sold through foreclosure or short sale – decreased 17 percent from the second quarter of 2010. Such sales comprised 28 percent of total single family sales from April through June of this year. “There’s no question that sales have fallen since the tax credit expired a year ago but we’re beginning to see them slowly creep back up again. June closed out the quarter with the highest number of monthly sales in 12 months,” commented Stephen Antoni, President of the Rhode Island Association of Realtors. “Still, extremely tight lending standards remain a problem for the housing market. It’s a chain reaction. If first time home buyers can’t qualify for a home, sales of lower priced homes are delayed. And, if those homeowners can’t sell their home, they can’t move up to another price bracket,” he said. Fourteen Rhode Island towns saw an increase in median price, as much as 41 percent in Little Compton and 38 percent in Warren. Twenty-three towns saw a decrease in median price, two remained unchanged and one had no sales. Little Compton had the highest single family median sales price at $575,000, followed by $460,000 in East Greenwich and the East Side of Providence at $457,000. The median price in each of those towns increased from the prior year. Central Falls and Providence had the lowest median price though only one sale occurred in Central Falls. (The median price represents the mix of properties selling at a period in time, where half the homes sold for more and half sold for less. It does not represent a change in value of the same home over time.) Central Falls and Providence also had the highest number of distressed sales, along with Woonsocket – more than 50 percent. Throughout the state, the number of distressed single family distressed sales has decreased each month since December 2009. The condominium market saw a four percent decrease in median price in the second quarter of 2010, down to $173,000 from $179,625 last year. The 2011 price decreased 3 percent from the same period in 2009. The number of sales declined 14 percent from a year ago but rose 10 percent from April through June, 2009. The number of distressed condo sales fell 72 percent in the past year. The median price of multi-family properties remained constant year to year at $120,000 but was up 56 percent from the 2009 second quarter price of $77,000. The number of sales declined 30 percent from second quarter 2010 and 47 percent from two years ago when a high number of distressed sales created a buying frenzy of multi-family investment properties. The number of distressed sales has decreased by 41 percent over the past year. “For the most part, median prices are up from the same time period in the pre tax credit year of 2009 and we’ve recently started to see some movement in sales. Still, the key to total recovery will be the creation of reasonable lending standards that allow qualified buyers the opportunity to buy a home,” Antoni said. Statistics from the Rhode Island Association of Realtors relay actual sales data collected through the State-Wide Multiple Listing Service only. They do not include sales transacted through non-Realtor members or properties sold by owner. The data is not seasonally adjusted or benchmarked in any way. Note: Information is provided by State-Wide Multiple Listing Service, Inc. Readers are cautioned that the median sales price --- with half the prices higher and half lower --- generally reflects the quality and the mix (type and size) of the properties being sold at the time and is not a true measure of home values.
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Stephen Antoni2011 REALTOR®
2nd Quarter 2011 ----------- 2nd Quarter & 2010 Comparison ----------- |
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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