Double Digit Growth for RI Home Price in February 
Warwick, RI, March 28, 2013 - Rhode Island's single family home sales showed double digit price appreciation from a year earlier in February, with median price rising from $170,000 to $189,500. February marked the fifth consecutive month of increasing prices.
While median price rose 12 percent, sales activity seems to be slowing, rising just two percent last month from February, 2012. Sales under contract but not yet closed, considered by many to the most current market indicator, were down one percent. The supply of homes for sale dropped 18 percent from the prior year, a contributing factor in the slowdown in sales activity, according to statistics released today by the Rhode Island Association of Realtors.
"We've definitely turned the corner in terms of price," said Victoria Doran, President of the Rhode Island Association of Realtors. "The flip side of that is that sales are slowing down. It appears that many of the people that wanted to take advantage of low prices have already done so. We may need to wait until the typical factors that influence people to buy – job changes or the need for a larger or smaller home for example – motivate buyers before activity picks up."
Condominium prices rose an amazing 55 percent in February with median price rising to $193,400 from $125,000 twelve months earlier. The number of sales also continued to rise significantly, up 29 percent, despite a 17 percent decrease in the supply of condos for sale. Pending sales – sales under contract – remained up six percent, indicating continued strength in the condo market.
Multi-family properties, on the other hand, showed an eight percent decrease in median price, with sales activity moderating. Seventy-nine multi-family properties were sold in February, a three percent increase from the 77 units sold in February of 2012. Pending sales however, decreased, six percent, the first decrease since July, 2011, likely due to a 26 percent decline in for sale inventory.
Foreclosure and short sales among all property types fell to 31 percent of all sales last month from 37 percent of all sales 12 months earlier. Diminished distressed sales, coupled with a decreased supply of properties for sale, should cause a continued rise in prices in the months ahead. |
Victoria Doran
2013 REALTOR®
State President
February 2013
Single Family Sales
By Town
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February 2013
Single Family Monthly
Sales Comparison
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February 2013
Multi Family
Monthly
Sales Comparison
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February 2013
Condo Monthly
Sales
Comparison
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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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