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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
Cell: 401-207-4502
Email: kerry@rirealtors.org

 

New Realtor Sales Data Helps Consumers Understand Market Conditions in Rhode Island Neighborhoods

Warwick, RI…August 14, 2009…An analysis of sales data by Rhode Island zip codes showed a wide disparity in median price change from the first half of 2008 to the first half of this year.  Single family median price went down in all but three zip codes throughout Rhode Island, according to data released today by the Rhode Island Association of Realtors (RIAR).  The exceptions occurred in parts of Wyoming (02898), Harmony (02829) and Providence (02903) which showed increases in single family median price year-to-year.  The 02903 section of Providence went up by as much as 168 percent.  Median price in all other areas decreased, down 2 percent in the 02825 zip code (Foster) to as much as 77 percent down in the 02858 (Oakland) area.  Change in price could not be computed for 20 of Rhode Island’s 91 zip code areas because no sales had taken place this year.

“The new zip code data can help buyers and sellers see what’s going on in their own neighborhood – or the ones they’re interested in looking in,” said Paul Leys, President of the Rhode Island Association of Realtors.  “In this market, it’s extremely important to zero in on the facts of the specific area you’re interested in.  Whether or not sales are down in Providence, has little impact on what sales are doing in Jamestown. Likewise, two neighborhoods in the same town can be markedly different.”

Median price is the midway selling price of all properties sold, where half the homes sold for more and half sold for less.  It reflects the marketing mix (type and size) of properties on the market, not necessarily value for same properties over time.

“The more sales in a given area, the more the median sales price will give you an idea of the trend in that specific market,” said Leys.  “Even one or two sales can give you something to compare to if you can find out about the properties that sold,” he added.

The zip code sales statistics further break down the trends noted in the January through June town-by-town sales data released by RIAR earlier this month.  Town-by-town sales data for the first half of the year in Providence (excluding East Side), for example, showed single family median price down 46 percent.  Providence zip code sales data however, ranged from a decrease in median price of 49 percent in the 02907 zip code to an increase of 168 percent in the 02903 area.

“Thankfully sales and prices have started to increase in nearly all markets in the past few months with certain areas really beginning to take off,” said Leys. He credits the increase in sales in part to the $8000 federal tax credit for eligible buyers which expires November 30th as well as to continued low interest rates.

The Rhode Island Association of Realtors encourages home buyers and sellers to educate themselves about their specific market area prior to buying or selling.  Sales data by zip code as well as town-by-town sales data for the first six months of 2009 can be found on riliving.com.  Town-by-town quarterly sales data and monthly statewide data for single family homes, condos and multi-family properties is also available.

 

Paul Leys

2009 REALTOR®
State President

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Median Price Comparison By Zip Code
(6 month caomparison)

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January through June Town By Town Median
(6 month 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 7,000 members in approximately 900 offices, has been serving Rhode Islanders since 1948. Collectively, RI REALTORS┬« transacted nearly $7.9 billion in residential real estate sales last year and nearly $8.1 billion in total transactions including rentals and commercial real estate. 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.

The Association is one of more than 1,400 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 1.4 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.