RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
RHODE ISLAND ASSOCIATION OF REALTORS® RELEASES FIRST QUARTER CONDO SALES STATISTICSMay 16, 2007, Warwick, RI - First quarter sales statistics recently released by the Rhode Island Association of Realtors® show that total sales for condominiums have increased by 4.28% compared to this time last year. Fifty seven percent of all towns and cities in Rhode Island showed equal or higher sales volumes compared to the first quarter of 2006. Sales were strongest in Northern Rhode Island. So far this year, 390 condominium properties sold, compared to 374 in the first quarter of 2006. Days on market increased from 85 days in January through March of last year to 112 days in the first quarter of this year. “With interest rates remaining at historic lows, condominium properties are still a great option for the first-time home buyer,” said Cecile Cohen, President of the Rhode Island Association of Realtors. “And, with today's hectic lifestyles, condos are attractive because they're low maintenance. All age groups can appreciate that,” she added. The overall median price decreased by 9.78% this quarter, from $230,000 in the first quarter of 2006 to $207,500. M edian sales price means that half the prices of the condominiums sold were sold at higher prices and half were lower. Changes in the median sales price generally reflects a change in the mix (type and size) of properties being sold at the time and may not reflect comparable properties sold year to year. Median sales prices for condos are particularly susceptible to variations in value year to year. A number of sales in one particular development of a specific price range can skew the median higher or lower for the town. Local Markets Newport County: Tiverton, Little Compton, Portsmouth, Middletown, Newport and Jamestown Contact: Jennifer O'Hora Lawrence, President, Newport Country Board of REALTORS, 401-849-0660 x 236, OHORA@aol.com The number of sales of condominium properties decreased in Newport County from first quarter 2006 to first quarter 2007. Active supply of condos exceeds the demand. Median prices in the town of Portsmouth dropped to $390,000 from $534,721. “The drop was a result of the large percentage of high-end 2006 1st quarter sales at the condo development Ferry Landing,” said Jennifer O'Hora Lawrence, President of the Newport County Board of Realtors. “Sale prices ranged from the high 400,000's to the low 700'000's and five of the seven condos sold in the 1st quarter of 2006 were at Ferry Landing,” she explained. Thirty condominiums were sold in Newport County in first quarter 2007 compared to 36 during the same time period last year. Kent County: East Greenwich, Warwick, West Warwick, Coventry and West Greenwich Contact: Stephen Antoni, President, Kent-Washington Board of REALTORS, 401-884-6050, Stephen@alistri.com West Warwick led the Kent County area with 28 sales this quarter while Warwick's median price rose 6.08% (from $213,000 to $225,950.) The number of sales fell in East Greenwich and Warwick and stayed the same in Coventry. Stephen Antoni, President of the Kent-Washington Association of Realtors explained, “Warwick and West Warwick continue to be thriving areas in the state for value and sales activity. Geographically, their central location in the state, continues to be the overwhelming attraction for these addresses.” South County: Exeter, Hopkinton, Richmond, Charlestown, Westerly, South Kingstown, New Shoreham, Narragansett and North Kingstown Contact: Stephen Antoni, President, Kent-Washington Board of REALTORS, 401-884-6050, Stephen@alistri.com Thirty three condominium properties sold in the first quarter of 2007, compared to 34 properties in the first quarter of 2006. Only South Kingstown and North Kingstown saw declining sales during the first quarter of 2007 (8 and 5, respectively). The median condo sales price declined in all South County towns except Narragansett. “In some of the more southern towns, activity has been brisk. In almost every community, except Narragansett, the median prices have stepped down a notch, in most part due to a correction in the market. In areas where the number of sales declined, a slow down in the speculative construction of newer units could be the cause of the decrease,” commented Stephen Antoni, President of the Kent-Washington Association of Realtors. Northern Rhode Island: Lincoln, Cumberland, Woonsocket, Pawtucket, Central Fall, North Smithfield, Smithfield, Burrillville, Glocester, Foster, and Scituate Contact: Robert Martin, President, Northern RI Board of REALTORS, 401-766-7545, c21xroads@aol.com Condo sales in Lincoln and Woonsocket more than doubled in the first quarter compared to this time last year. Lincoln led the area with 35 sales this quarter, up from 14 the year prior. Woonsocket experienced a surge with 27 sales this quarter compared to 6 this time last year. The median price for condominiums increased in Cumberland, Woonsocket, and North Smithfield and declined in Lincoln, Smithfield, Burrillville and Pawtucket. There were no sales in Central Falls. “Condominium sales were primarily led by sales in apartments and mill conversions this year,” commented Robert Martin, President of the Northern Rhode Island Board of Realtors. “Sales in Lincoln and Woonsocket increased primarily due to the impact of three projects completing construction and closing on several months of pre-sales.” Resale activity continues to follow the general market with sales of similar units having decreased from this time last year. Statistical information always needs to be interpreted within the context of the marketplace. Metro and East Bay: Barrington, Warren, Bristol, East Providence, Providence, East Side, North Providence, Johnston, Cranston Contact: Bob Sparn, President, Greater Providence Board of REALTORS, 401-785-1700, bsparn@kw.com Providence experienced an increase in condominium sales, selling 39 properties this quarter compared to 29 this time last year. Providence also sold more condominiums than any other city or town in the state. Warren experienced a dramatic increase in median sales price, from $234,900 in 2006 to $550,000, and repeated the same sales numbers as the year prior (3). East Providence, North Providence and the East Side also had an increase in price of 24.77%, 11.68% and 1.12% respectively. There were no condominium sales in Barrington.
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2007 REALTOR® View 2007 1st Quarter ----------- |
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. |
