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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

 

Single Family Home Sales Increase in First Quarter

Warwick, RI, May 1, 2009… Existing single family home statistics released today by the Rhode Island Association of Realtors show sales increasing from first quarter 2008 to first quarter 2009 by .40 percent.  Overall, median price dropped from $245,000 last year to $180,000. Forty-five percent of the sales were distressed sales, sold through short sale or foreclosure. The price of non-distressed sales was $225,000.

“We’re continuing to see two markets with distressed sales selling for roughly 20 percent less than non-distressed sales,” said Paul Leys, President of the Rhode Island Association of Realtors.  “We’re encouraged that we continue to see increasing sales and decreasing inventory which tells us that we’re moving through the downturn,” he added.  Rhode Island has been ahead of the national curve in terms of sales volume.

Sales in Providence nearly doubled (up 93.8 percent) due to the substantial number of foreclosures and short sales in the city. Providence’s first quarter median price fell to $75,000 from $150,500 during the first quarter 2008.  Central Falls, Foster and North Kingstown saw a price increase.

“Real estate has always been local but never more so than today.  It’s critical that buyers understand the market they’re looking in when negotiating price,” said Leys.


Paul Leys

2009 REALTOR®
State President

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1st Quarter 2009
Single Family Sales

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.