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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

 

Multi Family Home Sales Double in First Quarter

Warwick, RI, May 5, 2009….Sales statistics released today by the Rhode Island Association of Realtors (RIAR) show sales booming in the multi-family market, up more than 106 percent during the first quarter of 2009 compared to the same time period a year earlier.  The surge in sales is sparked by falling prices fueled by distressed sales.  Distressed sales – sales marked by foreclosure or short sales – accounted for 81.4 percent of all multi-family sales in the first quarter.  The median multi-family price fell to $80,000 from $161,000 the year prior.

“First-time home buyers and investors are seeing clearance sale prices,” said Paul Leys, President of the Rhode Island Association of Realtors.  Leys warned however, that distressed properties often need extensive repair which can add to the final cost of the property.  “Median price statistics for most multi-family homes today don’t represent the true cost of an inhabitable property,” he said.
More than half (281) of the multi-family properties sold in the first quarter are located in Providence. Pawtucket followed with 77 of the total 538 sales.

Single family homes, now more affordable, have become stiff competition for the condo market, helping to drive condominium sales down by  25.2 percent in the first quarter.  Prices also fell 15.1 percent from $205,950 in the first three months of 2008 to $174,950 in the first quarter of this year. Thirty percent of condo sales were distressed sales.  The median price of non-distressed condos sold during the first quarter was $218,000. 

At a recent Rhode Island Real Estate Housing Summit hosted by the Rhode Island Association of Realtors, noted URI Economist and publisher of the Rhode Island Current Conditions Index, Len Lardaro, told members of the audience that Rhode Island was in the process of recovery and should see a stronger housing market toward the end of the year.  Lawrence Yun, Chief Economist of the National Association of Realtors agreed and predicted that Rhode Island would lead New England out of the housing downturn.  Last week, RIAR reported that sales in the condo, single and multi-family sectors increased from February to March and were well ahead of the national average.

To view accompanying statistics, visit:

Multi-family
http://www.riliving.com/RealtorResources/SalesStats/Documents/1stQ-Multi2009-w-distr.pdf

Condo
http://www.riliving.com/RealtorResources/SalesStats/Documents/1stQ-Condo2009-w-distr.pdf


Paul Leys

2009 REALTOR®
State President

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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 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.