RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
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RI Home Price Gains Continue in Second Quarter
Warwick, RI, July 23, 2014...The median priced single family home sold for $11,000 more in the second quarter of this year compared to the same period the prior year, clear evidence that Rhode Island homeowners are realizing strong gains in equity in the current housing recovery. The increase followed a ten percent increase in price in second quarter 2013 from 2012. “We’ve made some solid gains in price since the housing recovery began. Now sales activity is beginning to moderate which is typical in this type of cycle,” said Robert Martin, President of the Rhode Island Association of Realtors, which released the sales data on Wednesday. “Homes were selling at a frenzied pace for a while but now we’re truly getting back to normal.” Sales activity among single family homes dropped four percent in the second quarter, according to Martin. The multi-family home sector saw a 14 percent increase in median price in the second quarter, up to $145,000 from $127,500 during the second quarter of 2013. Like the single family home market, sales activity slowed in multi-family sales by three percent. The condominium market didn’t fare as well with median price down six percent to $189,950 and sales down five percent. The median price of condo sales has not broken the $200,000 mark since January when it was $205,000. “Price changes in just a few condo developments can change the numbers significantly. If we saw prices or sales falling off a cliff, that would be cause to pay attention. These numbers are just off slightly,” commented Martin. The distressed market – those sold through foreclosure and short sale – continued to fall in all three categories. The number of distressed sales fell 20 percent in the single family market and 14 percent in the multi-family and condo markets. The supply of properties for sale was at its lowest point of the year at the end of the second quarter, with a six-month supply of listings for sale. A six-month supply is considered to be a healthy market, balanced between buyer demand and seller supply. “It’s a good market for buyers and sellers alike. Sellers don’t have to give their properties away and buyers can take advantage of interest rates that still remain remarkably low. The fact that Rhode Island’s unemployment rate has fallen to the lowest point it’s been since 2008 bodes well for housing sales and though we may see some moderation in sales in the months ahead, Realtors are feeling pretty optimistic about the market,” said Martin. |
Robert Martin2014 REALTOR® 2nd Quarter 2014 ----------- 2nd Quarter 2014 ----------- |
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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