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RHODE ISLAND ASSOCIATION OF REALTORS®, INC.

"The Voice of Real Estate in Rhode Island"
Serving Rhode Islanders Since 1948
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Press Release

Contact: Kerry Park
Ph: 401-432-6948
Email: kerry@rirealtors.org

 

Condo Market Shows Strong Gains in January

Warwick, RI, March 1, 2013…Rhode Island condominium sales soared in January according to data released today by the Rhode Island Association of Realtors (RIAR).  The number of condos sold rose 60 percent from January, 2012 while sales under contract but not yet closed rose two percent.

The median price of condominium sales rose 28 percent to $199,450 in January while the median price of condo sales sold through conventional means only - not through foreclosure or short sale - was $231,750.  The median price of condominiums has outpaced the median price of single family homes for the past three months, due in part to the fact that the condo market is less influenced by distressed sales.  Only 15 percent of January condo sales were sold through short sale or foreclosure in January, down from 30 percent a year ago. The supply of condos for sale has fallen every month since the beginning of 2012 which is also putting upward pressure on prices.

"The condo market has been red hot throughout the fall and winter, with both sales activity and median price experiencing double digit growth," said Victoria Doran, President of the Rhode Island Association of Realtors. "We've seen strong sales and increased prices for six months now and January was off the charts."

Single family home sales also continued tracking positively, though not as dramatically.  Sales activity increased four percent from January, 2012 and median price increased 1.3 percent to $175,000.  The median price of conventional sales only was $201,000.  The supply of single family homes for sale continues to tighten, falling 18 percent from a year ago.  Sales under contract but not yet closed increased five percent from 12 months ago. The percentage of single family short sales and foreclosures fell to 26 percent of all sales, down from 35 percent in January, 2012 according to RIAR statistics.

"January and February are typically slow months in real estate but our phones are ringing," said Victoria Doran, President of the Rhode Island Association of Realtors. "The uptick in activity bodes well for the months ahead.  It's encouraging that sales are continuing to climb and that short sales and foreclosures are diminishing," she commented. 

The multi-family market showed a slowdown in activity with the number of sales falling by 13 percent in January.  Pending sales however, increased 12 percent.  The median price of all multi-family sales rose five percent to $115,500 and the median sales price of those not sold through foreclosure or short sale sold for $146,500.  Investors, recognizing a market bottom, helped usher the multi-family market into recovery early.  Multi-family sales began rising in September, 2011 and continued to show an upward trend through most of last year.  The flurry of sales activity began to moderate toward the end of 2012 however, as the multi-family market began to stabilize.  Once dominated by foreclosure and short sales, the multi-family market saw distressed sales in January falling to 41 percent from 60 percent the year prior.

Victoria Doran

2013 REALTOR®
State President

January 2013
Single Family Sales
By Town

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January 2013
Single Family Monthly
Sales Comparison

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January 2013
Multi Family Monthly
Sales Comparison

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January 2013
Condo Monthly
Sales 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.